https://www.drchristiangkoch.org/blog-3 daily 0.75 2026-03-16 https://www.drchristiangkoch.org/blog-3/risk-and-known-unknowns-planning-for-what-we-cant-fully-predict monthly 0.5 2026-03-16 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c8986914-8fa9-48c9-926f-d9f987d6e304/Screenshot+2026-03-16+at+4.13.21%E2%80%AFPM.png Blog - Risk and Known Unknowns: Planning for What We Can’t Fully Predict. - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/teaching-value-of-growth-vog-a-modern-framework-for-smarter-stock-selection monthly 0.5 2026-01-05 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/9082ee9c-d069-4eac-966c-98bdb9039e51/Screenshot+2026-01-04+at+5.05.03%E2%80%AFPM.png Blog - Teaching Value of Growth (VoG): A Modern Framework for Smarter Stock Selection - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/eyes-wide-shut monthly 0.5 2025-11-01 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/5f30eca6-14ce-4e3f-87c6-d7f7139a973b/Screenshot+2025-11-01+at+5.13.56%E2%80%AFPM.png Blog - Eyes Wide Shut To the left is a detailed, visual conceptual model of the inverted risk–price relationship, showing why declining prices can reduce risk (greater margin of safety) and rising prices can increase risk (greater overvaluation). We combine valuation logic, behavioral psychology, and investment outcomes into one integrated diagram. Behavioral inversion: Fear and opportunity are reversed. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/7c1feb20-666b-4f3a-82b6-b763fbbe4167/Screenshot+2025-11-01+at+5.15.46%E2%80%AFPM.png Blog - Eyes Wide Shut We have created a conceptual risk model, which is a inversion of the traditional “asymmetric risk perception” model, and it reflects a contrarian or value-investing mindset, where falling prices reduce risk (because valuation improves), while rising prices increase risk (because valuations become stretched). https://www.drchristiangkoch.org/blog-3/understanding-the-disconnects-and-misunderstandings-between-business-owners-and-financial-advisors monthly 0.5 2025-07-11 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c170eb9b-f93d-446f-ab2f-00673910d3d2/Screenshot+2025-07-11+at+5.19.53%E2%80%AFPM.png Blog - Why Business Owners Aren’t Getting the Financial Advice They Really Need - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/honored-to-present-at-valuexcville-sharing-buffetts-timeless-principles-of-value-investing monthly 0.5 2025-06-14 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/300b65bb-ee7c-4630-95b7-bdf2871b0df6/Screenshot+2025-06-14+at+1.13.00%E2%80%AFPM.png Blog - Honored to Present at VALUExCville: Sharing Buffett's Timeless Principles of Value Investing. Presentation can be found here Link https://www.drchristiangkoch.org/blog-3/what-to-watch-in-2025 monthly 0.5 2025-01-02 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c3152e2d-4982-4605-afa2-da0b03bbd56c/Screenshot+2025-01-02+at+09.22.43.jpg Blog - Red Alert: Danger in 2025 In our view, 2025 could mark the beginning of a significant unraveling of this trend, making active portfolio management more critical than ever. As Howard Marks emphasizes in his book Mastering the Market Cycle, "the odds change as our position in the cycle changes." https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1735754227052-72NU6EBUO27L6SQFFVTW/MC+1989.JPG Blog - Red Alert: Danger in 2025 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1735754233628-6QGQXJD7K0SRKR1KB9KW/March+2021+MC.JPG Blog - Red Alert: Danger in 2025 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/551d87f2-fa95-4f3c-a27c-44cd6e516f51/US+tech+companies.JPG Blog - Red Alert: Danger in 2025 We take an active and deliberate approach to investing, modeled after Warren Buffett’s philosophy of buying stable, high-quality businesses and holding them for the long term. Unlike passive strategies, our framework is built around five key variables: book value, margin of safety, intrinsic value, current market price, and transaction value. Over the years, your portfolio has focused on bank stocks, given their stability, alignment with economic growth, and resistance to disruptive trends. Banks offer consistent earnings, low risk, and healthy dividends—an essential source of income for retirees. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/f7a92169-a4e5-4b2e-a8a0-42a608987601/Annual+Interest+Expense.JPG Blog - Red Alert: Danger in 2025 Meanwhile, the U.S. faces concerning fundamentals, including high debt-to-output ratios, a massive trade deficit, and the prospect of a slowing global economy. The US Treasury’s annual interest expense surprased $1.1 trillion this year, making it the second-largest government expense. At the current issuance schedule and interest rates, it will surpass Social Security at $1.4 trillion in 2025 becoming the largest government expense. