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...

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...

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...

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...

The Amazon and UPS of China

JD.com is a new investment for Saber Capital, and other than a few small special situations, it's the first core investment I've made since January. JD is one of the two dominant online retailers in China. Unlike Alibaba, it operates an Amazon-style business of owning...