"You want the franchise operator to make money and you want him to create a capital asset that’s worth more than he’s put in it. That’s the goal."
- Warren Buffett
One lesson from each of these 6 excellent books:
"Ray Kroc did not invent fast food. He did not invent the self-service restaurant. And his first McDonald's restaurant was not the first McDonald's."
- McDonald's Behind The Arches
“In the case of our franchise owners, there was only one story. We wanted and needed them to be suc...

Charlie Munger and Warren Buffett, lifelong partners, were unable to finalize one last deal using Berkshire's $157 billion in cash before Munger's death.
 
Despite this, Munger expressed optimism that Berkshire Hathaway, with nearly $160 billion in cash and an excellent credit rating, will eventually find a significant acquisition opportunity.
Munger emphasized the need for a substantial deal du...

PCT = Pandas Coffee Talk.
My pandas understandings: last 4Weeks there is a bull run in NASDAQ because there is a hope of no more further hikes. Then the PCE measure shows US inflation is indeed slowing down. All these point to a decrease of rates by Fed at next year 2023 first half.
Because a high rates mean high loans debts costs. US is very credit cards & loans debts intensive among common citizens. It is reasonable to assume Fed dont want such current high rat...