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1bc35d04-010a-4313-a85c-ac479b734176/Rates+12312024+.PNG Blog - Red Alert: Danger in 2025 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/73f155fa-5a38-433f-814c-a55bdd61d425/Distribution+of+Retruns.JPG Blog - Red Alert: Danger in 2025 https://www.drchristiangkoch.org/blog-3/the-art-of-stock-picking-a-lesson-from-the-classroom monthly 0.5 2024-12-20 https://www.drchristiangkoch.org/blog-3/a-company-with-a-durable-competitive-advantage-learningnbspfrom-warren-buffett-in-the-classroom monthly 0.5 2024-05-16 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/499f29da-b491-435a-8e74-8f8574742013/Screenshot+2024-05-15+at+08.15.53.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/75d56c3d-822e-4e7b-9923-be2e2b453f16/Screenshot+2024-05-15+at+08.17.54.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out A high Return on Equity (ROE) is a sign of a company with a strong competitive advantage. The ROE for these five years was calculated by dividing net income by shareholders’ equity in each of the five years. The insight that this provides is that the higher the ROE, the more money the firm is generating per dollar of shareholder equity, and this is a good thing for shareholders. From 2018-2019, there was a very slight decline. From 2019-2021, there was a substantial increase which is like the graphs for revenue and EPS. From 2021-2022, there is another decline in ROE. This decline in the most recent year on the chart is not a good sign of a durable competitive advantage, however, viewing long term trends over more than five years could provide better insight. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/a5873cd8-49ff-42cf-9875-5c00998ed7ed/Screenshot+2024-05-15+at+08.20.08.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Earnings Per Share (EPS) is a tool for measuring a company’s durable competitive advantage. While Buffett recognizes that any single measurement cannot provide a whole picture of a company, this one is important. Generally, the higher EPS, the higher the stock price. Over a ten-year period, it is desirable to have consistent and upward trending EPS. In this five-year period graph, growth is slow between 2018-2019, steadily increasing from 2019-2021, and is leveling out again from 2021-2022. There has been growth every year since 2018 which indicates a competitive advantage of some kind. Consistent earnings indicate that the company has not needed to go through expensive changes and the company is consistently selling its products. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/98f5c5cf-42ba-4161-8c50-defad0d29d18/Screenshot+2024-05-15+at+08.26.04.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The revenue growth rate has increased from year to year, which is a good sign for Williams Sonoma. Steady growth is a sign for a competitive advantage. However, the increases from 2019-2020 and 2020-2021 are substantially higher from the most recently calculated growth rate of only 5.19% from 2021-2022. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c236f6ba-70db-4627-a07e-6e315f75d8e7/Screenshot+2024-05-15+at+08.27.04.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Cost of goods sold is the next item on the income statement. Another name for it is the cost of revenue. It cannot tell us much about the competitive advantage, but it is a valuable input for determining gross profit which does help determine a long-term competitive advantage. There is a consistent upward trend for COGS at Williams Sonoma. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/05bc645d-45b4-461d-8e0d-34a884aecf24/Screenshot+2024-05-15+at+08.28.07.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Gross profit is revenue less cost of goods sold, and it shows how much money the company made after the raw materials and labor costs are subtracted. Again, it’s not the most useful on its own but it is used for determining gross profit margin. Buffett notes that companies with consistently higher gross profit margins also have good long-term economics. Generally, 40% or higher indicates some kind of durable competitive advantage and below 40% indicates a competitive industry. From 2018 in the upper 30s to 2022 over the 40% threshold, Williams Sonoma seems to have a competitive advantage that is growing. The upward trend is a sign of a good business and competitive advantage. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/8c466eb3-0c91-4271-b013-06e044f0fb2d/Screenshot+2024-05-15+at+08.28.57.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Buffett describes operating expenses as the “thorn in the side of every business.” These costs can greatly harm the competitive advantage of the firm. They include selling and administrative expenses, research & development costs, and depreciation. Operating expenses are used to calculate operating profit (loss). Along with the other statistics so far, there is an upward trend in operating expenses from year to year. