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← Over the long term a stock is hard put to earn a much better return than the business underneath it earns
17 connected korrents · 16 moments from 7 Sept 2022 to 25 Sept 2026.
Everything filed under investing
investing
Everything filed under stock market
stock market
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market efficiency
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patience
Everything filed under venture capital
venture capital Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: Over the long term a stock is hard put to earn a much better return than the business underneath it earns Over the long term a stock is hard put to earn a much better return than the business underneath it earns
CM
Charlie Munger — holds since c. 1994 — tap for who they are
Same subject: Investment returns can surpass business revenue. — tap to centre the map on it Investment returns can surpass business revenue. Last stated 2 weeks ago
23 Sept 2026
PL
Pieter Levels — holds since 2026-09-23 — tap for who they are
Same subject: Most investment returns come from long-term compounding rather than the price paid at purchase. — tap to centre the map on it Most investment returns come from long-term compounding rather than the price paid at purchase. Last stated 4 years ago
7 Sept 2022
BC
Boris Cherny — holds since 2022-09-07 — tap for who they are
Same subject: Being average for an above-average period of time can lead to a well above-average result, because endurance rather than this year's return is the variable that matters. — tap to centre the map on it Being average for an above-average period of time can lead to a well above-average result, because endurance rather than this year's return is the variable that matters. Last stated 2 years ago
28 May 2024
MH
Morgan Housel — holds since 2024-05-28 — tap for who they are
Same subject: There is no average year in the stock market; the long-run average only shows up over a very long horizon. — tap to centre the map on it There is no average year in the stock market; the long-run average only shows up over a very long horizon. Last stated a month ago
27 Aug 2026
BC
Ben Carlson — holds since 2026-08-27 — tap for who they are
Same subject: Foundation-owned companies are six times more likely to reach their fiftieth year, and they return more to investors rather than less. — tap to centre the map on it Foundation-owned companies are six times more likely to reach their fiftieth year, and they return more to investors rather than less. Last stated 5 months ago
10 May 2026
ER
Eric Ries — holds since 2026-05-10 — tap for who they are
Same subject: About a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing. — tap to centre the map on it About a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: A margin only counts while you are still investing heavily, because cutting the investment raises this year's margin and lowers the long-term one. — tap to centre the map on it A margin only counts while you are still investing heavily, because cutting the investment raises this year's margin and lowers the long-term one. Last stated a year ago
16 Jul 2025
JD
Jamie Dimon — holds since 2025-07-16 — tap for who they are
Same subject: An investor with a 20-, 30- or 50-year game should not take cues from people playing a different game, such as trading for the next quarter, and that is where much of investing's danger comes from. — tap to centre the map on it An investor with a 20-, 30- or 50-year game should not take cues from people playing a different game, such as trading for the next quarter, and that is where much of investing's danger comes from. Last stated 2 years ago
28 May 2024
MH
Morgan Housel — holds since 2024-05-28 — tap for who they are
Same subject: A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price. — tap to centre the map on it A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price. Last stated a year ago
21 May 2025
EZ
Ed Zitron — holds since 2025-05-21 — tap for who they are
Same subject: A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack. — tap to centre the map on it A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack. Last stated 7 months ago
3 Mar 2026
SB
Sanjay Bakshi — holds since 2026-03-03 — tap for who they are
Same subject: A society's prosperity comes from its productivity, not from the financial system or stock market. — tap to centre the map on it A society's prosperity comes from its productivity, not from the financial system or stock market. Last stated 2 weeks ago
25 Sept 2026
MM
Mr. Money Mustache — holds since 2026-09-25 — tap for who they are
Same subject: A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit. — tap to centre the map on it A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit. Last stated 4 months ago
14 Jun 2026
MP
Mark Pincus — holds since 2026-06-14 — tap for who they are
Same subject: A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for. — tap to centre the map on it A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for. Last stated 4 months ago
2 Jun 2026
MP
Mark Pincus — holds since 2026-06-02 — tap for who they are
Same subject: About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out. — tap to centre the map on it About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out. Last stated 3 months ago
18 Jul 2026
PL
Pieter Levels — holds since 2026-07-18 — tap for who they are
Same subject: A company that deviates from open standards in its data exports without documenting the deviation creates an artificial vendor lock-in. — tap to centre the map on it A company that deviates from open standards in its data exports without documenting the deviation creates an artificial vendor lock-in. Last stated 2 years ago
3 Mar 2025
TS
Tobias Sjösten — holds since 2025-03-03 — tap for who they are
Same subject: A dominant company's lead in market share compounds over time and becomes harder for competitors to close, especially in technology. — tap to centre the map on it A dominant company's lead in market share compounds over time and becomes harder for competitors to close, especially in technology. Last stated 2 weeks ago
22 Sept 2026
BR
Barry Ritholtz — holds since 2026-09-22 — tap for who they are
Same subject: A sophisticated economy cannot be centrally planned, because planning removes the price signal that carries information about demand. — tap to centre the map on it A sophisticated economy cannot be centrally planned, because planning removes the price signal that carries information about demand. Last stated a year ago
2 Sept 2025
BE
Benedict Evans — holds since 2025-09-02 — tap for who they are
At the centre
Over the long term a stock is hard put to earn a much better return than the business underneath it earns
Last stated c. 1994
Holds Read this korrent →
Investment returns can surpass business revenue.
Holds
Most investment returns come from long-term compounding rather than the price paid at purchase.
Holds
Being average for an above-average period of time can lead to a well above-average result, because endurance rather than this year's return is the variable that matters.
Holds
There is no average year in the stock market; the long-run average only shows up over a very long horizon.
Holds
Foundation-owned companies are six times more likely to reach their fiftieth year, and they return more to investors rather than less.
Holds
About a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing.
Holds
A margin only counts while you are still investing heavily, because cutting the investment raises this year's margin and lowers the long-term one.
Holds
An investor with a 20-, 30- or 50-year game should not take cues from people playing a different game, such as trading for the next quarter, and that is where much of investing's danger comes from.
Holds
A "good business" now means one that can display quarter-on-quarter stock growth, not one that makes good products at a fair price.
Holds
A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack.
Holds
A society's prosperity comes from its productivity, not from the financial system or stock market.
Holds
A first-time founder has an advantage over a repeat winner, because past success makes it too easy to raise money and hire against a big vision before there is product-market fit.
Holds
A founder should take half the valuation if it buys all of the control, because the right to be wrong in your own way is what founding was for.
Holds
About 5% is the most common final ownership stake for the founder of a VC-funded startup that works out.
Holds
A company that deviates from open standards in its data exports without documenting the deviation creates an artificial vendor lock-in.
Holds
A dominant company's lead in market share compounds over time and becomes harder for competitors to close, especially in technology.
Holds
A sophisticated economy cannot be centrally planned, because planning removes the price signal that carries information about demand.
Holds