Investment Journal

Atlassian: High Growth at a High Price

Buffett: “The best buys have been when the numbers almost tell you not to.  Because then you feel so strongly about the product.” This quote perfectly encapsulates the tug of war between quantitative and qualitative analysis.  The numbers are the quantitative side...

Does Management Matter?

I wrote a post on the free blog about return on capital, and cited some of Buffett’s language from the 2007 letter, which does a great job at explaining the importance of owning a business that can produce high returns on capital. In that letter, Buffett also...

Trupanion: Does Fido Need Insurance?

Trupanion is a company that I would typically rule out fairly quickly.  However, after multiple people have indicated to me that I should take a look, I sat down to read both sides of the story.  In this case, there is a strong short argument to counterbalance the...

Comparing J.P. Morgan and Wells Fargo

I wrote a post last week with some thoughts on Wells Fargo. This is a follow up post with some thoughts on both Wells Fargo and J.P. Morgan. Both banks came out with earnings on Friday morning. Coincidentally, I think both banks look very similar these days (at least...

Some Thoughts on Wells Fargo

Note: I had this piece already written and just about ready to publish this evening when the news broke that John Stumpf, Wells Fargo’s CEO, has announced his resignation. I decided I might as well post these thoughts, but keep in mind that this was written earlier...