I write two (sometimes just one) write-ups of publicly listed companies every month and make it easy for members to follow my investing decisions. I also write articles about investing, decision making, mental models, and life.
As Junto member, you’ll get access to a growing library of write-ups, get on the members-only email list for portfolio changes so you can invest right alongside me, and get access to my research tool Sanity Check as well as the Sanity Check Database where I upload models for every company I look at.
Here are two sample write-ups you can explore for free: Topicus, FactSet.
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On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.
On how Topicus carries on Constellation’s ethos, incentive systems, and strategy, whether it’ll work, the company’s value drivers, capital and ownership structure, challenges, and some thoughts on FCF yield.
On Constellation’s trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the company’s incentive system, and prospects for the use of FCF.
On Disney’s acquisitive history and digital transformation, how a shift to DTC shifts the economics of the business, and how I would value the company with the subscription business at focus.
On China’s regulatory crackdowns, the history of Alibaba, the arms of the octopus, how Alibaba monetizes its ecosystem, the moat, how Alibaba could fail, how I would value the company, and a note on position sizing.
Many members have asked me about Autohome lately. Here are my thoughts.
Being a serious student of the markets is a must for investing success. But the nature of the markets is only part of the intelligent investor’s syllabus. What’s even more important is the lesson of knowing thyself.
Marketers use anchoring to trick you to spend more money, negotiators use anchoring to get in the stronger position, stock investors fall prey to anchoring to their own detriment.
Despite their simplicity, buybacks are poorly understood and often vilified.
How to use the timeless tool of a checklist to reduce the rate of error in important decisions.
While mental models guide comprehension, principles guide behavior.
My blueprint for finding companies to study and buy.
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