2018 Q3 - Investment Letter (Copart)

2018 Q3 - Investment Letter (Copart)

The S&P 500 Index returned 7.71% in the quarter ended September 30, 2018.[1] In our previous quarterly letter, we discussed our investment process, which essentially consists of two parts. First, we narrow the investment universe down to businesses we feel confident possess enduring pricing power and significant volume growth opportunities. Second, we attempt to construct …

2016 Q2 - Investment Letter (Nike)

2016 Q2 - Investment Letter (Nike)

Only halfway through the year and what a perplexing ride this has been! Only a few short months ago, we were writing about the markets plunging 10% over anxiety of a Chinese devaluation, only to then rebound shortly thereafter. In even quicker fashion, markets apparently discounted the odds of Britain leaving the European Union (EU) …

2013 Q2 - Investment Letter (Oracle)

2013 Q2 - Investment Letter (Oracle)

During the second quarter, the market continued soaring forward, albeit with a little turbulence along the way. Most of this turbulence came as a result of the Fed hinting at “tapering” their bond-buying program. Monetary stimulus has been akin to shocking a dead frog. There’s no question administering these shocks has caused the economy to …