PSG: Well-Managed South African Investment Holding Company

PSG is an investment holdco consisting of underlying investments that operate across a range of South African industries. The group is run by highly entrepreneurial management.

After Fastest Selloff in History, Where Do We Go From Here?

I would like to reiterate our investment approach with you and talk about the recent market sell-off, which according to Deutsche Bank Global Research, was the fastest in recorded history.

Portfolio Update: Starting to Put Elevated Cash Balances to Work

We have long warned of an expensive stock market. Due to the lack of compelling valuations, we have been maintaining a defensive portfolio posture with elevated cash balances.

In Search of Calm

The last few weeks have been anything but calm. We keep on learning more about the coronavirus spread around the world, and the decisions made to address it.

The Point and Challenge of Being Prepared

Beyond the traditional choice of our investment style between categories such as value or growth, fundamental or technical, trading or buy-and-hold, we have tried to abide by two precepts.

Dealing with Uncertainty

“Investing is dealing with imprecise assumptions tainted by an imperfect world haunted by uncertainty” – that’s how I described it in my 2015 book.

March 2020 Commentary of RGA Investment Advisors

If we take that timeframe back to 1900 instead of post-WWII, bear markets happen far more frequently — once every 3.5 years.

South Africa – How Are We Doing?

If you base your understanding of South Africa primarily on the media’s newsfeed, it is very easy to be negative on the country. Much positive is happening…

What Does It Mean To Be A Great Investor?

A great investor prefers the intellectual honesty of “I don’t know” over smart pretention. A great investor does the work, applies rationality, and acknowledges that she cannot know everything.

The Value of Independent Thought

Our investment holdings may from time to time be controversial and divide opinion. A very long-term horizon is most valuable when others are throwing in the towel.

My In-Depth Investment Thesis on Elastic Software

I first became interested in Elastic at the time of its October 2018 IPO. Intuitively, because search is so mission-critical, there should be monetization opportunities.

Balwin Properties: South African Homebuilder at Steep Discount

If I were going to pick a place in the world to operate a home builder, it would not be South Africa. However, if I could only buy one home builder, it might be Balwin Properties.

Surveying Our Top Five Holdings: KKR, PAR, SHSP, APPS, KLR

Greenhaven Road Capital’s top five positions represent more than 50% of the fund, and the fund’s top ten positions represent more than 75% of capital.

GrubHub: Core Holding, Despite Vitriol From Media and Shorts

Is this accelerated investment offensive or defensive? We think both. The decision to lean in at this time rather than harvest maintenance profits was determined…

SurveyMonkey: Freemium Business Model With Widening Moat

SurveyMonkey, has ample runway and appears ready for liftoff. The management team has guided to 17-20% annual revenue growth for the next four years.

Greenhaven Road Capital: What We Don’t Own

At this moment in time, we do not own a single stock in the S&P 500. Last year, more than 90% of the S&P 500’s gains were driven not by earnings growth, but by “multiple expansion.”

Wonderful Sky Financial Group: Extraordinary Valuation Anomaly

WSFG is a Hong Kong-based financial PR firm. It is the clear market leader in the world’s largest IPO market, consistently assisting 70-90% of the largest firms listing.

Capital Allocation, Corporate Governance, and Investor Relations

The ideas and commentary that I published on this topic last year created an intriguing response. Several investors, executives, and board members reached out…

TripAdvisor: Escalating Challenges in Core Meta Business

Our enthusiasm for the prospects of TRIP’s hotels business has waned. We were the proverbial boiling frog in recognising the escalating challenges faced in the core meta business.

With Markets at Major Inflection Point, Here Is How We Invest

Just like in the late-1990s, those investors who have the patience, conviction, and emotional intelligence to own what is currently out of favor should be handsomely rewarded in time.

Select Portfolio Investments: Financials

Schwab is a business I have long admired, and a brief window in October offered the chance to invest at prices I viewed as attractive.

WANdisco: Recurring Revenue Growth Underappreciated by Mr. Market

WANdisco has a 4,900 petabyte, $1.5 billion annual recurring revenue opportunity, and this is not priced into the stock which only has a ~£200 million market capitalization.

Select Portfolio Investments: Airlines

Our three airline investments remain a significant part of the portfolio and I remain optimistic about our prospects. Several factors have made U.S.-based airlines far better businesses…

Winter 2020 Investment and Market Update of Ensemble Capital

Providing mission critical services at a low-cost point in a business-to-business environment is one of our favorite dynamics. It creates a structural competitive advantage…

Good to Great: Sticking to a Few Simple Investment Principles

In his talk “The Art of Stock Picking”, Charlie Munger said the best investors “bet very seldom”. This remains the best piece of advice I’ve ever come across…

Select Portfolio Investments: Building Products Companies

Armstrong (AWI) remains our largest investment, a position it has occupied for almost four years. We made our initial purchases in late 2015 and early 2016…

Case Study: The Lifecycle of Our Investment in Lawson Products

At the time of Far View’s purchase, the stock was undervalued as a result of depressed short-term earnings from the company’s investments in growing its sales force…

Reviewing Our Process and Overall Investment Framework

By relying on the results of the business we can ignore the market-level debate, and a disagreement between the results and the stock price can be an opportunity instead of a threat.

Our Portfolio: Value Investing in Software

This article is excerpted from a letter by Peter Mantas and Matthew Castel, general partners of Logos LP, based in Toronto, Canada….

Pick Your Poison: Implicit Vs Explicit Forecasts

This article is authored by MOI Global instructor Sean Stannard-Stockton, president and chief investment officer of Ensemble Capital Management, based in Burlingame,…