Despite conferences on climate change, billions spent on research, glossy brochures, and public awareness, we haven’t made notable progress reducing CO2 emissions from fossil fuels.
The company is guiding for 20% revenue growth and 13+% take-rates, while maintaining roughly one-third of the market cap in net cash.
RAM’s thesis has been anchored in the GovDeals business, the largest online liquidation marketplace for municipalities in North America.
As I continuously switch from skiing to stocks and back again, I keep thinking about what cross-country skiing and investing in stocks have in common. There is actually quite a lot.
Of all the value investors, Warren Buffett, Charlie Munger and Li Lu are the ones we admire the most because we think they represent the highest level of value investing. Why?
Do we deserve what we are seeking? Howard Marks said it best, “To get superior returns, one needs to be different and be right.”
Rosetta’s business model has transformed to a 100% SaaS-based company with 5+ million paid subscribers and projected to grow by 700,000 to 1 million new subscribers per year.
Investing includes aspects such as scouting for ideas, screening them, research (including scuttlebutt), valuation, portfolio allocation, and efficient execution of trades.
We are still in the process of selling some of our portfolio companies and replacing them with new-found undervalued companies.
The company is in front of a sustained period of industry growth and, as such, will do well as a going-concern and, at the same time, remain a likely acquisition target.
I recently attended a meeting hosted by one of our largest holdings, and afterward the CEO asked for my thoughts.
India had its mini-Lehman crisis when one of its infrastructure behemoths, IL&FS, defaulted on loans in early September 2018.
After last year’s market decline, the environment has turned in favor of value investors, as indiscriminate selling provides opportunity.
At $9.60 per share, we paid 0.5x EV/Revenue, 3.7x EV/EBITDA, and a P/E of 6.2x (all are based on 2019 estimates). ZAGG should generate a ~20% FCF yield.
Ambac reached two milestones by removing the segregated account from habilitation and exchanging its outstanding auction-market preferred shares for surplus notes.
TRUP is a founder-led, simple one-product-one-geography business with single-minded focus on a niche service. TRUP has a superior value proposition.
The company has won settlements/royalty payments of $100 million ($67 million net) over the past several years, highlighting its rich IP assets.
Ideaweek St. Moritz 2019 easily holds up as one of the most intellectually invigorating experiences of my life.
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.
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.
While most investors pursue “great companies,” we look for deeply mispriced securities. We speak and think in only one language—opportunistic, deep value.
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.
ITE is involved in one business activity: it organises exhibitions and conferences. Management is targeting (and is over-executing) high single digit revenue growth.
Investors often talk about Kahneman and Cialdini in their processes; Discovery is actually using those principles to change behaviour.
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).
I remain optimistic on OceanFirst’s prospects, as well as the opportunities in the sector overall.
Gym Group enjoys a cost advantage facilitated by superior asset utilisation and a long runway for value accretive asset growth.
A business-first investor considers a business and then looks if the securities are attractive. A security-first investor considers the business second, if at all.
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.
I have thought about the business model [of cannabis companies], which was imposed by the government, and I have to confess that I’m puzzled by it.