William Brewster of Sullimar Capital Group presented his in-depth investment thesis on Restoration Hardware (US: RH) at Best Ideas 2020.

Thesis summary:

Restoration Hardware (US: RH) is one of the more fascinating business stories of the recent past. The company bet its future on larger stores when the world was betting on the death of retail. What was once a company with a moderately upscale brand image is attempting to become a true luxury brand.

The company retired over 50% of shares outstanding by aggressively accessing debt when markets were accommodating. With a large short interest, Mr. Market disagrees about RH’s future. A recent Berkshire Hathaway purchase, it is a case study we can learn from.

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About the instructor:

William Brewster graduated with a double major in accounting and finance from Auburn University. He attended law school at Loyola University in Chicago. He then worked as a credit analyst at BMO Harris Bank for five years. For the first four years, Bill focused on food and agricultural production companies. Then he worked on middle-market leveraged loans. Two years ago he left to become an analyst at Sullimar Capital Group, a small family office.