Quick Hits

Risk is permanent loss of capital. Rule #1 and Rule #2. To win, you must first survive. (WEB)

Untapped Pricing Power (WEB)

Royalties with asset-light/low capex businesses. (WEB/CM)

Below Replacement Cost (Sam Zell)

"Listen, business is easy. If you've got a low downside and a big upside, you go do it. If you've got a big downside and a small upside, you run away. The only time you have any work to do is when you have a big downside and a big upside.”(Sam Zell)

In any deal, locate the weakness in it. The rest don't matter as much. (Jay Pritzker)

Margin of safety. (Seth Klarman)

Free cash flow (John Malone)

Big bubbles get bigger, small bubbles disappear — it’s surface tension, the law of physics; and in business it’s scale economics." (John Malone)

Scaled Economics Shared (Nick Sleep)

Buy what you know (Peter Lynch)

Don't cut your flowers and water your weeds (Peter Lynch)

Turn-arounds seldom turn around (Peter Lynch)

Yield on company and roic. (Joel Greenblatt)

Buy good companies. Buy at low costs. Wait. (Terry Smith)

Three legs are extraordinary business, good management, and great reinvestment opportunities and history. (Chuck Akre)

Heads I win, tails I don't lose much. (Monish Pabrai)

Recurring and predictable revenues. (Bill Ackman)

Three engines of returns: earnings growth, change in P/E, change in shares outstanding. (John Huber)

Buffett's Japan/Apple investment: cheap valuations, rising ROIC, and significant capital allocation policy changes. (John Huber)

Rising ROIC is increasing the capital invested, increasing the productivity, or shrinking the denominator. (John Huber)

If you have won the game, stop playing. (William Bernstein)