November 16, 2025, Vol. 250
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The No-Earnings Companies
The No-Earnings Companies Starting off this week’s theme, we were reminded of an old article by Erik that really challenged the way we think. In his piece titled “Stop caring about earnings” (paywall removed for KEDM subscribers), he explained how Warren Buffett pioneered the no-dividend company. Prior to Berkshire, investors expected companies to return capital…