Aug 27Liked by Giuliano

I wanna touch on one aspect you mentioned in the article.

I don’t think hundreds of hours need to go into researching a company for an investment. For such extensive articles like yours, yeah perhaps.

But for myself definitely not. I study companies deeply, take notes, and have my checklist and process.

Even though it’s a hobby for me, I don’t want to oversee the time I put into this stuff. In the end, the goal of a portfolio is to compound wealth to accomplish some long term personal goal. Therefore, it can be compared to work as there is money involved, too. So, I think that you need to somewhat "offset“ time spent researching companies in dollars (e.g., one’s personal salary) with the return you get. And then, there should still be some alpha - otherwise, why not just buy an ETF?

I doubt that this calculation is a profitable one for retail investors if they would spend hundreds of hours on a single company.

Just my two cents on the time spent aspect that you’ve mentioned, my man.

And w.r.t. management analysis, I think next to capital allocation metrics, watching CEO keynotes and interviews from the past is a great start.

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I feel very identified with this one hahaha. I still have my first deep dive (which I deleted) saved in my unpublished posts. Straight up horrendous article, but I like to keep it there so that I can look back at it and see how much I've progressed since then.

Even to this day when I publish a deep dive, I acknowledge than in 1-2 years I might look back at it and feel somewhat unsatisfied with it, but I don't think that's necessarily bad, as it is a sign of progress.

Looking forward to reading your future research writeups!

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