In the NED (No-End Dividend) I give myself the advantage and space to think about businesses over years, and how they can create value for the longer term.
This long-term approach means almost everything blurs into the background except for long-term value. Even current valuation starts to look insignificant the longer you move forward in time…
This is a concept that very few investors can understand, even though they say they do. The false security of conventional valuation multiples are just too strong a force.
This is what Charlie and Warren meant when they preached quality. Yes, numbers and quality do overlap — but one needs to see beyond that.
“People calculate too much and think too little.”
—Charlie Munger
And so quarterly earnings don’t phase us, market narratives don’t bother us and we don’t care much what analysts say. It doesn’t even matter if the stock is up big historically. All that matters is price-to-intrinsic value.
In the NED, time is the edge. By stretching the horizon — noise collapses and only long-term value creation remains.
We shared the first four NED names publicly but from the fifth addition onward, the index is exclusive to subscribers. Here are the first four names we added. You can find them all here.
Fever-Tree
Ball Corporation
Jumbo
Greggs
Stock #9 is a rising global force with room to grow both domestically and internationally — this name does not look cheap, but forward growth and business maturity will make it look cheap in hindsight.