Memos


What’s NACCO’s Margin of Safety?

  After reading my write-up, a member asked me about the margin of safety in NACCO (NC): “…why would someone put half of their portfolio weight in a stock like this where there is customer concentration risk plus a real risk that one of the customers may close shop? Agree that its FCF yield is…...

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Does NACCO (NC) Have Any Peers?

A Focused Compounding member who analyzed and bought NACCO himself read my write-up on NC and was curious if I did a “peer analysis” for NACCO: “Did you consider looking at any potential peers with your analysis? I was quite simplistic with my approach. Omnicom splits cash out year in year out. Its current EV…...

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MSCI

Guest write-up by Jayden Preston.   Overview Spun off from Morgan Stanley in 2007, MSCI is a leading provider of investment decision support tools to investment institutions worldwide. They produce indexes and risk and return portfolio analytics for use in managing investment portfolios.   Their flagship products are their international equity indexes marketed under the MSCI…...

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A Few Thoughts on Hostess Brands

“Your premium brand had better be delivering something special, or it’s not going to get the business” -Warren Buffett For the past few weeks I have been studying and doing research on Hostess Brands, the maker of the classic chocolate cupcake with the squiggly white frosting line and of course the iconic, golden, cream-filled Twinkie…....

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Psychological Tendencies to Guard Against In Investing

“The first principle is that you must not fool yourself and you are the easiest person to fool” -Richard Feynman   Do Something Bias, Social Proof and Confirmation Bias… Let’s walk through a theoretical situation where these three powerful Biases can destroy someone in the field of investing: A new Investment Manager named Benjamin just…...

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Warren Buffett’s Partnership Letters and My Investing Thought Process

“You can’t predict. You can Prepare.” -Howard Marks I have been reading all of Warren Buffett’s old partnership letters the past week or so. These letters are the letters he wrote to his Investors yearly (and then semi-annually) from 1957- 1970 before winding down his partnerships to eventually run Berkshire. I was inspired to do…...

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