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.

Scale Isn’t Always Good and WeWork’s Problem

I am writing my quarterly letter to Saber investors, and one of the sections references WeWork's IPO debacle. I wanted to share some rough notes I have in my investment journal from some ideas I've been forming lately about scale, and how it's not always a good thing....

Facebook’s Adaptability to Change

I wanted to share some quick thoughts on Facebook. Someone leaked the audio of a meeting at the company where Mark Zuckerberg took questions from various employees on a variety of matters. The Verge published the transcript of the Q&A, and the entire article is...

The Fear About Low Rates

It's common sense that if you are lending money to someone for a decade, you are naturally going to want a higher interest rate than if you lend to someone who promises to pay you back in a few months. However, on certain occasions a strange phenomenon occurs: lenders...

Wells Fargo’s Big Buyback

Last week, the Federal Reserve published the results of their annual Comprehensive Capital Analysis and Review (CCAR). The CCAR and its cousin, the Dodd-Frank Act stress tests, are a big portion of the regulatory framework that the Fed uses to supervise the big banks...

Wells Fargo: Unexciting Stock but Exciting Risk-Reward

I have spent a lot of time over the years discussing the large US banks. I've invested in them on a two different occasions over the past five years, and I think we are at a time where opportunity is knocking yet again. This time, I'm investing in Wells Fargo. I did a...

Google, Apple, and Saudi Arabia

Saudi Arabia, if it were a business, would be considered a cash cow. In fact, Saudi Aramco, the country’s oil company that was once a joint venture with one of Rockefeller’s Standard Oil descendants but was nationalized decades ago, is the most profitable business in...

Outsourced Thinking

I recently watched the series of pieces that CNBC put on during the 10-year anniversary of the credit crisis that occurred in the fall of 2008. It was interesting to listen to Buffett describe how he got a call from Lehman Brothers CEO Dick Fuld in the summer of 2008....

Fizzy Water

The story behind National Beverage is an easy one. I first wrote about National Beverage in 2016 (see here).  You can see financials below: 2016 2018 Growth Revenue 705 975 38.00% Operating Income 93 204 119.00% Margin 13.19% 20.1%   National Beverage is a simple...

2018 Buffett Letter Notes

Some notes on the letter and on his CNBC comments this morning: American Tailwind: If you didn't read the letter, I highly encourage you to read this section. I think it's so important to keep the big picture in mind. Too many people let recent events or political...

Apple Earnings Scratch Notes

Apple reported earnings yesterday. My main takeaways: 1.4 billion installed devices (continues to grow)900 million installed iPhones (up from 825 million a year ago, and this number grew in all five major geographic territories)Services business is very profitable:...