Every company has a story. Acquired tells the definitive history and strategy of the world's greatest companies. Hosted by @gilbert and @djrosent.
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Acquired is the #1 show on @ApplePodcasts across all categories.
Holy.
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Available in fine podcast players everywhere: pod.link/acquired/episode/OW…
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yada yada yada... and we're live! acquired.fm/episodes/seinfel…
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RT @APNavaratnam: The path of the highest-returning S&P 500 stock of the past 45 years, Home Depot.
Arvind P. Navaratnam
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Our companion PDF for The Home Depot episode is now complete and available for download.
acquired.fm/episodes/home-de…
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And the "artifacts" to go with it: every primary source photo and graphic we referenced during the episode: acquired.fm/artifacts/home-d…
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Home Depot — like most other 1000x+ investments over time — required you to hold through massive drawdowns.
Yes it would be nice to have turned $10,000 into $17 million. But you would had to hold the stock for years through three separate 65%+ drawdowns from its all-time high.
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This property of extreme drawdowns is common among stocks with the highest total long-term return.
- Amazon was down 93% in the early 2000s
- Costco fell 70% from 1992-1995
- Starbucks fell ~50% three times: 1998, 1999, and 2008
Paradoxically, if you want to benefit from the greatest single-returning stocks over time, you have to have an investing disposition that lets you hold through massive multi-year drawdowns.
@APNavaratnam has been beating this drum for years and he published some great data on it: worldlypartners.com/the-path…
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If you bought Home Depot's shares at IPO, you'd own a greater percent of the company today than you did 45 years ago.
Even with all the stock they issued to fund growth, they've now bought back enough stock to counteract it.
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Or for an even crazier chart, Home Depot vs. Apple... which IPO'd within 12 months of each other!
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h/t @APNavaratnam for the data! worldlypartners.com/business…
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Bring back beautiful annual reports.
From Home Depot's 1982 report (which was only 18 pages long!)
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Kudos to @HomeDepot for hosting every annual report they've ever produced on their site. Here's 1982: ir.homedepot.com/~/media/Fil…
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