𝐂𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 𝐈𝐬 𝐓𝐡𝐞 𝐓𝐫𝐮𝐞 𝐃𝐢𝐯𝐢𝐝𝐞 — 𝐋𝐞𝐬𝐬𝐨𝐧𝐬 𝐟𝐫𝐨𝐦 𝐏𝐨𝐨𝐫 𝐂𝐡𝐚𝐫𝐥𝐢𝐞’𝐬 𝐀𝐥𝐦𝐚𝐧𝐚𝐜𝐤 After reading Poor Charlie’s Almanack, I slowly came to realize: the real gap lies in cognition. Charlie Munger lived to 99 and passed away in November 2023. He devoted his entire life to one pursuit: sharpening his mind to think more clearly. He shared a piercing line: “The best way to get what you want is to deserve it.” What is the prerequisite for deserving it? It is sufficient cognition. #CharlieMunger# #ValueInvesting# #WealthBuilding#

Rate Beneficiary: The Quant Case for Allstate ($ALL) While rising interest rates and yield spikes often pressure mortgage-heavy lenders, property and casualty insurers like Allstate ($ALL) can capitalize on wider investment spreads. Featured in the Quant Growth & Income portfolio,$ALL combines defensive income stability with accelerating fundamental growth. The Key Valuation Metrics: - Rate-Resilient Business Model: P&C focus avoids mortgage origination headwinds while higher bond yields boost reinvestment income on policy floats. - 12-Quarter Earnings Beat Streak: Q2 2026 non-GAAP EPS reached $8.99 (beating by $2.92) with revenues rising 11.8% YoY. - A+ Profitability & High ROE: Delivers a massive 49% Return on Equity (vs. sector median of 12%) alongside strong operational cash generation. - Growth-Adjusted Value: Trades at a Forward P/E of 7.2x (a 35% sector discount), with its valuation grade improving to B- and growth climbing to B+. Steven's Take: "Insurance has been good. And actually they can be a benefactor when rates go up... They could actually invest in notes or government bonds that have higher yields... We anticipate Allstate will do well off of that." #Investing# #StockMarket# #Allstate# #ALL# #QuantInvesting# #Dividends# #Insurance# #SeekingAlpha# #ValueInvesting#