Sears and Seven-Foot Hurdles
A few weeks back I came across an article that someone had posted on Sears. It is a fascinating read for a few different reasons. One, I think Sears is an excellent case study of the retail industry...
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Focus on the Key Variables of an Investment
Earlier this year I watched Lang Lang play Grieg’s Piano Concerto in A Minor—one of my all-time favorite pieces of music. The concerto is a monster—full of big octaves, virtuosity, excitement and...
View ArticleValeant, Short Selling, and the Too-Hard Pile
In general, I find reading short reports to be a very valuable exercise. I don’t do much shorting in my partnership, but I find that for the most part, short sellers provide a useful service to the...
View ArticleFocusing on the Investment Process
“It is the basics. It is focusing on selection, low prices, and reliable, convenient, fast delivery. It’s the cumulative effect of having this approach for 14 years. I always tell people, if we have a...
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Some Notes on Fastenal’s Results
I wrote a post a few months ago on Fastenal’s quarterly results. As I mentioned then, it’s one of the few companies that puts out an earnings press release that is more like a quarterly investor letter...
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Outerwall, Buybacks, and Activists
Outerwall is a stock that has been struggling as the cash flows from Red Box are drying up much faster than investors have expected. Not only that, but Outerwall management has had the troubling habit...
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Comments on Mistakes and Buffett’s Original Berkshire Purchase
I was reading through the 2014 (last year’s) Berkshire Hathaway annual report and 10-K looking for a few things, and happened to reread Buffett’s letter from last year. I wrote a post a couple weeks...
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Lessons from the Fall of SunEdison
“The boom is drawn out and accelerates gradually; the bust is sudden and often catastrophic.” – George Soros, Alchemy of Finance There was a very interesting article in the Wall Street Journal a few...
View ArticleBuffett’s Investment in Dempster Mill–A Cigar Butt
I came across a case study that discusses Dempster Mill recently. I thought I’d post a brief summary of some notes I jotted down while reading it. Dempster Mill is a company that Buffett bought in the...
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The Behavior of Stock Market Manias
I’ve heard more and more commentary/concern about the level of the overall market lately. With the market relentlessly marching to new all-time highs just about every day, I’ve even begun to hear the...
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