The half year updade from Rob Vinall is always a must read, and is as usual a very well thought out piece that helps keep investors grounded when the market is getting excited.

The contention that the value of a company is the sum of its discounted future cash flows is the closest that investing is ever likely to come to a law of physics. A company's value can only equal the cash it produces over its lifetime. Given that so much cannot be known with certainty when investing in a company, it would be madness to disregard the one thing that can be. As such, do not expect me to jump on the momentum bandwagon any time soon and start flipping companies based on my reading of the market tea leaves. The “Business Owner Fund” is not about to become “The Business Renter Fund”.

I know it is a pain to have to create an account to read the letter, but with RV, it is well worth it. And you will want to read the next one too.