The Brooks Moat: 245% growth in China is staggering, but their real edge is "permanent capital." It allows for biomechanical perfection over fast fashion cycles.
The Japan Masterclass: Turning a $14B cost basis into $45B+ is a clinic in the "carry trade." Getting paid a dividend spread while the assets triple is pure Buffett math.
The Cash Machine: Sirius XM losing subs while growing FCF to $1.26B is a classic "cigar butt" play. It’s not always about the user count; it’s about the efficiency of the engine.
Poignant to see the tribute to Marshall Weinberg. It’s incredible that the lessons from a Columbia classroom 74 years ago still dictate global strategy in 2026.
Check out The IGP Paradox #2 on more thoughts about Berkshire Hathaway
Per usual, lots of good stuff here Kevin. Thanks, as always.
Thanks John! I really appreciate it!
Three quick takeaways:
The Brooks Moat: 245% growth in China is staggering, but their real edge is "permanent capital." It allows for biomechanical perfection over fast fashion cycles.
The Japan Masterclass: Turning a $14B cost basis into $45B+ is a clinic in the "carry trade." Getting paid a dividend spread while the assets triple is pure Buffett math.
The Cash Machine: Sirius XM losing subs while growing FCF to $1.26B is a classic "cigar butt" play. It’s not always about the user count; it’s about the efficiency of the engine.
Poignant to see the tribute to Marshall Weinberg. It’s incredible that the lessons from a Columbia classroom 74 years ago still dictate global strategy in 2026.
Check out The IGP Paradox #2 on more thoughts about Berkshire Hathaway
Thanks for reading! Have a wonderful weekend!