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...

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...

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