Competitive Advantage: How to Find Sustainable Moats in the Stock Market

“If you build a better mousetrap, the world will beat a path to your door.”  Ralph Waldo Emerson As investors, searching for companies with a competitive advantage continues as a never-ending goal. We all desire to find a company that can last forever, retain its long-term advantage, and grows our wealth. I never tire of […]

Capitalizing R&D Expenses: How to Do It and Its Effect on Valuation

Updated 5/29/2023 Most valuation models begin with earnings to arrive at the cash flows, and when using this method, we assume that the earnings stem from expenses related to operations. But in today’s age of intangibles, those assets creating revenues are different. We must examine Items like research and development (R&D) and treat them differently. […]

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