Selected Substack posts.
A clear, first-principles breakdown of the forces that truly move Canadian housing prices, why most explanations miss the point, and why immigration and interest rates dominate long-term outcomes while psychology drives short-term swings.
Why operational excellence alone is not enough to generate strong shareholder returns, how valuation, scale, and capital allocation shape outcomes, and what actually separates great businesses from great investments.
A clear-eyed look at what mainstream financial advice is actually designed to do, why it produces average outcomes by construction, and where thoughtful investors may rationally choose to diverge.
A calm, rational case for Apple as a long-term holding, focusing on ecosystem lock-in, capital-light economics, disciplined capital allocation, and why short-term narratives rarely change the underlying thesis.
Why American Express remains a core long-term holding for me, how its closed-loop model, premium customer base, and brand-driven positioning create durable economics, and why I’m comfortable owning it through cycles.
An update on my COKE position (up ~190%)—why the original thesis worked, what changed, and what this “boring” bottler taught me about pricing power, capital allocation, and patience.
A clear-eyed look at why dividends are a side effect—not a goal—and why long-term compounding, capital allocation, and optionality matter far more than yield.
A practical framework for achieving ~11-13% compound annual growth through disciplined investing psychology and concentrated bets.
Why owning 15 great businesses can outperform indexing if you master the psychology.
A look at why Fastenal’s deeply entrenched distribution model makes it a durable, long-term compounder worth owning.
Ironically, capitalists should want to invest in businesses that don’t require capital.
AI’s next bottleneck is power, and Monolithic Power is built to solve it.
Progressive quietly compounds through cost discipline, data, and a culture built to last.
Autodesk is a durable, standards-based compounder built to deliver steady, above-market returns over time.
FICO’s still a great business—but at 43× earnings, I’m holding, not buying.
Selling too early kills compounding; real strength is staying detached from price anchors.
FICO’s embedded standard and decisioning platform thesis.
Design‑win flywheel; power‑management silicon in AI data centers.
Valuation, improving business quality, and local moats.
More at danbenn.substack.com.