The new Shape of Banking Crises: I’ll try to keep this one short as not to dilute each comment. These are my learnings from the past two weeks of banking crisis: Banking is a reputational business. If you lose your customers trust, you no longer have a business. Its trust that matters most.

Asset Allocation in Times of Inflation: I’ve decided to restart blogging and jotting down my thoughts on weekends as it helps me clarify my thoughts. I hope to keep this up on a weekly or bi-weekly basis, we’ll see. For now, until I have a better feeling for what I want to focus on, please just treat these posts as ramblings on a notepad.

Honest thoughts on Cryptocurrencies: It's been silent here, primarily because I've spent some of my free time catching up with the crypto world again over the past several months. Much like many others, I could never fully appreciate Bitcoin enough to get excited about it, whereas Ethereum is an entirely different story. Both have their strengths but the potential of Ethereum and other Layer 1s to create a permissionless ecosystem where financial innovation is pursued in an unrestrained fashion

Returns when starting from a P/Sales multiple > 15: What follows is some light exploratory analysis on growth stocks. Prompted by this (h/t Fritz) Bernstein tends to do great work, so I have no reason to doubt the accuracy of the analysis. Yet the potential growth of businesses seems to have accelerated over the last five years aided by much better distribution (software can be deployed much faster, new product growth explodes when it goes viral on social media etc). Therefore the question becom

7 Powers Classification Exercise: In this post I am going to attempt to classify several companies I follow according to Hamilton Helmer's 7 Powers framework. Note I was put off by the book's not particularly academic sounding title for a long time but in the end was glad I read it:

Schrole: The job marketplace for international teachers (SCL.AU): Schrole Group (ASX:SCL) is a provider of SaaS recruitment technology for the global education market. Schrole’s current offerings include an international schools recruiting platform (ISS-Schrole Advantage), background screening technology (Schrole Verify), a platform for filling temporary teaching roles (Schrole Cover) and a training and development business (Schrole ETAS).

A Quick Update on Schrole: While the stock price has been flat, a lot has happened since I wrote my last note on Schrole. Specifically: There has been some controversy over the vesting of performance shares Strong Performance update in the middle of a pandemic I'll try to explain the performance share debacle as I understand it: When Schrole went public in 2017, the managing director Rob Graham sold a majority of his stake. He also received the following incentive package to stay on and continue

What did Buffett pay for his investments?: One of the things missing from much of the Buffett literature is valuation details on how much he actually paid for his investments. This is useful both for understanding whether the opportunities that were available in the early days of the partnership are still available today, as well as learning from his investments through the lens of valuation.

Celsius: Secular growth in healthy energy drinks (CELH): …there are a number of other performance energy drinks, there’s Bang, and there are also some other performance energy drinks that are seeking to obtain listings in space in the convenience channel, such as Celsius and C4 and others. And so we think that there will ultimately be additional space allocated to the performance energy drinks.”

Coming soon: This is InfrmtnOverflow’s Substack.