Masimo: Doing Well by Doing Good

Over the twenty-year period [ending in 2016], the U.S. healthcare sector outperformed the S&P 500 Index by nearly two percentage points per year, on average.

GCI Liberty: Advantaged Business, Controlled by Skilled Allocator

This investment fits the theme of buying advantaged businesses, under the control of a skilled allocator, bought with a margin of safety (due to “double discount” to Charter in this case).

Update on Key Holdings of Brennan Asset Management

We had several company specific developments during the [third] quarter, and therefore we’ll dive right in… while PG&E keeps the lights on.

Long-Term and Cold-Minded Thinking Behind Some Investments in Greece

The risks were huge, and building a “Greek basket” would not have yielded great results. However, we knew a great refiner was listed in Greece, and that’s how our trip began.

Ensemble Capital’s Investment Thesis Update on Tiffany & Co.

Direct-to-consumer startups leverage social media to take on incumbents. It’s difficult to start and scale high-end jewelry, as the product doesn’t outwardly advertise the brand.

Alliance Data Systems: Defensible Core, Rapidly Winning New Business

The business continues to be very profitable, generating $1.3bn in FCF, a 20% yield, and it trades at a P/E ratio of only 6.5x.

Why Brand Stewardship Matters

What’s brand stewardship? Broadly speaking, it’s maintaining and increasing the relevance of the brand over time. Relevance is different from recognition. Xerox, Kodak, and Nokia remain recognizable brands…

The Concept of Traps, Updates on Mastercard and Tiffany

We’ve identified three traps we want to avoid. First, the commoditization trap. The second trap is a stewardship trap. The final trap is the complexity trap.

Kambi: The Picks-and-Shovels of the Sports Betting Industry

Kambi boasts many of the qualities we often espouse in our commentaries: the people operating the business own meaningful equity, have a history of innovating…

How I Assess Public Companies for Investment Purposes

I look for great companies that have the power to endure, with long runways to grow by reinvesting cash flows at high rates of return, run by talented and aligned operators.

Intelligent Cloning: Evaluating Allison Transmission

This quarterly member publication is authored by MOI Global contributor and Zurich Project participant Peter Coenen, a value investor based in the Netherlands.

Japan and Lapland

This summer, I had an opportunity to visit two places the names of which almost rhyme: Japan and Lapland. Wherever I travel, I always look at the world in part through my investing eyes. It is an aspect of my job conditioning.

The Third-Generation Curse: Impatience vs. Patrimony-Building

There is a famous proverb in the US: “From shirtsleeves to shirtsleeves in three generations.” Interestingly, many diverse nations have an equivalent saying.

Tennis and Speculation — How to Survive a Loser’s Game

Munger attributes a good portion of Berkshire’s success to avoiding basic errors in order to prevent losing money needlessly, as their goal is to have the best long-term return possible.

Don’t You Believe Them

Country allocation should not be about countries. It should be about finding pots of value around the globe, and focused managers able to extract them.

European Banking — A Quiz of Sorts

Let us start with a short quiz. I list the financial characteristics of five banks. I then ask you to match them with their market valuation metrics.

Diagram of Ensemble’s Investment Philosophy

Before we invest, we must believe that three key factors – management, moat, and forecastability (which informs our valuation) – are present. These factors are of equal importance.

Investment Mistakes: Scratch or Scar?

Scratches are not only for children but also for investors. We have suffered our particular scratch with Prosegur Cash. This company, dedicated to cash logistics and cash management, fell 20% in just two days, and you may wonder why.

Position Sizing: Why Conviction Matters

Investors talk incessantly about what investment they think is a good buy. But rarely do they discuss how much of any given investment to buy. This second question is vitally important.

Search Engine Optimization: An Enduring Competitive Advantage?

This article is authored by MOI Global instructor Paolo Cipriani, a private investor, based in Tuscany, Italy. In the era of the…

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…

Investing in an Environment of Negative Bond Yields

Companies with large debt are the most vulnerable during periods of economic stress. This will hold true when the upside-down world of negative interest rates corrects itself.

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.

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.

“Outrageous” Profit Margins

I find myself annoyed buying beer at a baseball game. Since I’m free to buy or not buy a beer, you would think that if I buy one then I must find the price reasonable.