Scorecard # 45 – Bedtime Stories
“If math were the only thing that mattered, AI would be a threat to [us]. But the math is the easy part. Besides, we have an unfair advantage: our parents read us bedtime stories as children…
Scorecard # 44 – Farewell, Charlie
… nobody has ever accused me of being humble. Although humility is a trait I much admire, I don’t think I quite got my full share.” Charlie Munger
Scorecard # 40 – Reversals of Fortune
“There are a million ways to get wealthy… but there’s only one way to stay wealthy: some combination of frugality and paranoia”
Scorecard # 37 – The Golden Rule
“Buy quality companies when they are on sale. Avoid leverage, folly and big mistakes that set you back. It is simple, but not easy.”
Scorecard # 28 – Momentum
“This past year was our eighth consecutive year of positive returns. Our two biggest contributors to the portfolio in 2019 were our investments in Apple +58.8% (AAPL) and Facebook +56.6% (FB), both of which were purchased during the Q4 2018 selloff. Just a few meaningful and timely decisions can make a big difference to portfolio returns.”
Scorecard # 27 – Fundserv
“… We meaningfully increased our exposure to the U.S. health insurers by adding to our position in Anthem (ANTM) and initiating a new position in UnitedHealth Group (UNH). Democratic presidential candidates Elizabeth Warren and Bernie Sanders are touting “Medicare for All” and propose an outright ban of private health insurers. The heated rhetoric on the campaign trail led to a sector selloff which we took full advantage of…”
Scorecard # 25 – Booking.yeah
We made our initial investment in Booking Holdings (Nasdaq:BKNG) in late 2017 and recently added to our position. While we have previously disclosed that we owned the stock, we have not discussed its business in any detail. Here is a snapshot of our investment thesis.
Scorecard # 21 – Compounding Knowledge
In our latest newsletter we discuss our Q1 performance along with a recent stock purchase that will be familiar to our long time followers.
Scorecard #20 – A Money Making Machine
… Value Fund holding Visa, Inc. is the world leader in retail electronic payments. Visa, along with competitor MasterCard, form a global duopoly in the sector. Visa is an incredible business. The company grows steadily without much capital reinvestment required, adds value to both consumers and retailers and is very difficult to compete against. Visa is truly a money-making machine.
Scorecard #16 – Do the Right Thing
… Incentives drive behavior and the senior management of any business is responsible for putting the proper incentives in place and defining a company’s culture by setting the tone at the top.