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.

Widely-Followed Stocks and Apple Update

I feel like I've talked a lot in the past year or so about the idea that even well-known companies can get misplaced. One of the posts I wrote was about the concept of edge. Most people focus on trying to gain an information advantage, which I believe is the most...
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Facebook

Everything should be made as simple as possible, but not simpler.  Einstein How simple or complex should an investment thesis in Facebook be? John and I made an investment in Apple a little over two years ago.  It was the first time that I felt like I had departed...
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Thoughts on Cost of Capital – Part 2

This is a big week for earnings with a number of companies I follow reporting their year end numbers. I will write an update that will cover a couple of the current stocks in my portfolio, and I'm also working on a few new ideas that I will discuss in the coming weeks...
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Bitcoin, Psychology and Munger

If you have been under a "financial news" rock for the past few months, I thought I would welcome you with a story you are likely to have missed…Bitcoin, or more broadly Cryptocurrencies.  I generally read about things that I find interesting or at least relevant to...
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Buffett’s Blind Spot

I started re-reading Snowball over the holidays.  If you haven't read it, you should and if you haven't read it in a few years, 2018 might be a good time to pick it up again.  I joke with John that reading Snowball annually is similar to a Christian re-reading the...
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A Few More Thoughts on JD and the VIE Structure

Happy New Year! In my last post, I outlined why I decided to invest in JD.com. I received a couple questions from readers about the structure of this company, and its use of what is called variable interest entities (VIE's). Chinese laws restrict foreign investors...
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The Amazon and UPS of China

JD.com is a new investment for Saber Capital, and other than a few small special situations, it's the first core investment I've made since January. JD is one of the two dominant online retailers in China. Unlike Alibaba, it operates an Amazon-style business of owning...
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The Intangible Qualities That Create Strong Moats

I watched a video with one of the very early employees at Tencent. It’s a great video, and David Wallerstein gives some examples that illustrate just how focused Tencent is on the user, their customers. He goes into the history of Tencent, with some great background...
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Two Earnings Updates and Portfolio Commentary

I thought I'd update members on a couple stocks that could use an update. First, the good news: I'm not one for putting much weight on any particular quarter, but Tencent is doing incredibly well, and there latest numbers were pretty amazing. When you zoom out, and...
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CMG Update

CMG reported their most recent quarterly earnings a few weeks ago.  I wanted to update my last post on CMG with some additional thoughts regarding their numbers. CMG's operating history shows one of two things.  Either CMG has created a superior model in what has...
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