Update on Our Travelzoo Investment Thesis

Our cost basis on TZOO is $8.80 per share. TZOO should generate $2.00-2.25 in operating income in the U.S. and Europe in 2019.

Glacier Media: Misunderstood Business with Valuable Digital Assets

GVC is valued like a dying newspaper at 0.4x sales and a $70 million market cap. In reality, about 50% of the business could be sold in the 2-4x sales range.

A Brief History of the Supermarket Business

Ever since the rise of the Internet, people have mused about the eventuality of Internet-driven delivery. Interestingly, the grocery delivery model is an old idea that worked incredibly well…

Update on Our Leaf Group Investment Thesis

In March, our activist position led to a successful outcome of Leaf agreeing to hire a banker and explore the sale of the company.

Five Easy Games for Fundamental Value-Driven Investors

While acknowledging that investing is not easy, certain “easy games” exist for fundamental value-driven investors, because many others are playing a completely different game.

Update on Our Rosetta Stone Investment Thesis

The company has an installed base of six million subscribers, equal to the combined city populations of Chicago, Houston, and San Diego.

Why I Prefer Compounders Over Short-Term Re-Raters

When looking one year out, investor perceptions of the near-term earnings power of a business don’t tend to vary significantly, but opinions about the multiple the business deserves do.

Trade Wars and Recessions: Investing Under Conditions of Uncertainty

Investors hate uncertainty. You hear it almost every day on CNBC. Some pundit saying a version of “we are cautious due to the high level of uncertainty.”

Update on Our Spark Networks Investment Thesis

We think the “new” Spark (Spark + Affinitas + Zoosk) will gain attention on Wall Street over the next year as the company will grow from $125 million to just under $300 million.

Why We Decided to Seed South Africa-Based Desert Lion Capital

The South African market consists of about 385 stocks, and the Top 40 make up around 78% of the JSE total market capitalization. These 40 are well-covered…

Why We Initiated a Position in Sea Limited

SE is substantially owned by insiders: Forrest Li, the founder CEO, owns 31% of the business and Tencent owns 33%. All directors as a group own 44% of the company.

Update on Our Tucows Investment Thesis

Tucows is building out 21st century utilities: domain names, mobile service, and fiber lines, with the idea of being a low-cost leader with best-in-class customer satisfaction.

The Forest and the Trees: Profiting from Time Arbitrage

Tollymore is in the business of applying logic to anomalies. Our goal is to identify mispricings afforded to us as long-term investors, and to exercise sound judgment.

The Five Pillars — Tom Gayner’s Comments at Markel Annual Meeting

We are grateful to Tom Gayner for his perspective on building a sustainable culture and developing a mindset for long-term success.

Update on Our Tower Semiconductor Thesis

A year ago, TSEM was trading at $36 per share. Due to industry challenges and a company-specific issue, the shares declined to under $14 per share in Q4.

The Six Deadly Sins of Institutional Money Management

Tollymore seeks to profit from several behavioural constraints impairing institutional money managers’ execution of a sound long term investment programme.

Looking for the Next ROIC Machine

Despite the unquestionable significance of the longevity dimension (of sustainable value creation), researchers and investors give it insufficient attention.

Update on Our Enzo Biochem Investment Thesis

RAM filed a Form 13D encouraging the company to take actions that are necessary and prudent to realize the value embedded in ENZ.

A Deeply Humbling Business That Involves Extreme Discipline and Trust

It is our strong belief that to be a successful investment every business needs to have a massively engaged owner both outside and inside the board room.

An In-Depth Case Study of Nintendo: Dominant Player in Growing Industry

Nintendo, the console and videogame leader, offers a unique opportunity to purchase a dominant, wide-moat business undergoing transformative, value-unlocking change.

Paratek Pharmaceuticals: Biotech Firm Developing Novel Antibiotics

RAM investors know our long history with PRTK, a small biotech company focused on developing new novel antibiotics in a world desperately in need of them.

Same Concerns, Different Perceptions

The proverbial “wall of worry” might soon include the possibility that a crazy US president could be replaced by an equally crazy populist with far fewer market-friendly policies.

How Many Stocks Should You Own in Your Portfolio?

Too much of anything can be bad for you and diversification can be taken too far. But the level at which “too far” kicks in is surprising to most people.

Marchex: Business Model Transition Is Succeeding

The company has effectively moved from an online marketplace getting paid to generate phone leads to analyzing phone calls to help clients strengthen sales and servicing.

Thoughts on Church and Dwight’s Acquisition of Flawless

Church and Dwight is an acquisition platform (some might say “rollup”) focused on acquiring small asset-light personal care and health care brands.

Intelligent Cloning: The Spring 2019 Edition

David Abrams is critical of people who are “always looking for a short, easy solution” in investing. “I don’t think there’s a black box or easy answer or algorithm” for investing, he says.

Thoughts on Our Investment in Alphabet

I’m going to talk about our investment in Alphabet. As Larry Ellison first put it all the way back in 2006, Google is “a one-trick pony, but it’s a hell of a trick.”

Sandstorm Gold: FCF Enables Investments and Buybacks

SAND’s strong cash flow generation has provided ample liquidity to make investments and repurchase shares when the company deems the stock to be undervalued.

Thoughts on Fossil Fuels and Global Warming

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.

Rubicon: Surprising to the Upside on All Fronts

The company is guiding for 20% revenue growth and 13+% take-rates, while maintaining roughly one-third of the market cap in net cash.