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			<guid><![CDATA[https://josephnoko.com/the-commoditization-of-education-resources-threatens-mcgraw-hill/]]></guid>
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			<title>McGraw Hill &amp; the Commoditization of Education Resources</title>
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			<title>Flowco Holdings And The Illusion Of Value</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 12:34:43 +0000]]></pubDate>
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			<title>Aspen: Navigating Profit In A Hardening Insurance Market</title>
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			<title>Ringkjøbing Landbobank: Priced for Decline, Built for Compounding</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 12:34:42 +0000]]></pubDate>
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			<guid><![CDATA[https://josephnoko.com/apex-mining-and-the-second-gilded-age/]]></guid>
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			<title>Apex Mining and The Second Gilded Age</title>
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			<title>Genomic Ambitions, Financial Realities: A Sell Thesis on Caris Life Sciences</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 12:31:33 +0000]]></pubDate>
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			<guid><![CDATA[https://josephnoko.com/october-accolades-6-ranked-analyst-by-sumzero/]]></guid>
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			<title>October Commendations: Placed Sixth Among Analysts on SumZero</title>
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			<title>Golden Discipline: Investing in the New Era of Profitable Mining</title>
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			<title>Greatland Resources: A Metamorphosis into a Leading Australian Gold Producer</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 12:30:39 +0000]]></pubDate>
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			<title>Regimes of Uncertainty</title>
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			<title>The Nature of Risk</title>
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			<title>Uncertainty, Information and Digital Firms: a Framework for Understanding Meta Platforms and its Peers</title>
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			<title>Operating, Variable and Not-Yet Commenced Leases, and their NOPAT and Invested Capital Adjustments</title>
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			<title>Asset Write-Downs, a NOPAT Adjustment</title>
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			<title>Income and Loss from Discontinued Operations, a NOPAT Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:46 +0000]]></pubDate>
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			<title>Employee Stock Option Costs and Goodwill Amortisation, a NOPAT Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:46 +0000]]></pubDate>
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			<title>Reported Net Non-Operating Charges and Gains, a NOPAT Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:02 +0000]]></pubDate>
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			<title>Foreign Currency Exchange Losses and Gains, a NOPAT Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:02 +0000]]></pubDate>
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			<title>Non-Operating Taxes, a NOPAT Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:02 +0000]]></pubDate>
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			<title>Off-Balance Sheet Reserves, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:02 +0000]]></pubDate>
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			<title>Discontinued Operations, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:02 +0000]]></pubDate>
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			<guid><![CDATA[https://josephnoko.com/accumulated-other-comprehensive-income-oci-an-invested-capital-adjustment/]]></guid>
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			<title>Accumulated Other Comprehensive Income (OCI), an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<link><![CDATA[https://josephnoko.com/asset-write-downs-an-invested-capital-adjustment/]]></link>
			<title>Asset Write-Downs, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Deferred Tax Assets and Liabilities, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Overfunded Pension Plan Assets, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Excess Cash, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Accumulated Goodwill Amortisation and Unrecorded Goodwill, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<guid><![CDATA[https://josephnoko.com/time-weighted-acquisitions-an-invested-capital-adjustment/]]></guid>
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			<title>Time-Weighted Acquisitions, an Invested Capital Adjustment</title>
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			<title>Non-Operating Unconsolidated Subsidiaries, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Deferred Compensation Assets, an Invested Capital Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Preferred Stock, a Valuation Adjustment</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:22:01 +0000]]></pubDate>
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			<title>Non-Controlling Interests, a Valuation Adjustment</title>
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			<title>Pension Net Funded Status, a Valuation Adjustment</title>
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			<title>Net Deferred Tax Assets and Liabilities, a Valuation Adjustment</title>
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			<title>Economic Book Value: An Estimate of a Stock’s Intrinsic Value</title>
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			<title>The Weighted Average Cost of Capital (WACC)</title>
			<pubDate><![CDATA[Sun, 30 Aug 2026 08:21:19 +0000]]></pubDate>
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			<title>Net Operating Profit After Tax (NOPAT)</title>
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			<title>Invested Capital</title>
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			<title>Free Cash Flow (FCF) and FCF Yield</title>
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			<title>Deferred Compensation Assets and Liabilities, a Valuation Adjustment</title>
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			<title>Excess Cash, a Valuation Adjustment</title>
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			<title>The Mirandolan</title>
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