Someone emailed me this question: How do you think management should analyze acquisition opportunities? For example, how would you like the management of companies you own to think about them and decide to acquire or not (acquire) a...
Vitesse Energy (VTS) is a recent spin-off from Jefferies (JEF). The stock was spun-off in January. Vitesse is made up entirely of non-operating working interests (and a small amount of mineral rights which it may soon sell) in North...
One topic Andrew and I don’t discuss much on the podcast are the books we’re reading. Despite that, some podcast listeners email me with requests for book recommendations. Since my interests are probably different than yours – I can’t...
In our most recent podcast, Andrew and I talked about Bob Iger’s return as CEO of Disney (DIS). If you’d like to know more about Disney – the company and the stock – as it currently exists, I recommend subscribing to The Science of...
Alico (ALCO) failed to file its financial results on time. The company was scheduled to report its full-year results on December 6th. Instead, it put out this explanation: “…the Company and its independent public accounting firm...
Someone emailed me this question: I have the following quote from the article How Much is Too Much to Pay for a Great Business, “For example, let’s say I buy a stock with a 15% free cash flow yield and 3% growth. I make 18% a year while I...
Vertu Motors (“VTU” in London) reported its interim results. As a U.K. stock, the company reports results twice a year. This is their half-year report. Accounts I manage hold shares of Vertu Motors. Tangible Book Value As I write...
Here’s an inspiring story I heard the other day. Last week, I spoke with an investor who recently inherited an investment account from their uncle. The uncle worked as a fireman, lived below his means, and invested in stocks and...
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...