Quick Blurbs [Adient, Jones Lang LaSalle, Mastercard, MRC Global, Scripps Network]

(2,218 words) [MA] In 2009, the Unique Identification Authority of India (UIDAI) launched an ambitious nationwide program to collect all 10 fingerprints, iris scans, a photo, and all sorts of personal information from each of its 1.2bn citizens in a central database, with a unique 12-digit ID number assigned to each record.  The goal was to […]
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[ESRX – Express Scripts] Post-ANTM Thoughts

(2,410 words) [ESRX] After more than a year of acrimonious public squabbling, it appears ANTM will be terminating its relationship with ESRX: The Company’s current long-term PBM contract with Anthem expires on December 31, 2019, and Anthem is currently engaged in a Request for Proposal (RFP) process for a PBM service provider following the end of its […]
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Quick Blurbs [American Airlines, Amazon, Alphabet, Oaktree, Public Storage]

(2,596 words) [AMZN – Amazon] Per this PYMNTs article, Amazon Pay, which represents yet another instance of Amazon broadening and then tightening its grip on the e-commerce ecosystem, seems to be gaining rapid adoption.  Amazon Pay – like PayPal, Masterpass, and Visa Checkout – is a button placed on an e-retailer’s checkout page that enables quick […]
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Quick Blurbs [Alliance Data, American Express, Bank of America, Interactive Brokers, CarMax, Supervalu]

(4,146 words) [IBKR – Interactive Brokers] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage […]
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[GAIA – Gaia] Interesting Company, Less Interesting Price

The ~$100mn float may render this jockey bet too illiquid for some of you hedge fund MoUs.  GAIA is a speculative enterprise with a questionable business moat run and 38%-owned by competent CEO/ascetic, Jirka Rysavy, who after spending years building and then paring away various businesses inside (as it is now called) GAIA, is left steering […]

Quick Blurbs [Delta Airlines, Greenbrier, MSC Industrial, Fastenal]

(2,130 words) [MSM – MSC Industrial; FAST – Fastenal] Recall that 70% of MSM’s sales come from manufacturing customers (esp. metalworking), who have seen their average daily sales decline by msd/hsd for each of the last 5 quarters prior to 4q16.  Last quarter, the company saw the beginnings of a recovery…. Management is reluctant to […]
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[DG – Dollar General] Quick Follow-Up to Last Post

(980 words) Hey.  So you remember that time last week when I wrote in my DG post: The typical FD and DG customer occupies the lower to lower-middle income brackets [~60% of DG’s customers are in the $15k-$49k income bracket vs. 45% for the US population] and makes weekly “fill-in” trips for essential items [which are […]
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[LYV – Live Nation Entertainment] Some of It’s Magic, Some of It’s Tragic

(6,848 words) Live Nation’s business model is unique, contextually rich, and complicated.  While I think this is a decent business – to see this you have to consider all its parts, some of which are mediocre on a standalone basis, as an interlocking whole – I don’t think the purported “platform” is as interesting as […]
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