Estimated reading time: 18 minutes. Click here to read this in PDF Format. When Defense Misfires “Offense wins games. Defense wins championships.” This past quarter, much of my curiosity has been focused on the differences between offense and defense. Given…
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…
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…
Click here to read this article in PDF format. Or simply listen to the article via SoundCloud.
Earlier in March, we had a lesson in leadership with an Industrial executive giant, Dave Cote. Best known for his time as CEO of Honeywell, Dave has come back to the public markets as the Executive Chairman of Vertiv. We…
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…
In early December we had a lively chat with legendary Builder Sir Martin Sorrell of S4 Capital, which we've owned since March 2020. Almost as if he wanted to front-run our white paper on value creation coming out later this…
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…
"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…
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…