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/2071fcb2-91f0-40e6-8d40-569d74be9f87/Screenshot+2024-05-15+at+08.29.52.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out SGA expenses are all expenses related to selling and administrative activities and they include management salaries, advertising, legal fees, etc. These expenses can have a very large impact on the bottom line. Consistently high SGA expenses are a warning sign, but if a company has consistently low SGA expenses, the bottom line can still be impacted heavily by researc and development costs. For large retailers, SGA expenses of 15-20% of sales is expected. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/8ce42b95-8e01-4008-b83e-9c2d7f1d5890/Screenshot+2024-05-15+at+08.30.42.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Research and development costs are a major indicator of a durable competitive advantage. High research and development costs indicate a flaw in the competitive advantage, and they will put long term economics at risk. For example, patents expire and when they do, the competitive advantage disappears. New technologies are also something to be careful of because as soon as something better emerges, the old one is obsolete. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1ead72b6-7b62-407b-a100-54f906e6f95d/Screenshot+2024-05-15+at+08.31.17.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The amount of depreciation recognized in a year counts against income for that year. It is important to include in the calculation of earnings because otherwise, you’re tricking yourself into believing the business is earning more than it actually is. Lower depreciation costs as a percentage of gross profit is an attribute of companies with a durable competitive advantage. Depreciation for Williams Sonoma has consistently been below 8% of gross profit, which is a good sign. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/a4e7630e-4323-4917-b94e-e5aa412fa7a5/Screenshot+2024-05-15+at+08.32.37.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Interest expense is a financial cost and most retailers are paying more interest than they earn. It’s an indicator of how much debt the company is holding. Companies with a durable competitive advantage often have very low interest expense as a percentage of operating income. This percentage is consistently low for Williams Sonoma which indicates a durable competitive advantage. Having low financial leverage makes this a safe business. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/673e039e-9243-4c4c-beca-cd3c1a17c066/Screenshot+2024-05-15+at+08.33.11.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Income taxes paid are an indicator of truthfulness of a company. Companies tend to alter financial statements to show that they’re earning more money than they are. But, deducting 35% from pre-tax operating income should equal the amount paid in income tax. The tax rate for Williams Sonoma has fluctuated a little bit, which is something Warren tries to avoid. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/584d944e-0d71-437f-a5ce-c8b60dd57e36/Screenshot+2024-05-15+at+08.33.56.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Net earnings should trend upward. This trend indicates a durable competitive advantage. As a percentage of revenue, net earnings should be more than 20%. The consistent upward trend is true for Williams Sonoma. Over the last five years, there is an upward trend in this percentage, however the most recent is 12.98% which is far below 20%. The range that Williams Sonoma falls in tells us that the industry is one that businesses are searching for the advantage in but they haven’t found it yet. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/99506faa-4af2-4979-bded-e0e57e641129/Screenshot+2024-05-15+at+08.35.22.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The general rule is the more a company earns per share, the higher the stock price. Consistency and an upward trend (see the trend here?) is exactly what we’re looking for. The upward trend indicates products that don’t need to go through expensive change and the economics are strong enough for the company to advertise and expand or do stock buybacks. Williams Sonoma’s earnings per share are trending upwards at a steep rate. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/050b1350-8979-4ccc-831f-8a91d85f87db/Screenshot+2024-05-15+at+08.54.47.