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Year: 2019

Some thoughts on the LaGuardia of gyms, New York Sports Club $CLUB

Posted On September 9, 2019
Last week, I got an email from New York Sports Club (CLUB; disclosure: long a tracking position) that they were raising the price of my all-access membership by $20/month (from $80 to $100). Given the CEO / second largest shareholder had just bought a big block of shares a week earlier and I think I have […]

Some things and ideas: August 2019

Posted On August 30, 2019
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later […]

Two Vintage Capital Special Situations Part 2: $TAXA $RRGB

Posted On August 21, 2019
This is the second in a series of two posts (you can find the first here) that center on the two most interesting special situations I'm tracking currently, Red Robin (RRGB; disclosure: long) and Liberty Tax (TAXA; disclosure: long). Given how interconnected the two ideas are, I wanted to keep to two posts together, but […]

Two Vintage Capital Special Situations Part 1: $TAXA $RRGB

Posted On August 21, 2019
This is the first in a series of two posts (update: you can find the second here) that center on the two most interesting special situations I'm tracking currently, Red Robin (RRGB; disclosure: long) and Liberty Tax (TAXA; disclosure: long). Given how interconnected the two ideas are, I wanted to keep to two posts together, […]

Quickie Idea: $ADT might not be secure, but it might be a steal....

Posted On August 9, 2019
This post is the second in a new series I plan on doing on an irregular basis. A “quickie” idea is an investment specific idea that I’ve been mulling over and find interesting, but haven’t dove fully into yet. A pretty simple hypothetical example: If Buffett bought out Coke at 25x earnings and Pepsi was […]

Some things and ideas: July 2019

Posted On July 31, 2019
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later […]

2019 halfway point letter and WOW investment thesis $WOW

Posted On July 19, 2019
Below is an excerpt from our H1'19 letter. While the below excerpt is the majority of the letter, we pulled out some sections discussing our returns and portfolio sizing due to #compliance (we did the same for our 2018 annual letter); you can contact my colleague Rob (his email is [email protected]) if you’re interested in seeing […]

Quickie idea: did $HHC teach us anything about other landbanks ($JOE, $CTO)?

Posted On July 9, 2019
This post is (hopefully) the first in a new series I plan on doing on an irregular basis. A "quickie" idea is an investment specific idea that I've been mulling over and find interesting, but haven't dove fully into yet. A pretty simple hypothetical example: If Coke got a hostile takeover offer, a quickie idea […]

Should the airplane lessors be flying higher? $AER $AL

Posted On July 1, 2019
I mentioned the aircraft lessors in my June links post, and as I was writing the post I decided I wanted to do a fuller write up on the lessors because I thought I had a few non-consensus views on them and, in particular, on their risks (in addition, I think the discussion of Buffett's […]

Some things and ideas: June 2019

Posted On June 28, 2019
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later […]
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