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.

Wells Fargo’s Big Buyback

Last week, the Federal Reserve published the results of their annual Comprehensive Capital Analysis and Review (CCAR). The CCAR and its cousin, the Dodd-Frank Act stress tests, are a big portion of the regulatory framework that the Fed uses to supervise the big banks...

Wells Fargo: Unexciting Stock but Exciting Risk-Reward

I have spent a lot of time over the years discussing the large US banks. I've invested in them on a two different occasions over the past five years, and I think we are at a time where opportunity is knocking yet again. This time, I'm investing in Wells Fargo. I did a...

Google, Apple, and Saudi Arabia

Saudi Arabia, if it were a business, would be considered a cash cow. In fact, Saudi Aramco, the country’s oil company that was once a joint venture with one of Rockefeller’s Standard Oil descendants but was nationalized decades ago, is the most profitable business in...

Outsourced Thinking

I recently watched the series of pieces that CNBC put on during the 10-year anniversary of the credit crisis that occurred in the fall of 2008. It was interesting to listen to Buffett describe how he got a call from Lehman Brothers CEO Dick Fuld in the summer of 2008....

Fizzy Water

The story behind National Beverage is an easy one. I first wrote about National Beverage in 2016 (see here).  You can see financials below: 2016 2018 Growth Revenue 705 975 38.00% Operating Income 93 204 119.00% Margin 13.19% 20.1%   National Beverage is a simple...

2018 Buffett Letter Notes

Some notes on the letter and on his CNBC comments this morning: American Tailwind: If you didn't read the letter, I highly encourage you to read this section. I think it's so important to keep the big picture in mind. Too many people let recent events or political...

Apple Earnings Scratch Notes

Apple reported earnings yesterday. My main takeaways: 1.4 billion installed devices (continues to grow)900 million installed iPhones (up from 825 million a year ago, and this number grew in all five major geographic territories)Services business is very profitable:...

Boring Investment Ideas Can Sometimes Be Beautiful

Matt made a comment in a recent post regarding Verisign’s simplicity. Not just the simplicity with its business model (and it is one of the simplest businesses I’ve ever studied), but also the simplicity of the investment itself. In other words, owning Verisign is a...

Great Companies on Sale

Happy Holidays to all our BHI readers! I hope you are enjoying some family time this week. As I sat around my Christmas tree last night after all the presents were opened and the kids were in bed, I was jotting down a few quick thoughts I wanted to share. There are...

Facebook’s User Network and User Data

Facebook’s strengths rest in two very distinct areas: the user network and user data. If you want to determine whether Facebook is healthy, you need to ignore the headlines and focus on these two aspects. Is the user network still intact? Is the user data still...