2024
4/1: [XPEL] Xpel Inc
3/18: [ROP] Roper Technologies
2/26: [AME] AMETEK
2/7: [TDY] Teledyne
1/18: why Cintas wins
1/5: Interview with Liberty’s Highlights
1/3: GFL update
2023
12/18: [MTCH] Match Group
11/29: Consumer credit bureaus and FICO
11/8: [UHAL] U-Haul
10/23: [DLTR] Dollar Tree
10/9: yet another Dollar General take
9/20: some thoughts on Adyen
9/7: Class 1 freight rails: part 3 – Hunter Harrison, PSR, and investment implications
9/7: Class 1 freight rails: part 2 – freight types, route structures, and growth
8/15: Class 1 freight rails – part 1
7/25: [DNB] Dun & Bradstreet
7/5: quick update on Apollo (APO)
6/27: Lonza/Catalent: part 2
6/15: Lonza/Catalent: part 1
5/23: [DHR] Danaher
5/14: yet another Schwab post
4/26: [TMO] Thermo Fisher
4/5: [APH] Amphenol + quick $APG follow-up
3/28: [APG] APi Group
3/26: quick follow-up on Charles Schwab
3/12: some thoughts on Charles Schwab
2/27: [APO] Apollo
2/2: A tour through payments: part 3 (SQ, FOUR)
1/16: A tour through payments: part 2 (Adyen, GPN, FIS, FISV)
2022
12/22: A tour through payments: part 1 (Visa and Mastercard)
11/28: [SITE] SiteOne Landscape Supply
11/28: [VRSK] Verisk Analytics
11/15: [CSGP] CoStar
10/31: thoughts on Guidewire, Wizz Air, and Upwork
10/10: [OKTA, W] back to reality
9/19: IAC and MGM
8/29: [URI] United Rentals
7/18: [UMG, WMG] record labels and the music industry: opportunities and challenges
6/27: [ODFL] Old Dominion and less-than-truckload
6/7: [CRM] Salesforce
5/23: GFL and waste management
5/9: [CPRT] Copart
4/22: Interview with Mirakle
4/18: CarMax, Carvana, and used car retailing
4/1: [DXCM] Dexcom
3/15: [AVLR] Avalara + another quick EVBG update
2/24: [TRUP] Trupanion
2/7: [ABNB, BKNG] Airbnb v Booking
1/26: interview with @LibertyRPF
1/12: [INTC] Intel Corp.
2021
12/23: scuttleblurb business update (2021)
12/17: Square / PayPal: Part 2
12/13: quick Everbridge (EVBG) update
12/1: Square / PayPal: Part 1
11/15: [SHW] Sherwin-Williams
10/28: Data, Observability and Monitoring ($SPLK, $ESTC, $NEWR, $DT, $DDOG)
10/6: [TDOC] Teladoc
9/27: quick thoughts on the IAC/MDP acquisition rumor
9/17: [TWLO] Twilio
8/31: Some thoughts on Fiserv / First Data (FISV) and Guidewire (GWRE)
8/13: IQVIA [IQV] + quick Wizz Air update
7/28: Nvidia (NVDA): Part 2 of 2
7/12: Nvidia (NVDA): Part 1 of 2
6/25: Update on IAC (+ Vimeo)
6/15: [EVBG – Everbridge] the COVID stock that wasn’t
6/2: [ALGN – Align Tech, SDC – Smile Direct Club] Brand, scale economies, and vertical integration
5/25: Chewy and Zooplus
5/12: [VEEV – Veeva Systems] Beyond CRM
4/26: [BOX – Box; DBX – Dropbox] Opportunities and competitive challenges
4/14: [FLT – FleetCor; WEX – WEX Inc.] Beyond fuel to B2B payments: part 2
3/31: [FLT – FleetCor; WEX – WEX Inc.] Beyond Fuel: Part 1
3/15: Thoughts on the S&P Global / IHS Markit merger
2/25: [TWTR] Twitter
2/8: [SNOW] Modern data systems: part 2
2/8: [MDB] Modern data systems: part 1
1/14: [IAC; ANGI] Yet another IAC write-up
2020
12/20: [FVRR, UPWK] Freelance marketplaces
11/30: [MKTX, TW] Market infrastructure: part 3
11/16: [SPGI, MCO] Market infrastructure: part 2
10/31: [FDS, LSE/Refinitiv] Market infrastructure: part 1
10/14: [Chr. Hansen, Novozymes] All the small things (plus some quick thoughts on The Trade Desk)
9/23: Thoughts on Watsco and some businesses like it
9/1: [ADSK, Dassault, PTC] Simulation, CAD, and PLM: Part 2
8/13: [CVNA – Carvana] Fat tail investing
7/30: Simulation, CAD, and PLM: Part 1
7/15: [Z – Zillow Group] On lead gen and iBuying
6/29: [ADM.L – Admiral Group] Barriers to scale; moats vs. revenue models
6/10: [APPN, PEGA, SMAR] No code evolution
5/24: FICO and the Consumer Credit Bureaus: Part 2