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Balance Sheet The next stop for Buffett is the balance sheet. The balance sheet is a snapshot of the assets, liabilities, and stockholders’ equity for a particular date. A common valuation statistic, book value or net worth, is found by subtracting liabilities from assets. This figure is also equal to stockholders’ equity. Total assets show how efficiently a company is using its assets. ROA measures this efficiency. Abnormally high ROA can indicate vulnerability in the advantage, but Williams Sonoma’s ROA has been increasing (aside from the slight dip in 2020) and is at a healthy 24.15%. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/e3c66dc1-3728-4b7a-9c21-1b88d51cf7bb/Screenshot+2024-05-15+at+08.56.04.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Cash and short term investments can be a good thing to have. The catch is how much debt is paired with it and where did the cash come from? In 2020, the company had much more cash than in any of the other five years presented below. This was due to the pandemic and the ability of Williams Sonoma to shift to an online retail environment. Since then, the cash has decreased significantly. The amount of debt that the company holds is substantial in relation to cash, so we will stay on the lookout for that. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/e734af65-403c-4806-951b-8d2b512a2cf5/Screenshot+2024-05-15+at+08.56.35.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Net earnings and inventory are both on the rise over the last five years which is a sign of a durable competitive advantage. As sales increase, inventory needs to as well for the orders to be fulfilled. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/b02a386e-2741-4194-80f6-bc181aa4cbcf/Screenshot+2024-05-15+at+08.57.09.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Net receivables are useful when comparing companies in the same industry. A low percentage of net receivables compared to gross sales is an advantage. Williams Sonoma’s is 1.42% for 2022. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/71f2470b-d566-490c-919a-40753e428cf0/Screenshot+2024-05-15+at+08.57.34.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The higher the current ratio, the more liquid the company. Over one is considered good and under one is considered bad. Interestingly, the companies with durable competitive advantages seem to have ratios less than one. This means that these companies have high earning power and can pay off their current liabilities easily and they can pay out hefty dividends. The current ratio for Williams Sonoma is consistently over one which indicates high liquidity. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/4423d13b-96e1-48a4-b07a-e1c1bd184996/Screenshot+2024-05-15+at+08.58.03.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Property, plant, and equipment are things that companies with durable competitive advantages don’t need to constantly spend money on to stay competitive. Williams Sonoma brought in around 4 times more than it spent on PPE in 2022, which is a good sign. Having a consistent product that doesn’t need to change means consistent profits. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/5d841fc7-2f30-48c9-8c69-6c4f8dffba36/Screenshot+2024-05-15+at+08.58.35.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Goodwill and intangibles are sometimes grouped together. Goodwill appears when the company purchases another business for above book value (indicating a competitive advantage). Intangibles are things like brand name and patents that aren’t physical assets but that add considerable value to the company. Williams Sonoma’s stayed at $85 million and recently decreased to $77 million. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/98747c0f-b7f4-4792-a650-106e5d931fcd/Screenshot+2024-05-15+at+08.59.09.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Having more short-term debt than long-term debt is a dangerous game to play. While being aggressive can make a lot of money, in the instance of sudden shifts in the market and lenders needing their money back, you’re in trouble. Williams Sonoma has consistently had far less short term than long term debt, which makes it easy for them to stay protected. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/77e4827e-f78b-462f-99d7-92db7aab9536/Screenshot+2024-05-15+at+08.59.45.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Total current liabilities is used in the calculation of the current ratio which is at the start of this section. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/3e4ec67f-bf3a-431d-8eea-cdd98a7c08b5/Screenshot+2024-05-15+at+09.00.14.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The long-term debt of Williams Sonoma is not very high. Companies with a long-term competitive advantage tend to carry very small amounts of long-term debt because they are so profitable that they are self-financing, as Warren calls it. The consistently low long-term debt is a sign of a durable competitive advantage. