I have never stood in my kitchen, opened an empty refrigerator, and thought, “What this evening needs is a careful analysis of unit economics.” I have, however, ordered a pizza. That distinction explains a surprising amount about Domino’s. Domino’s Pizza is not selling culinary transcendence. Nobody opens the box and expects a tiny violinist to appear beside an artisanal basil leaf. The company sells something more dependable: familiarity, convenience, speed, and the comforting knowledge that dinner can arrive without anyone in the house demonstrating competence. That may sound simple, but simplicity at scale is a serious business advantage. Domino’s has built a global system of more than 22,500 stores across over 90 markets. Independent franchisees operate approximately 99% of those locations. During the twelve months ending June 14, 2026, the system generated more than $20.6 billion in global retail sales. Yet as of August 19, 2026, Domino’s stock traded around $336 per share, with a...
When I first started paying serious attention to Microsoft as an investment, I still thought of it as the company behind Windows, Word, Excel, and the little Teams notification sound that somehow creates anxiety before I have even read the message. That version of Microsoft still exists, of course. Windows remains deeply embedded in personal and corporate computing. Microsoft 365 remains one of the most powerful collections of productivity software ever assembled. Millions of employees continue to spend their days inside Outlook, Excel, Teams, PowerPoint, and Word, occasionally pretending they did not see the meeting invitation that arrived five minutes before lunch. But when I look at Microsoft as an investor today, I do not begin with Windows. I begin with Azure. Azure is Microsoft’s cloud-computing platform, but that definition does not fully convey what it has become. Calling Azure a cloud platform is a little like calling an airport a collection of runways. Technically correct, bu...