Investment Journal

Taking on Kong (and His Brother)

“The stock market is a device for transferring money from the impatient to the patient.”  Buffett Doing research on a company that appears to be vastly more expensive than you would pay for it and then waiting might be one of the hardest things in investing.  Both...

O’Reilly and the Retail Auto Parts Business

This post is just an outline on why I like the business, and why it’s on our watchlist. Here are some things to like about O’Reilly: High returns on capital Durable, recession-proof business Steady and predictable free cash flow Big lead in commercial (“DIFM”)...

Sniffing out Special Situations: Bad Dog…..

We have a dog.  He sniffs a lot.  I don’t know what he is looking for.  He knows where his food is, why does he spend so much time sniffing?  Sometimes I feel like my dog, sniffing a lot when it is pretty obvious where the food is (great businesses at good prices in...

The Most Important Thing (In Retail Apparel)

Matt and I have talked about ways to improve this site and try to add more value for members. One of the things we’ve always talked about internally is publishing more “investment journal” type posts. While we have a category called investment journal, we haven’t...