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/ed083c6f-8e22-4086-a904-13c2da5ca786/Screenshot+2024-05-15+at+09.00.59.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out The debt to shareholders’ equity ratio identifies whether a company uses debt to finance operations. However, a more useful measure is the treasury stock adjusted ratio, which I included below. Typically, below .80 is a good thing for competitive advantage but Williams Sonoma has values all above 1.0 which shows a high amount of debt financing. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/74f1a51f-7bc1-4e67-a454-c8a04c9331db/Screenshot+2024-05-15+at+09.01.29.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out As we know, common stock represents ownership in the company. These figures are below. Anything in excess of the par value is added to the balance sheet as “Additional Paid in Capital” which is listed below common stock. A note about preferred stock since it is not listed here: Williams’ Sonoma does not have any preferred stock. This is an indicator of a durable competitive advantage because these companies tend not to have debt. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/84cfe55c-0a04-4290-9fe7-875c6062d3a4/Screenshot+2024-05-15+at+09.02.15.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c8602afc-dd53-4ed7-8b64-66c055d982e7/Screenshot+2024-05-15+at+09.02.39.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Retained earnings is the net earnings of the company that is not used for dividends or to buy back company shares. Each year listed here for Williams Sonoma shows growth in retained earnings which is growth of the company’s net worth. The more a company retains earnings, the faster it grows the pool, and this increases the growth rate in the future. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/9cadd300-da04-4a94-b69a-7dc9588b5a3d/Screenshot+2024-05-15+at+09.03.08.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Companies have two options for stock that they buy back. The company can cancel it or keep it for later. Treasury stock is listed in negative values because it is a deduction of shareholders’ equity. As stated earlier, companies with a durable competitive advantage have extra cash and they buy back their stock with it. Essentially, this decreases equity and increases return on equity. A history of buying back shares is something Williams Sonoma has and this indicates a durable competitive advantage. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/0cf77273-d6b2-43cd-b59b-637fd48e4ee8/Screenshot+2024-05-15+at+09.03.32.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Shareholders’ equity is also known as the net worth or book value of the company. It allows us to calculate the return on shareholders’ equity which shows the efficiency in allocating shareholders’ money. High returns are a good thing and they drive the price of the stock up. The increase in WSM stock price aligns with the increase of return on equity over the last five years. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/5d9c65b4-8ea5-405d-b2ce-b7d0980442ee/Screenshot+2024-05-15+at+09.04.02.png Blog - Learning in the Classroom: A Company with a Durable Competitive Advantage - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/warrennbspbuffetts-interpretation-of-financial-statements-a-unique-classroomnbsplearning-experience monthly 0.5 2024-05-15 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/405fde86-e301-48b1-8c77-b4aff0ef21eb/Screen+Shot+2024-01-05+at+11.25.49.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/60e1c583-3311-465f-8b7a-0f0cbacf4126/Screen+Shot+2024-01-05+at+11.28.27.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/2d785fb8-a3f6-4c22-a748-899de915c107/Screen+Shot+2024-01-05+at+11.31.52.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/ce056620-d3d9-478f-a9fc-ce19295a70f5/Screen+Shot+2024-01-05+at+11.32.38.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/0a9a253a-7c3b-4ca8-8aca-514e9281b3a3/Screen+Shot+2024-01-05+at+11.33.29.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/c9404784-2e88-4991-8f8f-76fc43f27be8/Screen+Shot+2024-01-05+at+11.34.51.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/2d68013a-4759-485c-9d21-c02a6f54297e/Screen+Shot+2024-01-05+at+11.36.24.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/ec7165c1-82af-4416-ad74-d89d7ffb0805/Screen+Shot+2024-01-05+at+11.37.47.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/f14021a2-79d5-43cb-9ca2-3a94d6e4970e/Screen+Shot+2024-01-05+at+11.41.26.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/5669ecff-f2e2-4b8c-b1bf-d1d45e229af7/Screen+Shot+2024-01-05+at+11.42.16.