Understanding growth: expanding beyond the core
PART 5 OF 5
Expanding into new markets can fuel growth, but growth alone does not create value. The real question is whether competitive advantages travel with the capital being invested.
Capital Allocation
Where investments go and what comes back. A way to look at growth beyond the surface.
Understanding growth: growth options
PART 4 OF 5
Growth options create flexibility, not necessarily value. Their true worth depends on the ability to generate and sustain returns above the cost of capital.
Understanding growth: organic growth
PART 3 OF 5
Organic growth can generate exceptional returns with limited capital. Its long-term value, however, depends on the strength of the moat protecting those returns.
Undestanding growth: when growth creates value
PART 2 OF 5
Growth creates value only when returns can be sustained. The real question is not how fast a business grows, but how long it can defend its returns from competition.
Understanding growth: when growth creates value (and when it doesn’t)
PART 1 OF 5
Why retail growth creates value only when returns exceed the cost of capital.
What value investing teaches retail operators
How value investing can become a framework for understanding long-term value creation and durable competitive advantages in retail.
Valuing a new opening: structuring uncertainty
PART 3 OF 3
Why valuation precision can be overstated in retail expansion decisions under uncertainty.
Valuing a new opening: a practical example
PART 2 OF 3
A practical example of how cash flows, probabilities and margin of safety interact in retail valuation.
Valuing a new opening: a cash flow and probability framework
PART 1 OF 3
A framework to evaluate new openings through cash flows, scenarios and probability-weighted returns.
