Philip Hutchinson

Very thought provoking article. So many people talk about Buffett but rarely in this sort of way. How he operates is really so different from orthodoxy.

This point about rebalancing versus just letting […]

Vetle,

This is a really great article.

A few thoughts from me. I actually looked at Keywords a couple of times over the past five or so years – obviously it was a mistake not to invest. The big thing that […]

Stephen,

I agree that others think Petersen has merit – that’s clear. And my own opinion (with the big caveat that I’m not a New York qualified lawyer and more generally have no expertise in that area of law, […]

To continue where I left off before accidentally hitting submit…

So a lot of that is pretty subjective. It could be a great stock. But not one I’d feel comfortable in I don’t think.

Thanks again for the […]

Hi Stephen

Good article, and also a brave one given the controversy around the stock.

I’ll give my perspective here. And be totally up front with you. This is not a stock that attracts me in the least. Of […]

Thanks, Geoff. That’s a very useful response. I’ve now done a bit more reading into the 1980s crisis, the structure of the agricultural lending market, and the history of Farmer Mac and tend to think this is quite […]

This is a very interesting article Geoff. Thanks. You set a very high bar for what it means for a stock to be overlooked.

Just reading around this I found a couple of Buffett quotes that are interesting. The […]

Geoff,

Excellent article, very interesting. Bonal does look like a surprisingly good business.

That said, I’m not surprised that a really niche manufacturing business supplying instruments of this type has g […]

So, OTC Markets released its Q3 results last week. There wasn’t anything in the release that would change my analysis dramatically (if at all), but there were a few points that I thought it was worth drawing […]

Ben,

Thanks for the kind words. Glad you found the article interesting.

I think the question you ask is a really difficult one. I feel exactly the same myself. It’s hard to look at that chart and not think […]

Geoff,

Great article. I think the Costco comparison is really really helpful in analyzing Amazon. I’ve looked quite hard at Costco (including the history of how the Costco / warehouse club model developed) and […]

Thanks, Trey. Yes, that is helpful. What I’m really wary of in these situations is how quickly a downturn in trading can make a company insolvent due to marginal stores going from cash generative to cash […]

Vetle,

Another excellent writeup. What’s the lease position at GameStop? Are their properties leased (I assume they are, in the main) and if so do you know what sort of leases they are? Long term, short term, […]

Thanks, Geoff. That all makes sense. I agree that the company would be unwise to get into debt, given the customer concentration and the risks to the durability of some of these mines.

I do think NACCO is […]

Geoff, Trey

I’ve just got round to reading the transcript of the call you discuss above, and the earnings release.

I agree that it was largely positive from a shareholder point of view. The CEO seemed more […]

Hi Vetle,

Thanks for this really interesting write-up.

Looking at the merger document, you can see how legacy Entercom has performed much better than legacy CBS Radio, which does suggest that under Entercom […]

First, thanks to Jayden for a really great and very interesting article.

This is a company I like the look of a lot. Provided I can get comfortable with the competitive positioning, this is very much the kind […]

Geoff,

Thanks. Yes, I agree that capital allocation is the critical issue. So if you compare Facebook to a company like Moody’s (which is actually one of my biggest positions), or S&P Global, or even MSCI, all […]