5/12: FICO and the Consumer Credit Bureaus: Part 1
4/28: Some thoughts on Gartner
4/14: [LILAK – Liberty Latin America] Once more unto the breach
3/31: Broadridge and blockchain
3/16: [CACC – Credit Acceptance Corp] Value in subprime auto
2/13: [AMT – American Tower; CCI – Crown Castle] Legacy advantages and incremental returns
1/28: [MELI – MercadoLibre] Digging the Moat (Or Is It A Grave?): Part 3
1/13: [SHOP – Shopify; WIX – Wix] Platforms, scale economies, and technology
2019
12/26: scuttleblurb business update (2019)
12/18: [FISV, GPN, FIS, SQ, Stripe, Adyen] On payment processors, distribution, and technology: Part 4 of 4
12/18: [FISV, GPN, FIS, SQ, Stripe, Adyen] On payment processors, distribution, and technology: Part 3 of 4
11/26: [FISV, GPN, FIS, SQ, Stripe, Adyen] On payment processors, distribution, and technology: Part 2 of 4
11/8: [FISV, GPN, FIS, SQ, Stripe, Adyen] On payment processors, distribution, and technology: Part 1 of 4
10/25: [BLL – Ball Corp] Static moats and sustainabiliy
10/10: [V – Visa; MA – Mastercard] Beyond the card
9/26: [GWRE – Guidewire Software] Move slow and maintain things
9/11: [HEI/A – HEICO Corp] Niches get riches; Part 2
8/30: [RAMP – LiveRamp] Beyond the cookie
8/19: [BUR/LN – Burford Capital] Part 3: The short heard round the world
8/5: [RR/LN: Rolls-Royce] Entry barriers, learning curves, and the hazards of complexity
7/24: [BUR/LN – Burford Capital] Part 2: Investment returns and valuation
7/17: [BUR/LN – Burford Capital] Part 1: Industry context and competitive advantages
7/5: [TTD – The Trade Desk] A gorilla in ad tech?
6/19: [TDG – TransDigm] Niches get riches
6/5: [EVBG – Everbridge] The ERP of Enterprise Safety
5/24: [PANW – Palo Alto Networks] Thoughts on cybersecurity and stock-based compensation
5/14: [Sirius/Pandora – SIRI; Spotify – SPOT] Long-term relevance, long-term dominance
4/24: [ALGN – Align Technology] Process Advantages
4/10: [OKTA – Okta] Owning Identity
3/27: [ICE, NDAQ, CME, CBOE] Exchange Operators: Fragmentation and New Points of Differentiation
3/9: [WDAY, CDAY, PAYC, ULTI, ORCL, SAP] Workday and Competitive Dynamics in HCM
2/23: [COUP – Coupa Software] Savings-as-a-Service
2/12: [DWDP – DowDuPont] Rack & Break; Part 2
2/12: [DWDP – DowDuPont] Rack & Break; Part 1
1/27: [PROTCT – Protector Forsikring] Insider Buying; Reserve Hits; Low Cost vs. Cost Advantage
1/11:[ADS – Alliance Data Systems] Value Delayed, Value Revealed
2018
12/28: [ELLI – Ellie Mae] Market Opportunity, Competitive Threats, and Profitability
12/19: [WIZZ – Wizz Air] Flying Through the Storm
11/27: [TYL – Tyler Technologies] Finding Common Ground in Government (Systems)
11/9: [ZG – Zillow] “Transformational Innovation”
10/30: [RDFN – Redfin] Business Model Analysis and Growth Constraints
10/16: [RAMP – LiveRamp] Ad Tech Situations are Special
10/5: [CHGG – Chegg] Low Cost Channel to Bundled Ed Tech and Challenges in the Publishing Industry
9/20: Discount Brokers: Disruption, Bundling, and the Battle for the Mass Affluent; Part 2
9/10: Discount Brokers: Disruption, Bundling, and the Battle for the Mass Affluent; Part 1
8/28: [TREE – LendingTree] Lead Gen, Marketplaces, and Scale Economies
8/14: [V – Visa; MA – Mastercard] Expanding the Rails, Part 2
7/30: [TEAM – Atlassian] Collaboration and Competition
7/16: [FNF, FAF] Title Insurance, Ownership, and “Blockchain”
7/2: [SQ – Square; PYPL – PayPal] Comparing Business Models and Strategies
6/19: [MELI – MercadoLibre] Digging the Moat (Or Is It A Grave?), Part 2
6/5: [CPRT – Copart; KAR – KAR Auction Services] Copart is a Beast + Impending IAA Spin-Off from KAR
5/21: [GDDY – GoDaddy; VRSN – Verisign; EIGI – Endurance International] Value Migration in Web Services
