Fall 2025
Graham & Doddsville, issue 52 · 67 pages
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Interviews
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p. 5 ↗
Amelia Morris & Michael Hutchens
Brandes Investment Partners
Two Brandes analysts, one on European consumer names and one on banks, on how the investment committees work. Watches of Switzerland and Slovenia's NLB are the examples.
InternationalFinancialsConsumer -
p. 18 ↗
Jillian McIntyre
221B Capital Partners
Jillian started 221B in 2024 after years at hedge funds and banks. She covers learning to short, her 5Ms framework, the Carvana call and a long case for Overstock.
Short sellingTechnologyBuilding a firm -
p. 35 ↗
Hendrik Bessembinder
Arizona State University
The professor behind the finding that a small share of stocks creates most of the market's wealth. He talks about the losers, what diversification really protects against, and his new work on founder CEOs.
Academic researchPortfolio construction -
p. 43 ↗
David Poppe
Giverny Capital Asset Management
David co-founded Giverny Capital Asset Management in 2020. He talks about judging management and three holdings: Progressive, Arista, and Constellation Software after Mark Leonard.
Quality compoundersJudging managementBuilding a firm -
p. 57 ↗
Andrew Rosenblum
Bonsai Partners
Andrew went from short selling to studying 100-baggers. He explains his idea of barriers to investment and why he likes Fever-Tree after the Molson Coors deal.
Quality compoundersBuilding a firm
Student pitches
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p. 26 ↗
Long dLocal
By Bennett Lee, Srivats Mohan, Aaron Samuels and Oliver Suffern
An emerging-markets payments company where volume growth is picking up again, take-rate cuts are leveling off and a new management team is tightening execution.
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p. 28 ↗
Long Advance Auto Parts 7.375% Senior Unsecured Notes due 2033
By Chidi Keng, Gabriel W Martins and James Michalski
A credit pitch: the 2033 notes yield about 7.4%, and the team expects spreads to tighten as the business stabilizes.
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p. 30 ↗
Long A.O. Smith
By Craig Larkin, Olivia Qi and Elliot Tompras
A 150-year-old water heater maker whose ties to plumbers and wholesalers keep its costs below rivals'.
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p. 32 ↗
Long MercadoLibre
By Victor D. Aguiar, Carolina S. Alzamora, Alejandro L. Dodds, Leonardo M. Fernandes and Rogério Rios
Expensive on next year's numbers. The team's 7 to 10 year case rests on MercadoLibre's scale in Latin American commerce and fintech.