📚 Edwin's Highlights

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A batch of the best highlights from what Edwin's read, .

How aggressive should your portfolio be? That, says Graham, depends less on what kinds of investments you own than on what kind of investor you are. There are two ways to be an intelligent investor: by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds; or by creating a permanent portfolio that runs on autopilot and requires no further effort (but generates very little excitement).

The Intelligent Investor, Rev. Ed

Benjamin Graham, Jason Zweig

If you were being generous, you might assume it was running the Amazon strategy of never being profitable while simultaneously being cash flow-positive. Cute, but wrong. The company has produced -$870M in free cash flow since its IPO. It has only been cash flow-positive in 2021 and 2022, with 2023 being net down $16M.

Snap’s Probably Screwed

every.to

Over the long term—potentially many years or even decades—Stripe has told investors it could generate 60% operating margins, without accounting for interest, taxes, depreciation, amortization or stock-based compensation. That’ll be a steep climb—up from an expected 3% margin this year. (The company told investors its last three years of operating margins were 8%.)

Why Stripe Is Cheaper Than Adyen

theinformation.com

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