There was a line in a book that split me in two.
“I borrow, therefore I am.”
I read it, closed the book, and stared at the wall for a long while. Because I understood something I’d spent years refusing to see.
A lot of you ask me the same thing. Carlos, why don’t you analyze companies anymore? Why did you drop the fundamentals, the margins, the ratios? Why is it all money now, debt, tax tricks?
I’ll tell you the way I’d tell a son. No dressing it up.
I stopped analyzing companies because I realized I was no longer looking at the thing that mattered.
I spent years buried in the reports. Reading the accounts. Calculating sales growth. Comparing one business against another. And all of that is fine. But one day I added up two things, and they didn’t sit right with me.
First. Almost everything goes up when there’s liquidity, and almost everything falls when they pull it. The whole market moves on the money tap, not on how well a company sells its products.
Second. And this is the one that marked …