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/e3c90c47-9276-45d6-abd4-9d96d23d152f/Screen+Shot+2024-01-05+at+11.46.36.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/8421e08d-7900-4310-a11f-b79f146794de/Screen+Shot+2024-01-05+at+11.47.27.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/0383ee4e-12c4-4aec-b67f-97f94bbe327a/Screen+Shot+2024-01-05+at+11.48.08.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/4a852a35-41f8-4ac7-aa11-53ca907f694b/Screen+Shot+2024-01-05+at+11.49.45.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/365278a4-9f99-4744-bab8-dc53533e9093/Screen+Shot+2024-01-05+at+11.50.32.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/52194004-2a66-41ff-80d3-38ea6022c85b/Screen+Shot+2024-01-05+at+11.55.33.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/931d523a-8928-4926-8754-c3e2a58d0c74/Screen+Shot+2024-01-05+at+11.59.26.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/7a307691-a018-4a4c-8396-b17225b0b15c/Screen+Shot+2024-01-05+at+12.00.17.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/540ba341-ac1a-4cc7-96b3-62cd8fd15fdb/Screen+Shot+2024-01-05+at+12.01.02.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/0a0ac667-7992-4268-8383-75a40c655a99/Screen+Shot+2024-01-05+at+12.01.52.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/d21cb729-5085-4910-a709-90e43c0df190/Screen+Shot+2024-01-05+at+12.02.34.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/9e7b4249-3b70-48be-bd53-8311bcddc5b9/Screen+Shot+2024-01-05+at+12.03.25.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/5e795d49-ea7e-499f-ac7f-65097dbbf8e9/Screen+Shot+2024-01-05+at+12.06.33.png Blog - Warren Buffett's Interpretation of Financial Statements: A Unique Classroom Learning Experience - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/anax3l7j6g9lt1w6ikh54xwqx4d1um monthly 0.5 2023-10-23 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/3fb797df-1626-4600-b393-9c8da0b9da3f/60-40+Portfolio.JPG Blog - We Love Bonds - October 19, 2023, the WSJ had an article discussing the time-honored Wall Street trusted 60-40 investment strategy. This type of portfolio had its worst performance in generations last year due to higher interest rates and inflation. This is a mix of 60% bonds and 40% stocks. As we advance, a prolonged period of higher rates and higher inflation will pressure both stocks and bonds (more on stocks). This capital market environment looks much different than we have seen over the last 15 years. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/49ef4bde-31b9-4e88-852a-73681d0b9998/Risk+return.JPG Blog - We Love Bonds - We Love Bonds: The next phase of successful investment will be using the 1970s-1980s (President Carter years) playbook of Yield investing, which focuses on higher yield as the main component of return for retirement portfolios. Going forward, we will be looking to make new investments in corporate bonds and preferred stock of companies that have a high coupon yield and consistent cash flow to pay the interest and principal. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/0112c5de-11ab-4f37-9101-4e2c12bab8e5/Citi+toumstone.JPG Blog - We Love Bonds - For example, Citigroup has a fixed-rate preferred stock with a coupon of 7.625% for a term of 5 years. This preferred stock security has a par value of $1,000 and can be purchased below par value of around $96, which gives it a yield to maturity (YTM) above 8%. This is 300 basis points above the risk-free rate. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/4e4f8300-6478-42d9-bfc0-64ae56367a7d/Oil+2.JPG Blog - We Love Bonds - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/learning-in-the-classroomnbsphoward-marks-memos monthly 0.5 2023-10-05 https://www.drchristiangkoch.org/blog-3/5dm1y0gv1qdpn4erogcki06vnwezs3 monthly 0.5 2023-07-08 https://www.drchristiangkoch.org/blog-3/extreme-ownership-a-whirlwind-for-1-st-quarter-2023 monthly 0.5 2023-05-16 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/d5eabaa1-035f-4bef-960c-9468f69375af/atlanta-fed_wage-growth-tracker.jpeg Blog - Extreme Ownership: A Whirlwind for 1 st Quarter 2023 - With a high degree of confidence, I can say that we have now left behind an era of low-interest rates and easy money. Interest rates at zero are unhealthy, as they give rise to extremely high asset values, misallocating capital, and high debt levels at the company level. The consequence of a higher interest rate policy and wild fiscal spending will be felt in the real economy and the capital markets. A profits recession for the S&P 500 companies is coming, putting downward pressure on price-to-earnings multiples. https://www.drchristiangkoch.org/blog-3/warren-buffett-archive-learning-and-teaching monthly 0.5 2023-01-18 https://www.drchristiangkoch.org/blog-3/2023-outlook monthly 0.5 2023-01-03 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/928a82b5-9311-4dd4-a2c6-5c60e1517084/Tesla+Shares.JPG Blog - A Review of Markets 2022 - Tesla’s stock is a representation of what took place in terms of the bubble in the technology sector. Tesla shares have lost 63%, from a peak market value of $1.24 trillion to $389 billion. At current price levels, one could purchase twelve Ford’s (the entire business) for one Tesla. