Mauboussin on Operating Leverage is a review on margins and operating leverage. I recommend reading pages 19 to 21 in addition to my prior post: ROIC and more
Berkshire CS_wedgewood partners 1st quarter 2016 client letter
geico case study and presentation 2016
Do not focus on forecasts but learn from history and economics about gold: In_Gold_we_Trust_2016-Extended_Version
In_Gold_we_Trust_2015-Extended_Version (Referenced in 2016 Ed. Why miners struggled to gain investor respect.)
A lesson in trading
A lesson in valuation
It is never different this time
Happy Fourth of July Holiday.
I will answer the option questions upon return.