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Monday, April 30, 2018

Some things and ideas: April 2018

Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.

Tuesday, April 24, 2018

CorePoint / La Quinta Ira Sohn Contest Winner $LQ

My investment thesis for CorePoint Holdings, the taxable spinoff from La Quinta (LQ, disclosure: long), was selected as the winner of the Ira Sohn Contest. It was a really cool experience to present at the conference; if my presentation ever makes it on youtube or CNBC I'll be sure to share a link (and if a reader sees the video somewhere, I'd be grateful if you shared it with me!). Till then, you can view the slides I presented here. I've also copied the investment thesis I submitted below (the thesis was limited to four pages; you can find a longer version of my investment thesis over on VIC). Enjoy!

Sunday, April 1, 2018

My failed April Fools' post $NFLX

I spent the morning trying to write a combo April Fool’s post / prank*. I’ve put the summary of the idea in the footnotes if you’re interested in it; ultimately I decided not to finish / post the article. But spending time on the article did get me thinking about April Fool’s and investing, and it reminded me of this April Fool’s post on Barel Karsan (a site and author I very much enjoy; that I could remember a post from 7 years ago should speak to that).

Monday, March 26, 2018

Some things and ideas: March 2018

Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.

Wednesday, March 21, 2018

Comcast and the "curse" of "diversified holdings" companies $CMCSA

I was swapping thoughts back and forth with a few people on Comcast (disclosure: long) and the cable industry in general last night and thought I'd put some pen to paper.

Monday, March 19, 2018

Lennar Share Class Arbitrage $LEN

In my annual letter, I included a section on finding opportunities to take advantage of the rise of indexation. I know that simply saying “we are taking advantage of increased indexation” is a bit of a nebulous statement and something that almost every small / value fund manager says; in general, they simply mean “we invest in companies that aren’t in the indices.” That’s certainly true to a large extent for me too, but I think there are a few investments we’ve made that are designed specifically to take advantage of the rise of indexation that separates us from such broad stock talk. To show that, I wanted to highlight a specific example to show how we look to take advantage of indexation, so let me present my favorite “take advantage of the index” idea today: Lennar share class arbitrage (disclosure: Long Lennar B shares, short Lennar A shares).

Tuesday, February 27, 2018

Some things and ideas: February 2018

Some internet links and ideas I've liked or found interesting in the past month