Spring 2021
Graham & Doddsville, issue 42 · 62 pages
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Interviews
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p. 4 ↗
Brian Bares
Bares Capital Management
Brian Bares on running a concentrated small-cap book: heavy qualitative research, no screens, and positions that can reach 15%.
Small capsPortfolio constructionBuilding a firm -
p. 26 ↗
Sean Stannard-Stockton
Ensemble Capital
Ensemble's three pillars (moat, management, forecastability), the Time Warner mistake, Mastercard as a case study, and a long walk through Home Depot.
MoatsJudging managementQuality compounders -
p. 48 ↗
Dan Rasmussen
Verdad Advisers
How Verdad turns empirical research into portfolios, what Dan took from Bain, and the books he leans on for forecasting.
QuantitativeDeep value
Student pitches
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p. 22 ↗
Long Dolby Laboratories
By Paul Chandler, Jack Devine and David Kilgariff
A licensing business with 95% gross margins whose operating margin hides what it could earn as the next adoption cycle plays out.
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p. 24 ↗
Long Angi
By Bill Henry, Tom Moore and Dickson Pau
Angi moving from selling leads to pre-priced jobs, which the team sees as a better deal for homeowners and for the pros.
Also in this issue
- p. 2 ↗Welcome letter