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 […]
Obviously, Facebook has been in the news a lot recently. And Geoff has written a couple of articles that touch on the company directly and indirectly. Also, I’ve been reading up on the company recently and thought […]
Thanks. This looks very interesting. It seems ridiculously cheap on a leveraged basis. I would definitely be interested in a write-up. Financial risk seems the obvious risk to focus on here.
Certainly an interesting development. It’s quite difficult to weigh up the loss of Texas on the one hand, versus the big decline in the stock price.
There were a couple of things in the earnings call […]
Thanks. That’s very clear and, I think, is consistent with what is said in NIC’s filings (though of course they don’t spell it out like you did).
I said I’d had a couple of other thoughts, and I’ll […]
Good article. NIC definitely looks like the kind of business I like to own, and at a price that looks very reasonable in today’s market, and in fact pretty reasonable full stop. It’s now at the top of […]
I recently mentioned, commenting on Jayden Preston’s excellent post analysing the Cheesecake Factory, one of my holdings, Young and Co’s Brewery PLC (“Young’s”). I thought it would be interesting to do a write-up […]
Great post. You set out a very convincing investment case, my only difficulty (which is personal to me) is that I’m a UK resident and I am wary of investing in consumer driven companies in countries […]