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Ezra's Notes

Ezra Crangle

Thoughts on investing and companies from a long-term perspective

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Substack
PricingOnly free issuesPublishesWeekly
Issues19Founded2 years agoLast Issuea month ago
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Latest Issues

Ferrari: The Business That Grows by Selling Less Than It Could

We’ve all seen those red cars racing in Formula 1.

You instantly recognize them. Not just because of the color, but because of that iconic emblem known as the Cavallino Rampante (Prancing Horse).

Yes, I’m talking about Ferrari.

“Oh, a lu...

a month ago
23
1

Low-Entropy Businesses: Why Some Companies Quietly Endure (Part II)

In the first part of this essay, we explored businesses that reduce entropy through inevitability, biology, and operational discipline.

If you missed Part I, I’ll leave the link below so you can read it before continuing.

But structure ca...

3 months ago
8
1

Low-Entropy Businesses: Why Some Companies Quietly Endure

Most businesses don’t fail because they run out of ideas.

They fail because they become disordered.

Decisions pile up. Products multiply. Exceptions turn into rules. Complexity creeps in slowly, almost invisibly, until the system can no l...

5 months ago
33

What Todd Combs Teaches Us About Great Investing

Two days ago, the news broke and I was really surprised:

Todd Combs is leaving Berkshire Hathaway and GEICO to join JPMorgan.

A quiet, almost monastic investor stepping away from the house Buffett built— that alone is enough to make any l...

6 months ago
67
6

The AI Mania in 19 Visuals

Welcome to the 40 new subscribers this week — we’re now 206 long-term thinkers.

Glad to have you here!

Ezra.


Stealing an idea from my friend this edition is all about visuals.

And in a way, it works as a companion piece to my r...

6 months ago
4
4

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  • Ezra Crangle

    MOI Global | Advisor for investment firms with a value philosophy | I write about long-term investing... mostly

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