Fundamental, bottom-up equity research with a long-term orientation. Focused on business quality, durable competitive advantages, and margin of safety. Reports reflect independent analysis and do not represent the views of any institution.
This is the 16th consecutive quarter they have increased both our revenue and operating income year-over-year!
Read memo →Now this was a very fun company to research Electromed came up in a screen for consistent micro-cap compounders. Revenue has risen every year for ten years, compounding at 12.4% a…
Read memo →I made a mistake. In my original report I underestimated how fast the core Tripadvisor business would decline, and I should have done much more primary research on Viator’s app…
Read memo →I'm long Adobe, but not because I think the multiple comes back. At $263 the stock trades on about 13x free cash flow after stock comp, which is roughly $7.9bn a year. That's…
Read memo →Tripadvisor is priced like one melting metasearch business. It's actually two businesses, its a declining Hotels segment, and Viator which is the largest online experiences…
Read memo →Pason Systems is the dominant provider of data management systems for oil and gas drilling rigs in the Western Hemisphere, holding roughly 65% of the US market and 85% of the…
Read memo →The foundry industry is undergoing the largest capacity build-out since the 1990s.
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