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This article was originally published in my newsletter, The Mirandolan by Joseph Noko, on Substack. My goal as an investor is to buy a business that, firstly, can earn good returns on invested capital; secondly, is in a capital cycle that is favourable to the pursuit of economic profits, which is to say, it operates in an industry in which either capital is exiting in ways that allow for consolidation of that industry in its favour, or, where the competitive landscape is such that there are robust barriers to entry that protect the business’ ability to earn economic profits; thirdly, is viewed with unreasonable pessimismRead More →