Someone who listens to the podcast emailed this question: “I’ve heard Geoff speak about not liking management with tons of stock options but preferring they have raw equity. Could you elaborate on the reasons why? Is it because they have...
Someone who listens to the podcast wrote in with this question: “…(in a recent episode) you mention that you want to know if the capital allocation has created value or not. I was wondering how you do this kind of exercise practically? Do...
On the day of this year’s Berkshire Hathaway annual shareholder meeting, Andrew and I were in Omaha at a Willow Oak event. Willow Oak is the company that provides a lot of the administrative support functions for our fund. The event was a...
Geoff wrote about U.S. Lime back on February 18th, 2018. Focused Compounding members can read that article here: U.S. Lime (USLM): A High Longevity Stock in a Low Competition Industry U.S. Lime at the time was trading around $75 per...
I plan to use Focused Compounding as my investing journal. My “writeups” will be less structured than Geoff’s, but could serve as a starting point for members to research a new stock. My posts will literally be similar...
From time-to-time, I research a company where I think I’ll do a write-up of the stock and then discover it isn’t as interesting a situation as what I first thought. That’s the case here. Kingstone (KINS) seemed fairly cheaply priced on...
Over the last 10 years or so, Jewett-Cameron (JCTCF) has roughly quintupled its stock price while the company’s total revenue has remained basically the same. There are some interesting signs here. But, I haven’t learned enough to say...
This is a stock I talked about on a podcast with Andrew. It looked cheap based on the simple ratios you might use to decide if something’s a value stock. And the business of writing homeowner’s (and renter’s) insurance in Florida seemed...
Silvercrest Asset Management (SAMG) is an investment manager. It looks cheap if you expect it – as has been the case in the past – to do a good job of keeping its clients and keeping those clients keeping about as much money with them as...
This stock was brought to me by Andrew. He wanted to know more about the title insurance industry. ITIC is a publicly traded (it trades on NASDAQ) regional title insurer. There are four large, national title insurers that account for...
Alico (ALCO) is a landowner in Florida. The company is – or is quickly becoming – basically just an owner of citrus groves that produce oranges for use in Tropicana orange juice. The majority of the land Alico owns is still ranch land....
I’m revisiting Marcus (MCS) with an attempt to appraise the hotel side of the business. Andrew sent me some articles discussing property tax appraisal of Milwaukee hotels (including those owned by Marcus). I looked at some other property...
Marcus (MCS) is not an overlooked stock. Despite having a market cap of around $300 million – the level usually defined as the cut-off between a “micro cap” and a “small cap” stock – well over $10 million worth of this company’s stock...
I’m writing again about Hingham (HIFS), because someone asked me this question: I was wondering how long it would take Geoff to talk about Hingham savings, seems to tick all his boxes – very low cost of funding on the...
This is the one “higher quality, more expensive” bank I mentioned in the podcast Andrew and I did where we talked about like eight or so different U.S. banks. Hingham’s price-to-book (1.7x) is very high compared to most U.S. banks. It is,...
This is a simple situation. But, you’ll want some background info before reading my take on it. Information you might find useful about this one can be found at: Clark Street Value Hidden Value Seeking Alpha And my comments in this...
Flanigan’s (BDL) is a nano-cap full service restaurant and discount liquor store company. All of its locations are in Florida. And all but one of the locations are in South Florida. The company’s ticker – “BDL” – comes from the name of...
This is a follow-up article on Libsyn (LSYN). In my initial interest post on the company I talked a little about the fact that company’s CEO was named in an SEC complaint. That complaint was directed at the former CFO of the company and...
This is a complicated one. So, I’m going to do my best to boil it down to the things that really matter. That’s a judgment call. And it means I may be focusing on the wrong things. I may not be telling you enough about some things that do...
I’ll be doing write-ups on Focused Compounding more frequently now. This means that the quality of the ideas will be lower. Previously, I’d tried to focus on writing up just stocks that looked interesting enough to possibly qualify as...
