Spring 2019
Graham & Doddsville, issue 36 · 40 pages
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Interviews
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p. 1 ↗
Yen Liow
Aravt Global
Yen came from Ziff Brothers and runs Aravt with a narrow focus. He talks about systems design, TransDigm's FAA-driven niches, and two holdings: Black Knight and GoDaddy.
Quality compoundersTechnology -
p. 1 ↗
William P. Stewart
Stewart Asset Management
Bill started on the floor of the New York Stock Exchange in 1955. He covers six decades of investing, how he sets terminal multiples, and why Amazon gets the highest one in his book.
Quality compoundersCareer advice -
p. 1 ↗
John Hempton
Bronte Capital
John made public calls on Herbalife and Valeant. He explains how he hunts for fraud, why switching costs matter, and his view on Mattel.
Short sellingAccountingInternational
Student pitches
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p. 15 ↗
Long Dollarama
By Mingming Wu, Laurent Liu and K.Y. Wong
A long with friendly activism. Dollarama has 71% of Canada's dollar-store market, and the team argues analysts underestimate how far it can still grow.
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p. 17 ↗
Long Align Technology
By Michael Wooten
Pitched for its end-to-end digital workflow and for running the largest 3D manufacturing operation in the world.
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p. 20 ↗
Long Carsales.com
By Tyler Redd
An Australian car marketplace that draws more unique visitors relative to its home population than any of its peers.
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p. 22 ↗
Long Dean Foods 6.50% Senior Unsecured Notes due 2023
By Mitchel Aulds-Stier, Karthik Kasibhatia, Angela Qin and James Shen
A credit pitch: the bonds traded at $66, and the team expected cost cuts and steadier dairy demand to pull them up.