why Cintas wins

Please check out my annual interview with @LibertyRPF, where I offer some thoughts on investing and provide an update on the business of scuttleblurb. If you’re looking for an eclectic mix of content related to investing, technology, art, and science, I recommend subscribing to Liberty’s newsletter, Liberty’s Highlights. It’s one of my favorites. And if […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

GFL update

(all $ are Canadian unless otherwise specified) I first wrote up GFL nearly 2 years ago. To recap: garbage collection and disposal is one of the few businesses that you can be sure will still be around in 20 years. Its recurring necessity gives rise to predictable and stable cash flows. Residential collections are locked […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

[MTCH] Match Group

Online dating has easy parallels to other online social experiences that if taken too seriously can lead to dubious outcomes. A dating app is like social media in that there are lots of people broadcasting themselves, making connections, and seeking validation. You might “like” a photo on Instagram as you might right-swipe on a photo […]

Consumer credit bureaus and FICO

Each of the 3 major US consumer credit bureaus (CCBs) – Equifax, Experian, and Transunion – are an agglomeration of regional credit agencies, some dating back to the early 1800s. That a once fragmented industry consolidated into oligopoly is a natural consequence of the benefits that come from pooling data: a lender will go with […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

[UHAL] U-Haul

U-Haul is a weird company. It rents moving equipment and self-storage space but also sells annuities. It boasts a ubiquitous brand synonymous with do-it-yourself moving that until recently was buried beneath the non-descript banner of its parent company, Amerco. It runs the 4th largest self-storage operation in the US by square footage but is rarely […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

[DLTR] Dollar Tree

(this should be read as a companion piece to the Dollar General post from a few weeks ago). Like Dollar General and Wal-Mart, Dollar Tree traces its origins to variety stores in the Southeast. In 1963 K.R. Perry, a barber and Ben Franklin variety store franchisee, opened the K&K Five and Ten in Ward’s Corner, […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

yet another Dollar General take

In Scottsville, Kentucky at the dawn of World War 2 the market for “selling the good stuff to rich folks” was already taken, so J. L. Turner and Sons sold “the cheap stuff to the poor folks” instead. For the first 16 years of its life, the budding enterprise trafficked in close-out merchandise, first as […]

To access this post, you must purchase Annual subscription or Quarterly subscription.

some thoughts on Adyen

Before exploring the competitive concerns that have sent shares cratering nearly 60%, it’s worth reflecting on what it is that got people excited about Adyen in the first place. In a typical online transaction, a shopper’s credit card details are picked up and encrypted by a gateway before being routed to the appropriate merchant acquirer. […]

To access this post, you must purchase Annual subscription or Quarterly subscription.