by Matt Brice | Aug 8, 2017 | Investment Journal
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...
by Matt Brice | Jul 27, 2017 | Ideas, Investment Journal, Special Situations
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...
by Matt Brice | Jul 13, 2017 | Investment Journal, Investment Theory
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...
by Matt Brice | Jul 7, 2017 | Investment Journal, Special Situations
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...
by Matt Brice | Jun 7, 2017 | Investment Theory
Value investors tend to shy away from technology companies. There are typically two primary reasons for this. First, technology can sometimes be difficult to understand. For example, Nvidia is a technology company that designs graphic processing units. These units...