5/7: [ZO1 – Zooplus] Competing with Amazon
4/24: [LYV – Live Nation] On Flywheels and Bundles
4/13: [WK – Workiva] From Point Solution to Platform
3/30: [KMX – CarMax; CVNA – Carvana] Moat, Growth, and Competition
3/16: Quick Blurbs [Ryanair, Equinix, Interxion, Amerco]3
3/2: [RHT – Red Hat] On A Bridge Between Clouds
2/16: [CMPR – Cimpress NV] Scale Economies and Hard Realities, Pt. 3
2/16: [RP – RealPage] Software Bundle, Not a Platform
2/2: [IDXX – IDEXX Labs] Priced to Win
1/19: [MSFT – Microsoft] Death Star, Reformed
1/5: [SERV – ServiceMaster; ROL – Rollins] Scale Economies and Hard Realities: Part 2
2017
12/20: [TRUP – Trupanion] A SaaSy Underwriter
12/11: [FSV – FirstService; CWD LN – Countrywide plc] Scale Economies and Hard Realities: Part 1
12/1: [CSGP – CoStar Group; REIS – Reis Inc.] Tale of Two Data Providers
11/21: [TripAdvisor, Trivago, OTAs] Thoughts on the Carnage
11/21: [ODFL – Old Dominion Freight Line] Superb Logistics Company
11/15: [ADI – Analog Devices] A Silent Hero
11/6: [WIX – Wix.com] Scaling Profitably
10/27: [EQIX – Equinix; INXN – Interxion] Network Effects in a Box
10/19: [MELI – MercadoLibre] Digging The Moat (Or Is It A Grave?), Pt. 1
10/5: [BLK – Blackrock] Not Another Passive vs. Active Debate
10/5: [MCEM – Monarch Cement] Ash Grove Part Deux?
9/28: [V – Visa; MA – Mastercard] Expanding the Rails, Part 1
9/18: [EFX – Equifax] Investment Implications of Breach Fiasco
9/13: [CB – Chubb Ltd] A Port in the Storm
9/8: [ELLI – Ellie Mae] SaaS With Class…But Still Too Expensive
8/31: [MCO – Moody’s] The Self-Reinforcing Standards Moat
8/24: [GBX – Greenbrier] Valuation Update
8/24: Quick Blurbs [MSCI, Paypal, S&P Global]
8/16: [DOOR – Masonite Intl] Reasonable Valuation, So-So Moat
8/16: Quick Blurbs [SAP, Tripadvisor]
8/8: [TRIP – Tripadvisor] Good Asset, Fumbled Monetization Strategy
7/14: [ASHG – Ash Grove Cement] Cheap Stock or Value Trap?
6/27: [INTU] Intuit
6/16: [VRSK – Verisk] High Quality Cash Flow, Limited Reinvestment Opportunities
6/6: [SHW – Sherwin-Williams] Valuation Looks Stretched
5/23: [CBG – CBRE Group] Expensive on Normalized Earnings
5/23: [GNRC – Generac] Value Come, Value Go
5/2: [ESRX – Express Scripts] Post-ANTM Thoughts
4/17: [GAIA – Gaia] Interesting Company, Less Interesting Price
4/11: [LYV – Live Nation Entertainment] Some of It’s Magic, Some of It’s Tragic
4/3: [RYAAY – Ryanair] Low Cost Flywheel
3/28: [LEN – Lennar] Valuation Update
3/20: [AMZN – Amazon, GOOG – Alphabet] Trillion Dollar Baby
3/10: [MRC – MRC Global, CF – CF Industries] Closer to Entry
2/21: [ADNT – Adient] Self-Help Margin Expansion Opportunity, 4-Year Double
2/13: [OAK – Oaktree] Valuation Attractive on Normalized FRE
2/13: [CF – CF Industries] Global N Fertilizer Supply But Pricing Recovery Priced In
2/6: [CHUBA/K – CommerceHub] A Skeptical Take
1/30: [EBAY – eBay] Dilemma and Opportunity
1/30: [LEN – Lennar] Sum-of-the-Parts Valuation
1/23: Quickblurb [AXP – American Express; SAP – SAP SE]
1/23: [DAL – Delta Airlines, UAL – United Continental] So You’re Saying There’s a Chance?
1/18: [IBKR – Interactive Brokers] Low Volatility Weighing on Commissions; Valuation Still Attractive
1/13: [SVU – Supervalu] Opportunity Post Save-A-Lot Divestiture?
1/11: [ADS – Alliance Data] Form vs. Function
1/9: [GBX – Greenbrier] Valuation About Fair on Normalized Railcar Shipments
Pre-scutteblurb
10/15/16: [PPG – PPG Industries] High Quality Specialty Chem with Share Gain Opportunities
3/4/16: [DF – Dean Foods] Levered Commodity Processor, Impending Challenges
12/11/15: [BRO – Brown & Brown] Compounder in a Fragmented Sector
5/28/12: [DDMG – Digital Domain] Confused Corporate Strategy, Few Sustainable Advantages