You know what they say, it can't be a bubble if many are talking about it.

Forbes, Barron's and Economist:

1/4
FORBES

- Bubbles: From "tronics" to "dot com" (Jan'99)
forbes.com/1999/01/14/mu3…

- Bubble psychology (Mar'99)
forbes.com/forbes/1999/03…

- Outlook: How the bubble will burst (Jul'99)
forbes.com/1999/07/30/mu1…

2/4
ECONOMIST

- When the bubble bursts (Jan'99)
economist.com/special/1999/0…

- Trapped by the bubble (Sep'99)
economist.com/leaders/1999/0…

- Bubble trouble (Sep'99)
economist.com/finance-and-ec…

- Hubble, bubble, asset-price trouble (Sep'99)
economist.com/special-report…

3/4
BARRON'S

- Bubba and the Bubble (Jan'99)
barrons.com/articles/SB915…

- Bubble Trouble (Jan'99)
barrons.com/articles/SB947…

- Tulipmania (Jan'99)
barrons.com/articles/SB916…

- Economist's Toil and Trouble Tell of Mini-Bubble (Aug'99)
barrons.com/articles/SB934…

4/4
History is a great teacher if we only want to listen:

"the Internet rally looks like a beast they've seen rear its head time and again in an overripe bull market: a stock market bubble, fed by young, greedy investors for whom 20% annual return on investments is a mark of defeat"

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More from @hkeskiva

9 Jan
The best long-term businesses and investments are built on the mastery of CAPITAL ALLOCATION.

In this thread (🧵), we'll take a look at different ways to manage capital by well-known companies as examples.

Best served with a hot cup of coffee...

1/
In his excellent book "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success", author William Thorndike concluded "great CEOs must understand capital allocation".

But how does it work in practice?

2/

amazon.com/Outsiders-Unco…
To allocate capital, the company should earn it first.

If it doesn't, the capital has to come from investors (new shares issued) or creditors (new debt raised).

Hence, our starting point is Operating Cash Flow (money coming in the door), example of PepsiCo below.

3/ Image
Read 12 tweets

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