Investment Journal
CMG Update
CMG reported their most recent quarterly earnings a few weeks ago. I wanted to update my last post on CMG with some additional thoughts regarding their numbers. CMG's operating history shows one of two things. Either CMG has created a superior model in what has...
Malls and Retail Stocks: Be Mindful of Where the Puck is Going
I’m busy looking at a number of investment ideas, and while the general market trades at new highs almost daily, I expect to be able to locate value. A couple weeks ago I referenced a quote Buffett made about how he could run the top five companies (Apple, Google,...
Redfin: Technology Company or Something Else
Redfin describes itself as a "technology-powered residential real estate brokerage." From filings and transcripts: This ability to deliver better service at a lower fee is the fundamental source of our long-term competitive advantage and that advantage comes from...
Running the Five Largest Firms “With No Equity Capital”?
"I believe that probably the five largest American companies by market cap...they have a market value of over two-and-a-half trillion dollars...and if you take those five companies, essentially you could run them with no equity capital at all. None." - Warren...
Simple Businesses: Flooring Edition
In the near future, I would like to discuss my (and partially John's) approach to filtering by using the S&P 500. One company I was researching as I was thinking about my filters was Floor and Decor (although it isn't in the S&P 500). As a short introduction...
Seeking the Next Great Multi-Bagger
I recently was reviewing some notes I wrote while watching a presentation that Mohnish Pabrai gave, and I thought I’d share those notes here since I think the general concept underpinning his talk is worth thinking about. I am in the midst of going through all 3500...