Trading Post June 12, 2026
원문 보기 (영문) →
한국어 번역이 곧 추가됩니다. 그 동안 아래 영문 원문 또는 출처 사이트를 참고해주세요.
The market continues to punish the stocks of large, well-established businesses with significant owners earnings, little debt, and large buybacks, which are accretive to intrinsic value per share at current levels.
It is not hard to find these at less than 10x earnings, whether growing or not.
These companies generally are suffering in comparison to AI capital flows as well as to extrapolated maximum-AI scenarios that are unlikely. LLMs are language models, not AI. No one is using AI yet. Companies are spending hundreds of billions, even trillions, of dollars on making language models the last search engine one will ever need. There is no evidence of anything more that, and there is plenty of evidence that the training of these search engines is hitting diminishing returns well before profitability, let alone return of capital.
I have seen this before, so I am patiently acquiring these companies, just as I did Ross Stores, Clayton Homes, and Dun & Bradstreet in 2000.
Today I purchased stocks in today’s versions of these companies.