Another Stock From Michael Mauboussin’s ROIC Framework: Part 2

The Owner’s Memo #25; Examining those companies on the ROIC frontier and finding a promising investment candidate.

Oct 13 • Tim Isgro

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One Stock Discovered Using Michael Mauboussin’s ROIC Framework: Part 1

The Owner’s Memo #24; Breaking ROIC into Invested Capital Turnover and Operating Margin and looking at some of the best companies.

Oct 6 • Tim Isgro

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September 2026

There’s No Such Thing As Talent

The Owner’s Memo #23; In studying excellence, it is much better to ask “why,” even when the reasons may be hidden.

Sep 29 • Tim Isgro

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Keep It Simple

The Owner’s Memo #22; The best investments are often uncomplicated.

Sep 22 • Tim Isgro

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Mohnish Pabrai and Frontline, Part 3: A 55% Win That Should Have Been a Ten-Bagger

The Owner's Memo #21; Mohnish Pabrai found that Frontline, while the riskiest and most aggressive shipping company, was simply too cheap. But he didn’t…

Sep 15 • Tim Isgro

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Mohnish Pabrai and Frontline, Part 2: Time Charters Are for Weaklings

The Owner's Memo #20; Frontline was the most aggressive and risk-seeking shipping company out there, but it was also purpose-built for the environment…

Sep 8 • Tim Isgro

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Mohnish Pabrai and Frontline, Part 1: A Wonderful Business to Avoid

The Owner's Memo #19; Shipping is a highly cyclical and difficult business, but in 2002, Frontline’s stock price had plummeted.

Sep 1 • Tim Isgro

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August 2026

Vacation Week: Four Articles to Read

The Owner's Memo: Vacation Edition; Four articles that have stuck with me over the last year.

Aug 25 • Tim Isgro

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Vacation Week: Three Book Recommendations

The Owner's Memo: Vacation Edition; Three books you will enjoy.

Aug 18 • Tim Isgro

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Software for One

The Owner's Memo #18; The age of personalized software for non-software-developers is here.

Aug 11 • Tim Isgro

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Everybody Works

The Owner's Memo #17; The work we “choose” tends to involve less choice than we think.

Aug 4 • Tim Isgro

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July 2026

Eddie Lampert and AutoZone, Part 3: The Pro Forma and the Payoff

The Owner's Memo #16; Building the pro forma AutoZone that a 1997 investor could have projected, with a 19.5% projected stock appreciation

Jul 28 • Tim Isgro

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