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The Hardest Part of Long-Term Investing Is the Waiting
The investors who survive think differently about time.
 • Phaetrix
The Real Berkshire Transition Isn’t Greg Abel
It’s whether shareholders will allow Buffett’s framework to evolve without Buffett.
 • Phaetrix
JPM at $306: Great Business, Dangerous Expectations
The business keeps proving itself. The stock may already have collected the reward.
 • Phaetrix
DELL: 18x Guidance vs 24x Consensus — Is FY27 the Start of a New Era or Just Peak AI?
The market is split on whether Dell’s explosive AI backlog and margin expansion signal a durable hybrid infrastructure compounder — or just another…
 • Phaetrix
Apple’s $25B Buyback Has a 2.9% Problem
The return is real. The decision is the question.
 • Phaetrix
You Don’t Have a Thesis Until You Know What Breaks It
An idea without a “wrong if” is not a thesis. It’s a story.
 • Phaetrix
$14T in Payments—So Why Is Visa Being Priced Like a Slowdown?
This only works if Visa controls the next layer of payments. If not, the repricing has already started.
 • Phaetrix
The Buyback is an Expense
The accounting illusion of net owner return.
 • Phaetrix
Berkshire Doesn’t Need to Fail to Underperform.”
Berkshire does not need to become a bad business to deliver average returns. It only needs the bar for outperformance to be higher than investors…
 • Phaetrix
$397B in Cash—and Berkshire Is Selling Stocks Anyway
A record cash pile, a leadership transition, and a simple question: is Berkshire still built to outperform—or just built to protect?
 • Phaetrix
Phaetrix Investing
Phaetrix Investing
I’m Nancy. Most stop at research. Phaetrix publishes the decision, the risk rules, and what happened after. I write for investors who want process, discipline, and defined risk.
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