Everyone's a "long-term investor" when the market is going up. You see who really means it when the market is down.
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Todd Wenning
@ToddWenning
Analyst . All good things come by grace, grace comes by art, & art does not come easy. Cincinnati history & sports. Discl: goo.gl/W5nbAF
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[New post] Investors know that every business has a competitive lifecycle, but how long that competitive lifecycle lasts is what makes all the difference. A company's "innings" can be longer (or shorter) than you think. intrinsicinvesting.com/2023/02/03/pla
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The ideal solution - and I really don't know why boards of cyclical companies don't do this more often - is institute special dividends (w/ no expectations of progressive regular dividend) when flush with cash in upcycle.
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This lesson gets re-learned every few years. Mining & metals companies in 2015 was the most recent. Boards see the up-cycle as the new normal and get too aggressive with payouts.
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Companies in capital intensive and/or cyclical industries should have conservative dividend policies (based on mid-cycle earnings) or not pay a dividend at all.
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Leadership
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This was the scene at Joseph Ossai’s locker with BJ Hill stepping in to provide support twitter.com/michaelniziole…
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Damn.
Congrats to the Chiefs.
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Garbage
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What a game
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I love this team.
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Who Dey?!
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If you’re going to invest in a cyclical, you have to be real sure you have top tier operators at the helm who don’t overreact and invest across the cycle. Net cash balance sheets help. Even so, a tough game - weight accordingly.
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First time in the new Ensemble offices. Decent view.
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The moment Scott Rolen's parents found out their son is heading to Cooperstown. ❤️
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Still true this year. “What Cincinnati loves about this team is the quiet confidence of its leaders, too many to name here. No excuses, just win. Perfectly aligned with the city’s values.”
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During our recent webinar, Todd provided our updated thoughts on $MASI following the company's December investor day, its first since the controversial acquisition of Sound United in February 2022.
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Notice how no one tries to get a selfie. I love my city.
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Have been going through the archived Berkshire meetings, and the 1997 afternoon session is, so far, the most valuable. If you only listen to one, start here.
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Let's go! Who Dey?!
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"Better send those refunds."
Joe Burrow with a message 
(via @CBSSports)
(via @CBSSports)
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From the NYT article announcing the offer: "The company has been formed for the purpose of acquiring and carrying on the well-known soap, candle, oils, and glycerine manufacturing business...in Cincinnati, Ohio."
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Such a great tradition. Hopefully many more of these to come.
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Zac Taylor…a man of the people.
After every playoff win, he delivers game balls to Bengals bars to thank them for their support.
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Phew. Better to be lucky than good sometimes. But a win is a win. Onto Buffalo. See you next week . Should be a fun matchup. Who Dey?
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7. Why you should read Lessons from Titans
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Pinewood derby season is underway
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Being a Fulham supporter for the last 12 years has been a bumpy ride. Nice to see them back near the top of the table - with a long overdue victory against Chelsea to boot!
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3 Ways to Measure Management Integrity intrinsicinvesting.com/2023/01/05/3-w Integrity is important because if a management team is unethical toward stakeholders, in a tough situation, they will cheat shareholders as well
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CINCINNATI (AP) -- Agent: Bills' Damar Hamlin breathing on his own, able to talk after breathing tube removed from his throat.
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Started re-watching Friday Night Lights. Minus the bizarre Landry storyline in season two when they were trying to save the show, I can't recommend it enough. The first season was close to perfect.
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My latest for . It's common for quality-focused investors to say they look for "integrity" in management, but it's less common to hear what they mean by integrity, so I wrote up our view on it.
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[New post] 3 Ways to Measure Management Integrity intrinsicinvesting.com/2023/01/05/3-w
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3. "That's the prize: a lifetime spent doing what you want to do. If you start looking around to see who's doing better than you, you are going to cause trouble for yourself, because even when you're king or queen of the world, soon enough someone else will be."
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2. Both produced copious amounts of material. Are you sharing enough of your talents with the world?
"Think quicker, be more ambitious, be more imaginiative...Nobody ever worked harder than these two, or at a higher standard, while connecting with so many people for so long."
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1. Good definition of talent
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I like this definition of talent.
Also, this book comparing the lives of Prince and Dickens is fascinating.
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This was probably best suited for a long blog post than a book, but there were some great insights.
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I’ve never seen two team’s fanbases have a relationship like the Bengals and Bills fans have. Let alone two AFC teams.
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