Spring 2022

Graham & Doddsville, issue 45 · 44 pages

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Interviews

p. 4 ↗ Christopher Lin Fidelity
Christopher has run Fidelity's OTC Fund, which Gavin Baker managed until 2017, for four years. He explains why he reads multiples as a measure of durability, his 'can anyone make this obsolete?' test, and Reliance Jio in India.
Companies: Reliance Industries Growth investing Technology International
p. 15 ↗ Mark Cohen & Raphael Rabin-Havt Stone House Partners
Stone House traces back to driving around salvage auctions to research Copart. Mark and Raphi walk through Scientific Games and the management team that did it before at Aristocrat.
Companies: Scientific Games, Copart Special situations Judging management
p. 27 ↗ Fred Liu Hayden Capital
Fred started Hayden in 2014. He goes deep on Afterpay and buy-now-pay-later, explains his Coinbase position, and does a postmortem on Zooplus.
Companies: Afterpay, Coinbase, Zooplus Growth investing Technology International

Student pitches

p. 13 ↗ Long KKR By Dickson Pau 2022 Value Investing Program Artisan Challenge, 1st place
Dickson argues the market underrates how long KKR can keep growing and what its scale and model are worth.

Also in this issue

p. 2 ↗Welcome letter