Scott Miller presented his in-depth investment thesis on Interactive Brokers (Nasdaq: IBKR) at Wide-Moat Investing Summit 2016.
Interactive Brokers offers an opportunity to invest alongside an owner-operator who has built the largest online brokerage firm in the U.S. The company emphasizes automation and removing cost and friction from the business. Because of the software Interactive Brokers has built, the firm is able to offer the best service at the lowest price and yet have the highest margin. The company passes much of the savings on to customers to drive a growth rate that is higher than that of peers at a fraction of the cost. There is a long runway for growth and secular tailwinds as well. The shares are not cheap by traditional metrics. However, the company is over-capitalized and under-earning. A great product, a strong team, a growing market, with a fortress like balance sheet.
About the instructor:
Scott Miller is the Founder of Greenhaven Road Capital, a boutique investment partnership that seeks out off the beaten path investments, modeled after the early Buffett partnerships. The firm is built on the belief that a focused investment manager can outperform an index by limiting fund capacity and by concentrating exposure on a few great ideas over a long time horizon. Experience as an owner-operator of businesses influence Greenhaven’s approach towards partially-owning companies rather than merely picking stocks. Prior to founding Greenhaven Road, Scott co-founded Acelero Learning, serving in a variety of roles over a decade from CFO to CTO, to Chief Strategy Officer to his current role of Board Member. Acelero Learning has grown from three people in an office “cube” in New York City to 1,100 employees serving 5,000 children across four states. Additionally, Scott managed a manufacturing business, with responsibility for hiring, firing, planning inventory, negotiating with suppliers and acquiring customers at a reasonable cost. Scott holds an MBA and a Masters in Education from Stanford University.
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