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We sent the attached slide deck along with individual letters to Warren Buffett and Charlie Munger. This is the second time we have sent a letter to Warren Buffett. Eleven years ago, we sent a letter to Mr. Buffett to illuminate some of the...
READ MORE >The stock market has been extraordinarily kind to “fake it until you make it” stories that operate in large total addressable markets (TAM). If you run a long/short book in any...
READ MORE >“As we think about the possibilities of it, it wouldn't surprise me if we -- it wouldn't surprise me if we stayed away from the rental business, but we looked at alternative technology...
READ MORE >“What I mentioned before was not so much decline in ACAMS, but our desire to see it grow a lot faster, given what we know are the opportunities…. So from our perspective, we're at an inflection point at ACAMS, growth has plateaued a...
READ MORE >At 9AM this morning we will present at the third Contrarian Investor Conference along with several other noteworthy investors and analysts. You can register for the conference by clicking HERE. We wanted to pass along our slide deck on Trupanion which...
READ MORE >“I did read the article. I thought -- again, it was -- some of the arguments, again, I felt were very outdated, and frankly, some of them are just not -- again, I don't think really applied, but that's my opinion. But regarding the...
READ MORE >“So we have 2 goals going forward; grow our total file size [customers] profitably, by the way; and grow the average spend per member. That is our business model, and it always has been. We did...
READ MORE >“Men acquire a particular quality by constantly acting a particular way... you become just by performing just actions, temperate by performing temperate actions, brave by performing brave...
READ MORE >The strength in sales of products related to the “home” since early March truly has been something to behold. This is particularly true of items that can be used outdoors or can improve the...
READ MORE >“ Strayer's leading indicators have remained relatively stable and strong for the past 8 weeks, essentially staying well above last year's targets on a quarter-to-date basis. What portion of this...
READ MORE >Overstock.com is a rapidly growing, profitable ecommerce platform generating significant free cash flow that also owns a promising portfolio of blockchain based technology companies. How rare...
READ MORE >We recently conducted a survey of more than 30 RV dealers across the country. The attached report includes the feedback from those dealer checks. We think the power of CWH's business model...
READ MORE >It might seem outlandish to call a company whose stock has appreciated more than 35% this year and sports a market cap of close to $1.8B as a “dead company walking”. However, very little has changed related to TRUP over the past 2-3 months. The company remains a...
READ MORE >“Acuity is selling at levels below the importers.” Lighting Agent. June 2020 Even though AYI beat our EPS estimates handily in the quarter, the primary discussion surrounding the company’s business and dynamics...
READ MORE >The attached report outlines the feedback from our latest survey of lighting agents. The economic downturn has exacerbated what already were significant secular challenges for AYI. Sales...
READ MORE >“Extinction is the rule. Survival is the exception.” Carl Sagan On a day in which renewed concerns about the impact of COVID19 on the US economy drove the S&P 500 more than (-5%) lower the question of which...
READ MORE >“As we sit here today, I'm proud to tell you that last weekend, our Friday, Saturday and Sunday in May was the biggest weekend in our company's history, period, end of story, in all aspects, every part of our...
READ MORE >“The increase in segment operating income is the result of strong Chamberlain enrollment trends and efforts to increase efficiency and reduce travel and discretionary spend, partially offset by...
READ MORE >We wanted to quickly go through some key questions that PRDO faces as we approach the company’s 1Q20 earnings release and conference call. Sadly, we doubt that the company will address...
READ MORE >We’re going to keep it fairly short in this note. Heading into the quarter, the magnitude of bullish sentiment surrounding TREX was simply baffling. Many analysts and investors appeared to be CONVINCED that strong feedback about decking related sales at Home Depot and Lowe’s...
READ MORE >We sent the attached slide deck along with individual letters to Warren Buffett and Charlie Munger. This is the second time we have sent a letter to Warren Buffett. Eleven years ago, we sent a letter to Mr. Buffett to illuminate some of the...
READ MORE >The stock market has been extraordinarily kind to “fake it until you make it” stories that operate in large total addressable markets (TAM). If you run a long/short book in any...
READ MORE >“As we think about the possibilities of it, it wouldn't surprise me if we -- it wouldn't surprise me if we stayed away from the rental business, but we looked at alternative technology...
READ MORE >
