Blog
May 5, 2026
Economic Goodwill: Warren Buffett’s 1983 Berkshire Letter Appendix on the Real Source of Compounding
Buffett's 1983 appendix split goodwill into two: the accountant's residual on the balance sheet, and the inflation-resistant economic goodwill that compounds wealth. Titan Biotech FY25's high returns on a modest tangible base read like the second.
May 4, 2026
Walter Schloss compounded 16% for 47 years from a back office, with no MBA, no Bloomberg terminal, and no management visits. Seven of his 16 factors illustrated through Titan Biotech FY25's audited balance sheet.
May 3, 2026
The Twenty-Punch-Card Rule: Warren Buffett’s Lifetime-Scarcity Discipline for Indian Value Investors
Buffett's twenty-slot punch card forces selectivity, patience and conviction in a single mental model. Titan Biotech's FY25 audited numbers — debt-to-equity 0.02x, ~16.9% RoCE, 103% CFO/operating profit, 55.87% promoter holding — illustrate the discipline.
May 2, 2026
Charlie Munger's 1995 Harvard speech introduced the Lollapalooza Effect: when multiple forces line up in the same direction, the outcome is multiplicative, not additive. Eight audited Titan Biotech FY25 disciplines illustrate the positive mirror-image.