I thought this was one very enjoyable read. They touch on a concept that I've always considered important but never been able to put into words as effectively as Horizon has in this commentary.
That concept is that if you trust the judgement of a management team with a long-term record of compounding at high rates, then maybe the best way to value their specific company is to watch how they are allocating capital (what they are doing with their own capital structure).
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