Always read the oldest 10-K you can find on a company

Reading the oldest 10-K will give you added perspective on the business and it'll get you thinking about how the business has changed over time/how it will change in the future

3 ways to research durability:

You could gather testimony about customer behavior

You can go by the history of the industry

You can use a speculative approach by trying to work out the adoption of future technologies/trends & how that can shift the economics of the industry

We generally spend a lot of time talking to customers, studying as much of the industry’s history going as far back as we can, and try to sketch out the economics of a new company entering the market

The shorter your holding period in a stock, the more important the price you buy at (P/E, P/B, etc.) and the price you sell at (P/E, P/B, etc.)

The longer your holding period in a stock, the more important the return on capital/growth rate of the company you’ve invested in

@iancassel Thanks a lot, Ian. That means a lot coming from you 🙌🏻