Fall 2023
Graham & Doddsville, issue 48 · 72 pages
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Interviews
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p. 5 ↗
Michael Marone & John Rolfe
Crescent Rock Capital
A long/short firm whose ideas run from the US to Germany, the UK and Japan. Michael and John walk through KBR, Gerresheimer, Melrose, and owning Allegro through Sanken.
InternationalSpecial situationsAsia -
p. 21 ↗
Ric Dillon, Jenny Hubbard & Brian Hilderbrand
VELA Investment Management
The VELA team on their research process, what they look for in analysts, and three holdings: BWXT, Casey's and Kirby.
Quality compoundersBuilding a firmCareer advice -
p. 40 ↗
Yaron Naymark
1 Main Capital
Yaron started 1 Main Capital in 2018. He covers sizing, why he sells purely on valuation, and two ideas: dentalcorp and IWG's move to a 15% management-fee model.
Special situationsPortfolio constructionInternational -
p. 53 ↗
Kevin Fogarty & Kevin Nichols
Value Creators
The two Kevins behind Value Creators on judging capital allocation, acquisitions included, and two holdings: AMETEK and Copart.
Judging managementQuality compounders
Student pitches
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p. 34 ↗
Long Lithia Motors
By Thomas Schlabach, Nick Stern and Sam Hook
A single Oregon dealership from 1946 that became the largest auto dealer group in the US. The team saw the stock doubling in 4 years.
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p. 36 ↗
Long PayPal
By Jennifer Ma, Takuro Fujii and Mario Stefanidis
PayPal with a 2028 target of $110, about double the price at the time. Braintree's scale is a big part of the case.
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p. 38 ↗
Long Vertiv
By April Jiachen Li, Julie Zhou and Bhakti Thacker
Power and cooling gear for data centers. The team expects Vertiv to grow at 1.5 times its market as the sector consolidates.