The Investors Podcast (9/17/17, Small Cap Investing w/ Eric Cinnamond) Eric Cinnamond (a veteran small-cap manager…writes a good blog) “Back [when I started my career], the largest holders of these small cap stocks were traditional small cap value managers like the Royce Funds, Heartland, Gabelli, and when prices got out of whack, they were there […]
The basic moatiness of V/MA has been tirelessly discussed for years and is well understood, so I’ll try not to belabor the point and focus instead on some less frequently explored angles. But I do need to establish a common denominator, starting with the 4-party model….apologies if you know all this, I’ll be quick about […]
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Considering what’s at stake, we can’t dismiss the torrents of negative headlines, venemous tweets, pending AG investigations, and congressional rebukes that have justifiably buffeted Equifax on all sides, as hyperbolic grandstanding even if that’s exactly what much of it is. In a very direct and non-hokey sense, trust – that the data lenders and employers […]
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Planet Money, Ep. #647 (Hard Work Is Irrelevant) “To get a job [at Netflix] and to keep it, you have to accomplish great things. Here’s another slide [from Netflix’s presentation on its principles]…’We are a team, not a family. And we are a Pro sports team, not a kid’s recreational team.’ In other words, if […]
[Re: Harvey/Irma disaster relief efforts, here are three charities that have been given top marks by charitynavigator.org: Helping Hand for Relief and Development, GlobalGiving Foundation, and ShelterBox USA.] When referring to the insurance industry, folks often talk about “hard” and “soft” markets – periods of strengthening and weakening premium prices, respectively – as though they […]
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Invest Like the Best, Ep. 53 (Meb Faber – Factors, Dividends, and Angel Investing) Meb Faber: “I saw a stat the other day that the average Robin Hood account checks his balance ten times a day…and so, all that does is create horrific behavior.” “There’s a lot of [fintech companies] getting funded that have great […]
[FAST – Fastenal] Fastenal’s dense branch network affords scale advantages in distribution and service relative to Grainger, which has 2.5x Fastenal’s sales but only ~1/10 its branches and ~1/7 its field employees. Local market density is especially important because fasteners, which comprise nearly 40% of the company’s sales and a greater proportion of gross profits, is […]
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Several weeks ago, the stock of Ellie Mae, a SaaS that automates the grueling task of underwriting residential mortgages, got hammered when the company reported revenue weakness on lower than expected industry refinancing volumes and longer than expected ramp times for larger enterprise customers, prompting management to dramatically cut its full year revenue growth guidance […]
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