2019

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

12/7: [CSU – Constellation Software] Doesn’t Suck at Allocating Capital; Faces Size and Valuation Constraints

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: [FAST – Fastenal] Notes from CFO Convo; [ASHG – Ash Grove] Constructive Cement Pricing, Stock Is Cheap

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

7/24: Quick Blurbs [Ashtead, Fastenal, MSC Industrial, United Rentals, Zion Oil & Gas]

7/14: [ASHG – Ash Grove Cement] Cheap Stock or Value Trap?

7/6: [AMZN – Amazon] Explanations Matter

6/27: [INTU – Intuit] Solid SaaS…But a Platform?

6/16: [VRSK – Verisk] High Quality Cash Flow, Limited Reinvestment Opportunities

6/6: [SHW – Sherwin-Williams] Valuation Looks Stretched

5/31: Quick Blurbs [CF Industries, Signet Jewelers, Amerco]

5/23: [CBG – CBRE Group] Expensive on Normalized Earnings

5/23: [GNRC – Generac] Value Come, Value Go

5/10: [PYPL – Paypal] Business Model and Competition

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

3/6: [SNI – Scripps Networks] Flip or Flop?

2/27: [UHAL – Amerco] Thoughts on Cyclicality

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