Investment Journal

Some Initial Thoughts on Discovery Communications

I have just started reading about Discovery Communications (DISCA or DISCK). As I study their business model, I am reminded of something Buffett said in a great discussion at the University of Florida back in 1998: “If you’re right about the business, you’ll be right...

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...