Scorecard # 38 – Funiculì, Funiculà
Funiculì, Funiculà The Value Fund is down -9.2% year-to-date (YTD), more than half of that decline coming in the month of June. The bear market has officially arrived with the S&P500 off to its worst start in over 50 years. People holding more speculative assets like cryptocurrencies, have likely suffered a permanent impairment of their […]
Scorecard # 22 – Index Surgery
… Our large bet (6.8% weighting) on Express Scripts (Nasdaq:ESRX) is performing according to plan with the stock up +16.4% since we purchased it in April. Our recent writeup of our investment thesis for Express Scripts can be found in Scorecard #21. Our idea was published in Barron’s and was recently ranked as one of the best performing ideas from the View From The Buyside column. In an expensive market, good ideas are hard to find. But they are out there. It just takes a lot of effort to uncover them.
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.