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/a16f69d8-db02-403b-8575-471043bbfb16/Dec+2022+Yield+Curve.JPG Blog - A Review of Markets 2022 - An inverted yield curve suggests that the bond market believes we are heading into an economic recession in 2023. Currently, the 2-year note was 4.3% versus the 10-year note of 3.7% and 30-year Bond of 3.8%. The graph is today’s inverted yield curve where short-term rates are higher than long-term rates. Interest rates are the key variable to watch to understand, where the economy is going. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/fb87e577-396a-4f54-aa66-dfbd43aab9c1/Interest+Rates.JPG Blog - A Review of Markets 2022 - We can not start a new economic up-cycle with 3.5% unemployment. The Fed has its work cut out for it in 2023. Finally, high debt levels in the U.S. could become a crisis issue. Today, debt is 150% of domestic output. Rising interest rates only work when fiscal policy comes behind and sharply lowers spending. This is not happening as the House approved another $1.7 Trillion Omnibus spending bill on December 23, 2022. https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/06f31b07-0e9a-4e4b-bd0e-80b320405a1d/SPX.JPG Blog - A Review of Markets 2022 - I think the statement rings true today! Most mutual fund managers are young kids that fell in love with cryptocurrency, bitcoin and, FTX. We avoided the entire experience because we would not put our client’s precious hard-earned money into an investment that had unquantifiable risk. https://www.drchristiangkoch.org/blog-3/mid-year-2022-update monthly 0.5 2022-08-15 https://www.drchristiangkoch.org/blog-3/classroom-learning-by-teaching-investment-principles-not-finance-formulas monthly 0.5 2022-05-02 https://www.drchristiangkoch.org/blog-3/inflation-and-its-consequences-positioning-for-2022 monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/bc82863b-396d-4da8-9979-66b54d81bceb/WTI_1_2022.PNG Blog - Inflation and its Consequences: Positioning for 2022 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.drchristiangkoch.org/blog-3/a-review-of-markets-2020-electronic-herd-dividend-volatility-retirement-income-in-focus monthly 0.5 2021-01-05 https://www.drchristiangkoch.org/home daily 1.0 2020-12-23 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608678938331-9H2TNCNT964JQEHX58KK/Christian+G.+Koch_2.jpg Home https://www.drchristiangkoch.org/about-2 daily 0.75 2026-04-03 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608680727812-V3RM8WCJN0Q0ISGZF4BZ/0.jpg About https://www.drchristiangkoch.org/general-2 daily 0.75 2024-08-10 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608679062642-TH1Z81U7TUHORVEHQIBO/Soul+of+Sucess_Book+Cover.jpg Publications https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608679084220-27JEZXTHBTFKV2XJS8R8/GITG_koch+%282%29.jpg Publications https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608679159291-9CHE0REEX5TVGAX5DEJG/TBQ_COVERS_CKoch.jpg Publications https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608679201444-NIL9P3IOKWBTKJ1QIBFT/Performance%2B360_Book%2BCover.jpg Publications https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1626023886011-RPBLJCMAIOOALDBKMKBR/Empirical+Findings1024_1.jpg Publications Empirical Findings: The Corporate Brand https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608684383606-ULRBXGL49P4ZLMMJZLBD/delivery.php-page-001.jpg Publications Warren Buffett: A Practical Understanding of Financial Literacy Extended To Managing Investments https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608684103311-ZPXFQGYUK6R7IT1DCNVO/Can+Insider+Trading+Information+be+a+Useful+Tool+for+Investment+Managers_-page-001+%281%29.jpg Publications Can Insider Trading Information be a Useful Tool for Investment Managers? https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608683901451-S8C4OSLO0Q1ZP9R8PICF/0001.jpg Publications Warren Buffett Faces Insider Trading: A Case Study https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/6a0af580-eefc-4f00-9c82-ef0dd22f3b7e/Screenshot+2024-08-10+at+16.03.39.png Publications - Journal of Financial Planning, Retirement Planning Pg. 44-50 https://images.squarespace-cdn.com/content/v1/5fe0d77639106b0032accff0/1608684522200-VCLX9I2VUH51KV3FC21J/O6jIH-page-001.jpg Publications https://www.drchristiangkoch.org/contact-1 daily 0.75 2021-01-02