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.

Seeking the Next Great Multi-Bagger

I recently was reviewing some notes I wrote while watching a presentation that Mohnish Pabrai gave, and I thought I’d share those notes here since I think the general concept underpinning his talk is worth thinking about. I am in the midst of going through all 3500...
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The Importance of Patience; and Building a Great Company List

I thought I’d share a few brief comments on investment philosophy, as we begin the week. It’s a tough time finding value in the current market. When prices are generally high, I often take that as an opportunity to read about other companies and work on expanding my...
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Why Apple Isn’t Blackberry

Apple reported earnings a few weeks ago, and as I usually do, I jot down some notes in a file each quarter on the companies I follow. I was reviewing my Apple journal and came across some notes I wrote a while back on Blackberry. This post would have probably been...
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A Bargain Small-Cap in the UK

Vertu Motors (ticker is VTU in London) is one of the cheapest stocks I’ve seen in a while. Vertu owns 124 car dealerships in the UK. I’ve been studying the US dealership owners over the last few months, and I’m still looking at the UK market, but I thought I’d share...
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Long Lines,  Big Burrito,  Full Belly.  Chipotle. 

The beauty of Chipotle is the simplicity of the restaurant.  Let's not complicate our analysis with anything more than a back of envelope sketching of its valuation. At roughly 2,350 locations, Chipotle is on track to do an average of $1.95m per location or...
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One of the World’s Widest Moats

Tencent has one of the widest moats in the world. With its incredibly valuable WeChat platform, it is poised to continue to dominate China's commerce and mobile advertising markets.
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Biases and Movie Theaters

This post is too long.  I will highlight a few things at the top as a sort of summary: Owner's Earnings is the best number to focus on when valuing a business. We often use shortcuts that are horrible measures of value (comparable valuation, Bull Shit Earnings...
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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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