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

Two value managers run the same math on whether it pays and reach opposite answers. Five questions to judge it yourself, and what to watch in 2027.

Oct 23 • Ezra Crangle

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#1: Interview with Reimar Scholz

Reimar Scholz of Bavaria Industries on his core criteria checklist, and why he owns a UK franchisor in an unfashionable corner of the market.

Oct 22 • Ezra Crangle

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Was Steve Jobs a Good Capital Allocator?

I read Apple's 15 annual reports under Jobs to see what he did with the cash. Buffett gave him advice. He didn't take it.

Oct 15 • Ezra Crangle

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Charlie Munger on Economies of Scale

From Charlie’s talk at the University of Southern California (USC) Business School, 1994.

Oct 11 • Ezra Crangle

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

Its growth depends on franchisees whose math keeps getting worse

Oct 9 • Ezra Crangle

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Buffett & Munger, 1994: Diversify Only If You Don't Understand

An audience member at the 1994 Berkshire AGM asked Buffett and Munger how much of your net worth you should be willing to put into one stock.

Oct 3 • Ezra Crangle

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Why I Agree With Rob Vinall on Wix

Rob Vinall gave four reasons for selling Wix after seven years. I checked every one of them against the filings.

Oct 1 • Ezra Crangle

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September 2026

The Case for Selling Too Soon, from Klarman

Quotes only, grouped by theme, from his talk eight days after the bottom

Sep 26 • Ezra Crangle

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Conversations #1: Polymath Investor

A quick-fire personal round with investor Mauricio Heck AKA @Polymathinvestor: meditation, competitive sailing, Atlas Shrugged, and the non-financial…

Sep 19 • Ezra Crangle

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What Chris Hohn Taught Me About Rejecting 99.6% of the Market

Chris Hohn compounded at 18% annually for two decades by eliminating almost everything first.

Sep 12 • Ezra Crangle

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May 2026

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

Ferrari is not your typycal car manufacturer.

May 14 • Ezra Crangle

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March 2026

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

An exploration of low-entropy businesses built on rules, ritual, and geography—and why slow-moving foundations matter.

Mar 3 • Ezra Crangle

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