Uncovering value over the long term.
Investments that can sustainably earn a high return on capital over a holding period in excess of 5 years.
Investments I seek are characterised by a strong customer value proposition and enduring competitive advantages which allows them to supersede conventional market cycle dynamics. These businesses preferably possess some combination of a long track record of consistent earnings growth driven by stable or increasing pricing, structural tailwinds to growth in volumes and a controllable cost base that requires minimal additional expenditure (whether operating or capital) as the business scales.
This personal blog will feature public equity investment ideas aligned to my style.
- Home Depot – Assessing the moatThe Home Depot, Inc. is a home improvement retailer that sells building […]
- MCO – Capital Light CompounderMoody’s corporation is a credit rating, research and risk analysis firm. The […]
- CME (Buy) – A Capital Light, Unregulated Quasi-MonopolyCME operates a derivative exchange that allows the trading of futures and […]
- (NZX: BGP) Briscoe – A Long Track Record of Strong Execution Belies a Low MultipleBriscoe is a New Zealand based homewares and sportswear retailer with a […]
- (ASX: TAH) Tabcorp – Lotteries Undervalued as Part of the Group.TAH is a collection of two businesses in the same industry but […]
- (ASX: REA) REA Group – An Enduring Moat.REA Group is one of the highest quality businesses in the ASX, […]