The Current State Of The U.S. Housing Sector: Short-Term Clouds But Sunny Future: Last week I wrote a deep dive about Builders FirstSource ($BLDR) in which it was included a short discussion about short-term uncertainties and medium-to-long-term tailwinds affecting the U.S.
Sept. 15, 2024, 1:49 p.m.
Ulta Beauty ($ULTA): Waiting for Strategic Clarification : When I started to analyze Ulta Beauty (ULTA) my first feeling was “this is probably a great opportunity: a nice business with its stock trading down ~30% from its peak and at one of its lowest PE ratios over the last years (or even decades)”.
July 27, 2024, 11:34 a.m.
Wesco International ($WCC): When Size Matters: Once again I am returning to specialty distributors (for me a fascinating ecosystem). This time the report is about Wesco International (WCC), one of the largest North American industrial distributors, offering electrical, industrial, and communications products and services.
June 29, 2024, 11:01 a.m.
Interesting Reading #1: While this substack will continue to be mainly focused on investment thesis and business model analysis, I’m starting a series of articles in order to gather thought-provoking articles, letters and reports (generally about investing) that caught my attention and that could be interesting for other investors.
May 4, 2024, 11:02 a.m.
UFP Industries ($UFPI): The Power of Aligning Employees, Management and Shareholders: All of you who have read some of my previous articles know that I love distribution businesses and that, while I do really search for companies in many different sectors, many of those articles are focused on specialty distributors. This time I’ve been able to escape the magnetic pole of distribution businesses and stay on a previous step within the value chain.
April 27, 2024, 8:29 a.m.
Automotive Dealership Industry 101: It is undeniable that one of the main parts of an investment thesis implies carrying out a sectorial analysis. Sometimes is rather difficult to forecast which direction a specific sector will follow, but at least it is absolutely essential to understand how the sector is structured, what the most relevant players are and what trends and risks could drive or derail its future performance.
March 9, 2024, 11 a.m.
Duluth Trading ($DLTH): Approaching The Inflection Point: Duluth Trading (DLTH) is a casual wear, workwear and accessories company, known for offering quality and durable products, with a loyal and satisfied customer base, and a widely recognized brand. The Company started in 1989 as a catalog business and morphed into an omnichannel platform, adding first a website and opening later on its first store in 2010. Since then they have expanded their retail presence and as of today DLTH operates 65
Jan. 30, 2024, 9:05 p.m.
TopBuild ($BLD): Mastering the Insulation Distribution: I do really search for companies in many different sectors but there is something that eventually brings me back to specialty distributors. As I mentioned in one of my previous articles, I had always thought about distribution as a boring business and now I am completely fascinated with it.
Oct. 14, 2023, 12:06 p.m.
