Research notes on common stocks and the businesses behind them.https://ownerscorecard.com/https://ownerscorecard.com/notes/the-moat-and-the-multiple/https://ownerscorecard.com/notes/the-moat-and-the-multiple/Adobe grew earnings by two-thirds and lost two-thirds of its price. All of the decline was the multiple, and what a multiple prices, at bottom, is the moat. The note weighs the record against the fear and ends in the too-hard pile.Thu, 16 Jul 2026 00:00:00 GMThttps://ownerscorecard.com/notes/weeds-and-flowers/https://ownerscorecard.com/notes/weeds-and-flowers/Graham fixed his test for second-grade bonds to the late-1971 tape, when first-rate paper paid 7 1/4 percent. Run against the AI bond wave of 2026 and a 2.69% high-yield spread, it returns the one conclusion this publication permits itself, dated and entered beside its base rate.Wed, 15 Jul 2026 00:00:00 GMThttps://ownerscorecard.com/notes/the-founding-letter/https://ownerscorecard.com/notes/the-founding-letter/A free tool for the enterprising investor Ben Graham described: the record a company files, and never a rating, a price target, or a live quote, under the disclosure rules the publication holds itself to.Mon, 13 Jul 2026 00:00:00 GMT