#4 - Research into Morningstar, Disease Impacting Architecture, Tom Russo
May 11, 2020: Learnings from initial research into Morningstar from annual report and proxy statement. Additional learning on how the modern European architecture was influenced by tuberculosis instead of some fad of minimalism and Tom Russo’s view on what matters in long term investments.
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Episode Notes:
Diseases and architecture. New York’s Central Park and extensive subway systems leading to all its suburb boroughs were the result of diseases of the past shaping the architecture of the New York it is now. Modern European architecture with the clean white walls and large windows were adopted from the hospitals in places like Davos Switzerland where people would go to try and recover from Tuberculosis… and they resulted in having Tuberculosis cemetoriums that are what modern European architecture looks like now. “Man is born in a hospital, dies in a hospital and it only makes sense he should live in something resembling a hospital."
“Names and space have absolutely nothing to do with what we set about. We are buying long term stakes in businesses that are or are not superior based on people first, incentives second and products/brands third. It has nothing to do with ’names’ and ’spaces’.” - Tom Russo
“Ideally, cash flow conversion is 0 so that you reinvest everything you are earning.” - Tom Russo