Look Down, Not Up

Mainfreight AGM — Ready Fire Aim

Reading our previous ramblings, it would be of no surprise that we love founder led businesses.

Historical data will show that they often perform better, and it’s not hard to draw inferences as to why. Long-term perspective, greater commitment…

Buybacks

“My suggestion: Before even discussing repurchases, a CEO and his or her Board should stand, join hands and in unison declare, ‘What is smart at one price is stupid at another’.” — 2016 Berkshire Hathaway letter.

Litigation Capital Management settles Australian class action

LCM announced another case win during the month, this time totaling A$132m. While it hasn’t been announced what proportion of the claim LCM will receive, we estimate it to be around ~A$20m. For context, LCM’s revenue for…

Serial acquirers

This month we’ve invested in a serial acquirer, and have started researching another. We will refrain from publicly revealing the names as we build our position, but we are excited.

Serial acquirers are companies that purchase and hold businesses for the long-term…

Coffee can stocks

After finishing the book 100 Baggers, by Christopher Mayer, (a fantastic read btw), Simon posed the question to me, “what would be your coffee can stock to hold for 10 years without looking at it?”

Focus

excerpt from Lugarno Fund (March 2022)

There are a multitude of variables which impact the outcome of an investment. It makes sense for us to focus on those variables we can control. Wasting time and energy on things we can’t influence is ineffective.