Winter 2021

Graham & Doddsville, issue 41 · 57 pages

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Interviews

p. 4 ↗ Arthur Young Tensile Capital Management
Arthur was a litigator in Miami before he became an investor. He explains how that helps him study problems after they show up, and walks through Avalara, Valvoline's quick-lube business and Dick's Sporting Goods.
Companies: Avalara, Valvoline, Dick's Sporting Goods Special situations Technology Building a firm
p. 29 ↗ John Huber Saber Capital Management
John runs Saber on the original Buffett Partnership fee structure: no management fee. He goes deep on Etsy, explains how he thinks about Apple, and why he owns NVR.
Companies: Etsy, Apple, NVR Quality compounders Building a firm
p. 44 ↗ Wilmot Kidd & John Hill Central Securities
Central Securities has been a closed-end fund since 1929. Wil recalls being the numbers guy at Hayden Stone when it took part in Intel's first financing, and John explains why the private insurer Plymouth Rock is about 20% of the fund.
Companies: Plymouth Rock Quality compounders Judging management Career advice

Student pitches

p. 23 ↗ Long DXC Technology By Amitaabh Sahai 2021 Artisan International Value Stock Pitch Challenge, winner
A turnaround under a CEO who arrived in September 2019, with earnings starting to stabilize.
p. 25 ↗ Long Live Nation Entertainment By Will Husic, Harrison Liftman and Cathy Yao 2020 Darden at Virginia Investing Challenge (COVID-19 recovery theme)
The world's largest live entertainment company, pitched as one of the big winners when concerts come back.
p. 27 ↗ Long RealPage By Nathan Shapiro, Levente Merczel, Kyle Heck, Kirk Mahoney and Vineet Ahuja MIT Sloan Investing Series Stock Pitch Competition
Pitched with a one-year target 41% above the price, over a 4-year horizon.

Also in this issue

p. 2 ↗Welcome letter