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Ezra's Notes

Ezra Crangle

Understanding how to invest with a true long-term mindset — seeing companies beyond the numbers, with a business-owner mentality.

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PricingOnly free issuesPublishesWeekly
Issues29Founded2 years agoLast Issue6 days ago
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Latest Issues

Big Tech Will Spend More on AI This Year Than Walmart Sells

For fourteen straight years, from 1973 to 1986, Walmart burned cash. Free cash flow (FCF) came in negative every single year. Shareholders still earned 33% a year, three times the S&P 500, because the capital Walmart kept pouring back into...

6 days ago
4

#1: Interview with Reimar Scholz

Scholz was 36 when a headhunter offered him one job: recruitment consultant. He read it as a verdict. He was no longer placeable as an employee.

So he started buying companies, the kind other owners wanted to get rid of. He began with €50,...

7 days ago
5

Was Steve Jobs a Good Capital Allocator?

"Steve Jobs made a mark on this world no one will ever forget."

—Warren Buffett1

Steve Jobs once phoned Warren Buffett with one question: what should Apple do with all its cash? Buffett answered. Jobs did nothing.

I remembered that sto...

14 days ago
5

Charlie Munger on Economies of Scale


On the subject of economies of scale, I find chain stores quite interesting. Just think about it.

The concept of a chain store was a fascinating invention. You get this huge purchasing power—which means that you have lower merchand...

18 days ago
5

Domino's Has a Problem That Doesn't Show Up in Its Accounts

Domino’s barely sells pizza.

Of every $100 it takes in, $60 comes from selling dough, cheese and boxes to the people who own the stores. Another $21 is royalties and fees, a cut of every pizza someone else sells. Only $8 comes from its ow...

20 days ago
8
1

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  • Ezra Crangle

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