What Are You Buying When You Buy The S&P 500?

Reading Roundup: November 2024

What Does Li Lu See in a Pre-Revenue SPAC?

Podcast Appearance On The Stansberry Investor Hour

Six Quick Stock Ideas From The Latest Round Of 13Fs

Reading Roundup: October 2024

EPC's Fall 2024 Investor Letter

Is Buffett Bearish?

Comparing Retailer Moats

British American Tobacco's Capital Markets Day And A Nicotine Industry Update

Reading Roundup: September 2024

A Cyclical Cannibal (Premium Post)

Minimizing Type 1 Errors (Excerpt From Our Latest Letter): The following is an excerpt from our fall 2024 investor letter.

Principles of Investing: NAHB Presentation: Welcome to our new readers and thanks again to all of our premium subscribers.

Reading Roundup: August 2024: This month we read:

Natural Resource Partners: High Uncertainty, Low Risk: A royalty on the growth of others, a 20%+ free cash flow yield, and a big dividend increase on the horizon.

Digging Into The Coal Industry: Announcement

Transcript Notes: August 2024: Alphabet — July 23, 2024

Reading Roundup: July 2024: This month we read:

Picking the Hill for Your Snowball: Tradeoffs in investing and staying on the right hill

Repost: Is TransDigm's Pricing Power Sustainable?: Our blog just crossed over 4,000 subscribers, and we’re ecstatic.

VALUEx Vail 2024: Watches of Switzerland Group: In addition to Liberty SiriusXM, we also discussed Watches of Switzerland Group at the VALUEx Vail conference.

Transcript Notes: 2024 Q2: AutoZone - May 21st, 2024 Weather has a pronounced effect on AutoZone’s ticket size and overall demand quarter to quarter. Longer term, the main drivers of the business are miles driven and age of the car park (both continue to head in the company’s favor).

Advance Auto Parts: Will this Turnaround Finally Turn? : Advance Auto Parts has been a value trap for years. The company operates in an industry that is home to two of the best performing stocks over the past several decades: O’Reilly Auto Parts and AutoZone. Advance Auto Parts, on the other hand, has been in a constant state of catch-up. The gap in the returns of O’Reilly and AutoZone versus Advance has been staggering.

Reading Roundup: June 2024: This month we read: Socrates: A Man for Our Times by Paul Johnson The Inner Citadel: The Meditations of Marcus Aurelius by Pierre Hadot Ghost Town Living: Mining for Purpose and Chasing Dreams at the Edge of Death Valley by Brent Underwood Natural Born Heroes: Mastering the Lost Secrets of Strength and Endurance by Christopher McDougall