There’s a Reason for Risk Premiums
Risk premiums aren’t free money — eggs from a chicken, a cow to be milked, etc. (Even those are not truly free; animals have to be fed and cared for.) They exist because there comes a point in each risk cycle when bad investments are revealed to not be “money good,” and even good investments are revealed to be overpriced.”

Malone wolf
His approach has had four elements: complex ownership structures, high debt levels, assiduous tax planning and a refusal to overpay.

The rise and fall of Subway, the world’s biggest food chain
…at the dawn of its 50th birthday, all is not well in the land of Jared and jingles about $5 footlongs. Subway’s U.S. sales last year declined 3 percent, or $400 million, falling faster than any other of America’s top 25 food chains.

Third Point Investors Presentation May 2015
Slides from the Third Point Reinsurance investors presentation for the period ended May 2015.

Map: How coffee splits the United States in half
Dunkin’ Donuts shops vastly outnumber Starbucks in the Northeast. This is of little surprise, since the chain was founded there… But Starbucks is the dominant coffee retailer literally everywhere else, from Hawaii all the way east to D.C.


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