About John Sculley’s Decision To Fire Steve Jobs

Although John Sculley (thePepsi CEO that left the helm at Steve Jobs’ behest only to sack him later after disagreeing about the future of the company—Jobs wanted to focus on lowering the price and increasing the advertising of the Mac, and Sculley thought the Mac was structurally deficient due to already obsolete technology) did an interview way back in September with Forbes to discuss the most famous firing of our generation, I didn’t see it until today.

When finance writers bring up the Jobs/Sculley relationship and talk about Apple’s meteoric success as an investment, there are two things that they usually miss.

First off, they usually ignore the fact that John Sculley utterly … Read the rest of this article!

Long-Term Investing Is Your Edge

When McDonald’s stock was trading in the $90s during 2014 and 2015, I was incredibly struck by the obviousness of the high risk-adjusted returns that would await investors from that price point. While I did not specifically know that each $90 share would go on to produce $106 in capital gains and $18 in dividends over the coming 4-5 years, I could identify the vast real-estate holdings on the company’s books, the immense cost-advantage inherent in controlling one-fifth of the United States chicken market, and an absurdly high marketing budget and entrenched cultural advantage as the cheap go-to fast food source that functioned as an additional competitive advantage. With a P/E ratio that … Read the rest of this article!