An Update on Our Investments in Building Products Companies

Armstrong shares fell in 2018 but the company is performing in line with our expectations. Prospects have improved in a few important ways since we first invested three years ago.

My Investment Thesis on TripAdvisor

One- and two-sided network effects and a globally trusted, top-of-funnel, brand strongly position TripAdvisor to take an outsized share of the growing global online travel market.

An Update on Our Investments in Airlines

If good investment ideas are said to be found in the gap between perception and reality, the airline industry has several candidates for the hall of fame.

My Investment Thesis on ITE Group

ITE is involved in one business activity: it organises exhibitions and conferences. Management is targeting (and is over-executing) high single digit revenue growth.

Discovery Holdings: A Two-Year Research Project Culminating in a New Investment

Investors often talk about Kahneman and Cialdini in their processes; Discovery is actually using those principles to change behaviour.

Multiple Fears Converge

If an investor were convinced that a recession was approaching and he or she had to own stocks, utilities and consumer staple names have traditionally been considered safe havens (rightly or wrongly).

Update on Our Investments in Community Banks

I remain optimistic on OceanFirst’s prospects, as well as the opportunities in the sector overall.

What Are the Odds? Superstocks, Fat Tails, and Rule Number One

From AT&T and McDonald’s in their heydays to the FAANGs today, superstocks have always captured headlines and investors’ imagination.

My Investment Thesis on GYM Group

Gym Group enjoys a cost advantage facilitated by superior asset utilisation and a long runway for value accretive asset growth.

My Investment Thesis on Amerco

Amerco ticks all the boxes of a reinvestment moat, stewarded by excellent long-term business owners and capital allocators, and trading at a modest multiple of normal earnings power.

Highlights from Best Ideas 2019

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.

Burford Capital: Leader in Nascent Litigation Financing Asset Class

Artem Fokin of Caro-Kann Capital presented his in-depth investment thesis on Burford Capital (UK: BUR) at Best Ideas 2019.

Viper Energy: Royalty Company Growing via CF-Accretive Deals

James Davolos of Horizon Kinetics presented his in-depth investment thesis on Viper Energy Partners (US: VNOM) at Best Ideas 2019.

ITE: Founder-Led Exhibitions Organizer at High-Teens FCF Yield

Mark Walker of Tollymore Investment Partners presented his in-depth investment thesis on ITE Group (UK: ITE) at Best Ideas 2019.

PayPal and Roku: Improving Unit Economics in Large Markets

Elliot Turner of RGA Investment Advisors presented his theses on PayPal (US: PYPL) and Roku (US: ROKU) at Best Ideas 2019.

Long-Term Value Investing and Current Market Opportunities

Glenn Surowiec of GDS Investments reflected on long-term investing and current opportunities at Best Ideas 2019.

Case Studies of Companies That Do Capital Allocation Right

Phil Ordway of Anabatic Investment Partners discussed companies that “do capital allocation right” at Best Ideas 2019.

GTT: Mispriced, High-Return, Cash-Generative Growth Compounder

Zack Buckley of Buckley Capital Partners presented his in-depth investment thesis on GTT Communications (US: GTT) at Best Ideas 2019.

Three NCAV Bargains: Passat, Nichiwa Sangyo, Sanko

Juan Matienzo of Mercor Investment Group presented his theses on Passat (France: PSAT), Nichiwa Sangyo (Japan: 2055), and Sanko (Japan: 6964) at Best Ideas 2019.

Thor Industries: Dominant Global RV Player at Discount to Tangible Book

Brian Hennessey of Alpine Woods Capital presented his in-depth investment thesis on Thor Industries (US: THO) at Best Ideas 2019.

Franklin Covey and School Specialty: Two Misunderstood Micro-Caps

Patrick Retzer of Retzer Capital presented his theses on Franklin Covey (US: FC) and School Specialty (US: SCOO) at Best Ideas 2019.

Intelligent Systems: Owner-Operated Card Issuer Processing Software Firm

Avram Fisher of Long Cast Investment Advisors presented his in-depth investment thesis on Intelligent Systems (US: INS) at Best Ideas 2019.

Shanghai Int’l Airport: Munger’s Way of Investing in China’s Growth

Sid Choraria of Amiral Gestion presented his in-depth investment thesis on Shanghai International Airport Co. (China: 600009) at Best Ideas 2019.

Carmax: FCF-Rich Used Car Retailer with Friendly Capital Allocation

John Heldman and David Hutchison of Triad Investment Management presented their thesis on Carmax (US: KMX) at Best Ideas 2019.

Maui Land & Pineapple: Hawaii Land Owner with Development Catalyst

Michael Melby of Gate City Capital presented his in-depth investment thesis on Maui Land & Pineapple (US: MLP) at Best Ideas 2019.

Brown-Forman: Entrenched Business, Driven by Jack Daniel’s Brand

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Brown-Forman (US: BF.B) at Best Ideas 2019.

Tidewater: Leading Owner and Operator of Offshore Supply Vessels

Bob Robotti of Robotti & Company presented his in-depth investment thesis on Tidewater (US: TDW) at Best Ideas 2019.

Enzo Biochem: Debt-Free Company with Strategic/Litigation Optionality

Jim Roumell of Roumell Asset Management presented his in-depth investment thesis on Enzo Biochem (US: ENZ) at Best Ideas 2019.

Semler: Medical Diagnostics Testing Firm with Growth Trajectory

Niraj Gupta of GCI Partners presented his in-depth investment thesis on Semler Scientific (US: SMLR) at Best Ideas 2019.

Arcelik: Turkey’s Household Appliances Leader at Depressed Valuation

Mesut Ellialtioglu of Talas Turkey Value Fund presented his in-depth investment thesis on Arcelik (Turkey: ARCLK) at Best Ideas 2019.