Incremental Insights #77
The best of what I read, listened to, and watched during the week
It’s About to Get Ugly for Carvana (CVNA)
Are its accounting shenanigans running out of room due to increasingly poor macro and industry factors?
Terry Smith and the Big ROCE Fallacy
Truly exceptional businesses generate high returns while deploying massive capital, like Amazon’s “low” 10.5% ROCE that funded $100B→$700B revenue growth.
The Untold Story of Charlie Munger’s Final Years
What a lucky kid to have Charlie Munger as your neighbor and then to have him mentor you.
How This Value Investors Beat the Market and Grew His Hedge Fund
A great behind the scenes look how Yaron Naymark launched and grew his hedge fund.