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.

The FAA Inspector as an Investor

Imagine you are an airplane inspector for the FAA.  You job is to certify the flight-worthiness of a plane. You check the planes annually and certify that they are flight-worthy until the next inspection.  This particular day you happen to be flying in the plane you...
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Buffett’s Information Advantage: Then vs. Now

When Buffett first started out, he had a true information advantage.  Other investors just didn't know that Sanborn Map had an investment portfolio worth more than the entire market valuation of the company.  This was an incredible opportunity and he took advantage of...
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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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