One topic Andrew and I don’t discuss much on the podcast are the books we’re reading. Despite that, some podcast listeners email me with requests for book recommendations. Since my interests are probably different than yours – I can’t really make recommendations. But, I can tell you what I read when I read it. So, here are the six most recent books I’ve read: Limping on Water – I enjoyed this book a lot more than most people will. Capital Cities is the company I

In our most recent podcast, Andrew and I talked about Bob Iger’s return as CEO of Disney (DIS). If you’d like to know more about Disney – the company and the stock – as it currently exists, I recommend subscribing to The Science of Hitting Substack (by Alex Morris). He often writes about the company in detail. To learn about the past history of Disney, I recommend three books. They are: The Ride of a Lifetime by Robert Iger (covers Iger’s time at Disney) Disney

Alico (ALCO) failed to file its financial results on time. The company was scheduled to report its full-year results on December 6th. Instead, it put out this explanation: “…the Company and its independent public accounting firm determined they need additional time to complete the audit of…financial results. The key item that is requiring such additional time involves evaluation of the proper amount of the Company’s Deferred Tax Liability, particularly certain portions of that Deferred Tax Liability arising in prior fiscal years, including those going back to

Someone emailed me this question: I have the following quote from the article How Much is Too Much to Pay for a Great Business, “For example, let’s say I buy a stock with a 15% free cash flow yield and 3% growth. I make 18% a year while I hold it”. And a similar quote from Terry Smith, “If the free cash flow yield is 4% and the company is growing at 10% per annum, your return, if all else remains equal will be 14%”.

Vertu Motors (“VTU” in London) reported its interim results. As a U.K. stock, the company reports results twice a year. This is their half-year report. Accounts I manage hold shares of Vertu Motors.   Tangible Book Value As I write this, Vertu’s share price is about 45 pence. Net tangible assets per share are 71 pence. So, the stock is trading at 0.63 times tangible book value. Tangible assets are mostly made up of… Inventories: 49% of gross tangible assets Property, plant, and equipment: 26%

Here’s an inspiring story I heard the other day. Last week, I spoke with an investor who recently inherited an investment account from their uncle. The uncle worked as a fireman, lived below his means, and invested in stocks and bonds his whole adult life. The value of the inherited investment account is $5 million. Hearing this story brought a smile to my face. It reminded me of the remarkable story of Ronald Read, the janitor that amassed an $8 million net worth from, as