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.

Updated Thoughts on JPM’s Valuation

JPM announced earnings on Friday. I thought I’d review some brief thoughts, since it’s a stock I’ve discussed previously (along with the other banks as well). I don’t really care to go over the details of the earnings report, as I tend to think about the business from...
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Librarians and Auto Parts Retailers

John wrote about O'Reilly (ORLY) a few months back and I just wanted to write down my thoughts from a more general and less financial perspective.  Primarily, I would like to use my thoughts on ORLY to highlight a key skill all investors should keep in mind. "If past...
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A Special Type of Kiwi

The difference between an amateur photographer and a professional is that you only see the best images of the later, but the former displays a lot of not so flawless images on his path to understanding what he needs to do better.  John and I wanted to create this...
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JD.com’s Competitive Advantages

Note: I typically take one post each month or two from this site to publish on my free site. In other words, the free site will see one post for every 10-15 posts that get published here. I may decide to eventually publish this post to the free blog.  A few weeks ago...
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China Preview and Some Thoughts on Moats

Over the past year, I've been steadily doing a lot of reading about China in general, and a few companies there specifically. China is a fascinating country to read about, with some real issues looming on one hand but some real long-term tailwinds on the other. Chanos...
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The Inevitables

Value investors tend to shy away from technology companies.  There are typically two primary reasons for this.  First, technology can sometimes be difficult to understand.  For example, Nvidia is a technology company that designs graphic processing units.  These units...
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Creativity and Value Investing

One foot hurdles are the best investments.  John texted me Thursday night asking which team I thought I would win the NBA Finals. Since I am on mountain standard time, my kids don’t usually go to bed until these games are almost over.  I replied to his text as my kids...
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Taro Update

There is no sugar-coating Taro’s latest results.  They weren’t great.  Here are a few thoughts, some specific to Taro and some general. The first mistake people make when fooling themselves (remembering of course, that you are the easiest person to fool) is not to...
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Foot Locker: The Outlook Five Years Hence

"But before he left, he taught me two things. Never, ever invest in the present. It doesn't matter what a company is earning, or what they have earned. He taught me that you have to visualize the situation 18 months from now."                                          ...
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To Sell or Not To Sell?

This will be a somewhat meandering post on some notes of mine regarding the concept of selling, as well as some brief comments on AutoNation and Verisign (the latter is a current holding). I’ve talked about stocks in category 1 vs category 2. What do I mean by this?...
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