Ideas

Research on the high-quality companies that are on our watchlist as well as actionable ideas as they develop.

Investment Journal

A database filled with our day-to-day notes on the investment ideas that we are currently working on.

Education

An expansive library of learning materials involving investment theory, case studies and a Buffett Letters series.

Watchlists

A look at our watchlists including our favorite businesses as well as special situations that we track.

Dust Bin Watch List

I have a Dust Bin watchlist.  It’s a hodgepodge of companies I have looked at and passed on for one reason or the other.  Mainly, I didn’t like the business model, the people running it or the competitive environment.  I maintain it because I want to see where I am...
Read More

Some Notes on AutoNation and the Car Dealerships

My wife continues to give me grief over the extremely mundane nature of my post titles. Meanwhile, Matt continues to avoid helping me improve (his titles are much more creative). I continue to find the titles adequately descriptive. So, as you know from the title, I...
Read More

Swiper no Swiping (Dora Fans Unite)

Value investors make lots of mistakes.  I have made lots of these specific “value investor” mistakes, sometimes the same mistakes multiple times.  Hopefully, knowing where we (I) often go wrong will help us not make those mistakes in the future.   “Unfortunately we...
Read More

Under Armour: How Strong is the Brand?

This post will highlight a potential investment idea, but it also is more of an investment journal post that contains some brief thoughts/comments on the company I’ll discuss below. Earlier this year, I did something I don’t normally do and took a small position in a...
Read More

The Sova Group Annual Letter

This is an excerpt from my “2016” letter. It will be done before I write the 2017 letter.   The Bible has 783,137 words vs. the Ten Commandments, which come in at a mere 297 words.  I would probably be better off trying to live the 297 words instead of trying to...
Read More

Taking on Kong (and His Brother)

“The stock market is a device for transferring money from the impatient to the patient.”  Buffett Doing research on a company that appears to be vastly more expensive than you would pay for it and then waiting might be one of the hardest things in investing.  Both...
Read More

New York REIT: A Special Situation or an Time Opportunity Cost?

Matt has recently talked about the dubious value of looking at lots of special situations. I whole-heartedly agree, and my research I’ve done on New York REIT (NYRT) confirms why I think he’s right: the best investments are usually the great operating businesses that...
Read More

Infected, Albeit Briefly, with Special Situationitis

Accretive Health (recently changed its name to R1, stock symbol ACHI) is a revenue cycle management company that was de-listed from the stock exchange a few years back and is preparing to come back to the NASDAQ and play with the grown-ups again. I had originally...
Read More

Special Situationitis

There is a disease in the value investing community.  It can be deadly to your investment returns.  We have identified Patient Zero, however, there is no known vaccine and given the recent crackdown on pharmaceutical prices, we do not think a suitable one will be...
Read More

O’Reilly and the Retail Auto Parts Business

This post is just an outline on why I like the business, and why it’s on our watchlist. Here are some things to like about O’Reilly: High returns on capital Durable, recession-proof business Steady and predictable free cash flow Big lead in commercial (“DIFM”)...
Read More