Investment Journal
The Sova Group Annual Letter
This is an excerpt from my “2016” letter. It will be done before I write the 2017 letter. The Bible has 783,137 words vs. the Ten Commandments, which come in at a mere 297 words. I would probably be better off trying to live the 297 words instead of trying to...
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...
New York REIT: A Special Situation or an Time Opportunity Cost?
Matt has recently talked about the dubious value of looking at lots of special situations. I whole-heartedly agree, and my research I’ve done on New York REIT (NYRT) confirms why I think he’s right: the best investments are usually the great operating businesses that...
Infected, Albeit Briefly, with Special Situationitis
Accretive Health (recently changed its name to R1, stock symbol ACHI) is a revenue cycle management company that was de-listed from the stock exchange a few years back and is preparing to come back to the NASDAQ and play with the grown-ups again. I had originally...
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...