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A Builder and His Mine

The heightened news-flow in recent weeks surrounding energy prices and government mandated carbon-zero targets, coupled with the entry of Sprott into the physical uranium market has created much interest in the uranium and nuclear space. We do believe the increased…

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The Founder Strikes Back

In January, we had the opportunity to learn about a founder's passion and drive to save his company. Retail entrepreneur, Julian Dunkerton, who won a proxy battle in early 2019 to regain control of Superdry and commence a  design-led turnaround…

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Fourth Quarter 2020 Letter

Estimated Reading Time: 14 minutes Click here to read this letter in PDF format. Speed Read:  We remain encouraged, but not satisfied, by the out-performance in the quarter which restored the long term, through-the-cycle, track record back to our minimum…

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The Three Second Rule

Our first quarter letter’s discussion on paying more attention to the whims and fancies of Mr. Market’s focus spurred a few friends to recommend some great psychological summer reads. To quickly summarize the quarterly letter, System 1 thinking, the fast…

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The Wandering TRIP

"Not all those who wander are lost." JRR Tolkien  One of the most frequent monsters in investors’ collection of nightmares is “thesis creep.” This is when the dynamics have changed to the point where you can barely recognize the original…

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Mental Model: Price Incentives

What better day to discuss the power of price incentives on a business than Black Friday? There is none, and so let’s dive right in with our thesis: temporary price incentives undermine the quality of the demand for a company’s…

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