In November, I spoke at a University of Texas MBA investing course. After introducing myself and my investing strategy, I spent the bulk of the presentation analyzing the competitive advantages of Amazon, Facebook, and Tesla. Specifically, I gave my opinion on how long-lasting each of their moats potentially is and tied that back into my long-term focus. Click below to view the presentation slides.
Two weeks ago I gave a presentation on Trupanion at the Value Investing Seminar in Italy. The presentation is brief for two reasons:
- I only had 20-minutes to present.
- I don’t like reading slides when presenting (kind of defeats the point of presenting), so most slides contain high-level thoughts that were explained more in-depth by me.
I wish I would have had 30-40 minutes to present. That way I could have done a deeper dive into the business. Nonetheless, I think some readers will get value out of it. Click below to view the presentation.
My 2018 interim letter is linked below. Topics include:
- My evolution to focusing exclusively on compounders
- JD.com investment thesis
- Four significant changes to Wiedower Capital to help align my investment strategy with my partners and my own pay structure
My 2017 annual letter is linked below. If you’re interested in the below topics you should probably check it out 🙂
- Why I think Issuer Direct has a durable competitive advantage and can grow for many years
- How undervalued Parks! America is
- What I learned about myself as an investor through investing in New York REIT
- Setting short-term goals that don’t hinder long-term goals
- Other general musings and portfolio updates
“What about Where Food Comes From initially caught your attention as a value investor?
Where Food Comes From checks several of my favorite investment boxes: small, founder-led, high insider ownership, zero debt, profitable, and growing. I love industries that have long runways of growth ahead of them. Where Food Comes From benefits from several major trends in food—organic, non-GMO, gluten-free, animal welfare, and more generally, consumers demanding transparency in the food chain and wanting to know where the food they eat comes from. I like large industry tailwinds because it makes business much easier. In a fast growing market, competitors are less likely to engage in price wars or other detrimental practices. This is because most participants are growing revenue, even if they’re losing market share. Growth is harder to come by in mature markets so there’s more likely to be competitive practices that are harmful to all participants.”
The above is an excerpt from an interview I did recently about Where Food Comes From. The rest of the interview can be seen at The Business (And Stock) Behind Where Food Comes From.
As of this writing, Wiedower Capital owns shares in WFCF. This is subject to change.
I published a write-up on Seeking Alpha yesterday about Trupanion (TRUP). The summary is:
- Trupanion is building a durable competitive advantage in an industry that is set to grow 10x+ over the coming decades.
- The company is still run by their passionate founder who has the vast majority of his net worth in Trupanion stock.
- The current valuation looks very expensive, but starts to look reasonable the farther out you look.
Read the full write-up here: https://seekingalpha.com/article/4090526-trupanion-long-term-compounder
As of this writing, Wiedower Capital does not own shares in TRUP. This is subject to change.
I published my first write-up on Seeking Alpha today. The summary of my thesis is:
- Franklin Covey (FC) is going through a SaaS transition that is temporarily harming its financials.
- The new, improved business model should become more obvious to the market in the coming quarters.
- There is upside of 40-80% over the next 18 months with potential for more longer term.
To read the entire write-up, head over to https://seekingalpha.com/article/4084174-franklin-covey-nearing-inflection-point
As of this writing, Wiedower Capital owns shares in FC. This is subject to change.