How entities — companies, firms, protocols — design effective incentives to accomplish effective goals.
What good and bad capital allocation looks like.
The central problem of business is that you find something lucrative, and then competitors copy you and drive profits down to the opportunity cost of capital. This is what that looks like.
A collection of cases on cornered resource as a competitive advantage.
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A remarkable — if controversial — company in a weird industry. How TransDigm exploits the aerospace aftermarket to generate excessive returns for its shareholders.
The unique way that storied law firm Munger, Tolles, Olson (MTO) allocates firm proceeds to its partners.
How Danaher combines Lean manufacturing with masterful capital allocation to build a remarkable manufacturing company in the United States.
Katharine Graham’s remarkable journey from widow to master capital allocator.
How Charlie Munger came back from a major life setback and a terrible first business, to make his first million.
The erosion, and then collapse of Michael Steinhardt’s early advantaged position in the hedge fund world.
How Steinhardt, Fine, Berkowitz found a competitive advantage in the early years of hedge funds. An example of competitive advantage in the ridiculously fierce domain of public markets.
The rise, and then fall, of Signature Plastics, a pioneering custom keycap designer and manufacturer.
The Marvel Cinematic Universe was created thanks to a brilliant piece of financial manoeuvring.
A personal story of bootstrapping success, with a little help from a distorted market.
