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.

Update on JPM’s Valuation

JP Morgan reports earnings tomorrow (Friday, 4/13). I read the JPM shareholder letter and annual report earlier this week, and thought I’d share some brief notes on the valuation. Before that, I wanted to mention a couple quick general thoughts… I wrote about a couple...
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Return on Brain Damage

Hidden Figures is a great movie.  It's a great story about women, but also a story about math.  The continual discussion about the endless calculations (note: these calculations are basically done by hand) that go into sending people to the moon is amazing, truly...
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Google: Another Bargain in Plain Sight

It goes without saying that Google is one of the world's greatest companies. It provides a tool that has revolutionized the way that a large swath of the world's population conducts its work and it nearly instantly satisfies our insatiable thirst for knowledge and...
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Leadership and Off The Beaten Path Ideas

I want to write about two quick ideas.  I will keep them brief because I hear something slightly more interesting came out this past Saturday morning.  You can read that here. (Buffett Annual Letter) First, leadership matters.  It's difficult to quantify this idea,...
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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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