Why SVN Capital Decided to Invest in A.O. Smith
In Q1 2019 I started building a position in AOS, a 144-year old company that manufactures and sells water heating and treating appliances.
Why Greenhaven Road Capital Decided to Invest in Nintendo
Nintendo has been a “feast or famine” company that has seen its fortunes rise and fall depending on the release cycle and reception of gaming platform consoles and the attached games.
GoDaddy: Scale Player in a Fragmented Industry
GoDaddy has multiple levers to drive material upside in coming years including accretive M&A, rising ARPU and continued bookings growth.
Why We Sold This Controversial Stock
Trupanion is a good business and could very well make us look dumb for selling it. We lost faith, however, in the company’s ability to reach Rule Maker status…
Why Joining the SharpSpring Board of Directors Makes Sense
Joining the board would restrict our ability to sell shares to specified windows of time, but given our projected multi-year holding period, I think it is an acceptable risk.
Our In-Depth Thesis on Markel Corp.
Markel’s long-term record is excellent, having grown book value per share by 15.3% per annum since 1995. On a look-through earnings basis and an adjusted balance sheet basis we estimate intrinsic value at $1,222-1,335 per share.
The Coming Bull Market in Value Investing
The bubble in growth stocks, fed by cheap money, is coming to an end. In this environment, GDS Investments will maintain its steady course of value investing.
Value Investing Amid Low and Incomprehensibly Low Interest Rates
Even two years ago, we could not have imagined the day when Altice, the true “high yield” borrower if there ever was one, would sport negative yields on certain short-term debt.
Reviewing Our Theses on Disney, Charter, Comcast, RBI, F1, and Fox
This article by Francisco Olivera is excerpted from a letter of Arevilo Capital Management, based in San Juan, Puerto Rico.
Update on Our Investments in U.S. Airlines
There is never a dull moment in the airline business, and H1 2019 was no exception. Gyrating oil prices, fierce competition, swirling macro conditions, and the Boeing 737 MAX tragedy…
Perspectives on Selected Holdings of the Ensemble Fund
It is amazing to think that just two quarters ago our letter focused on why the market was already discounting a mild recession and it made sense to stay long US equities.
Update on Our Investments in Building Products Companies
The core elements of AWI’s business – its dominant competitive position, high margins, and FCF generation – were in place and apparent in 2015 when we initiated our investment…
Ensemble Capital’s Updated Investment Thesis on Alphabet
Our primary focus is whether Google’s profits are a function of illegal or anti-competitive behavior and if so, how any remedy to stop these behaviors would change future profits.
Nietzsche’s Wheel and Draper’s Carousel
Scott Reardon applies lessons from philosophy to investing. Growth has outperformed recently but value is the likely winner over the long term. Some things just don’t change.
Highlights from Wide-Moat Investing Summit 2019
The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.
Enphase Energy: A Data Ecosystem to Manage Residential Solar Energy
Michael Huber presents Enphase – a premium provider of microinverters for the residential solar market.
From Momentum to Value Investing: The Journey of Christopher Tsai
Unlike a lot of value investors, I initially assume the market is onto something rather than assume something is overvalued.
Pigeon, Netease, Moutai: Three Wide-Moat Companies in Asia
Sid Choraria of Amiral Gestion presented his investment theses on three wide-moat ideas in Asia at Wide-Moat Investing Summit 2019.
Grubhub: Real-Time Case Study of the Post-Hype Sleeper Setup
Elliot Turner of RGA Investment Advisors presented an in-depth investment thesis at Wide-Moat Investing Summit 2019.
Zillow: Founder-Led Online Leader Pursuing Large TAM Opportunity
Felix Narhi of PenderFund Capital Management presented his in-depth investment thesis on Zillow at Wide-Moat Investing Summit 2019.
Adecoagro: Low-Cost Agri Company with Synergistic Ecosystem
Chris Karlin of Aquitania Capital Management presented an in-depth investment thesis at Wide-Moat Investing Summit 2019.
Humansoft: Kuwait-Based Education Leader and Steady Grower
Akhilesh Baveja of Arqaam Capital presented his in-depth thesis on Humansoft (Kuwait: HUMN) at Wide-Moat Investing Summit 2019.
Mohawk Industries: Flooring Leader with Best-in-Class Management
Kapish Bhutani of Nugent Capital Management presented his in-depth thesis on Mohawk Industries (US: MHK) at Wide-Moat Investing Summit 2019.
Credit Suisse, Intesa: European Banks at Attractive Valuations
Francesco Castelli of Banor Capital presented his theses on Credit Suisse (Switzerland: CSGN) and Intesa (Italy: ISP) at Wide-Moat Investing Summit 2019.
Kakaku.com: Well-Managed Website Operator in Japan
Rob Forker of Polen Capital Management presented his in-depth thesis on Kakaku.com (Japan: 2371) at Wide-Moat Investing Summit 2019.
Take-Two: Moaty Video Game Publisher with Excellent Management
Hunter Hayes of Intrepid Capital Management presented his in-depth thesis on Take-Two Interactive Software (US: TTWO) at Wide-Moat Investing Summit 2019.
Tinkoff Bank: Online Banking Leader Based in Russia
Scott Reardon of Dakon Capital presented his in-depth thesis on Tinkoff Bank (UK: TCS) at Wide-Moat Investing Summit 2019.
KKR: Lowly Valued Buyout Pioneer with Rock-Solid Balance Sheet
Yaron Naymark of 1 Main Capital presented his in-depth investment thesis on KKR (US: KKR) at Wide-Moat Investing Summit 2019.
Technogym: Owner-Operated, Growing Gym Equipment Maker
Luis García Alvarez of MAPFRE AM presented an in-depth investment thesis at Wide-Moat Investing Summit 2019.
Facebook: Increasing Role of Commerce Across All Platforms
Niraj Gupta of GCI Partners presented his in-depth investment thesis on Facebook (US: FB) at Wide-Moat Investing Summit 2019.