Verisign: The Golden Yardstick

Suzuki Violin is a method for teaching violin. There is a set of books that contain numerous songs that the children learn in order. If you go to an early violin recital for Suzuki students, you might hear 5 different children playing a simplified version of Twinkle, Twinkle because it

Read More »

The Highly Confident Turnaround CEO

Six months ago I read a transcript of an interesting exchange between a CEO and an analyst. The analyst posed a frank question about the future prospects to an incoming CEO. Her reputation was stellar. Her pointed response made me note the conversation. I wanted to come back later and

Read More »

The Abominable No-Man and Bad Management

Some investors think a business is good, but know that management is bad.  These investors justify the investment based on the idea that the great price of the business is worth the bad management. This is akin to marrying a supermodel who is going to yell at you all day.  Whatever pleasure your eyes may derive from the marriage, your ears will endure a greater amount of pain in the long run. The pocketbooks of those partnering with bad management are likely to see a similar 50%+ decline in their net worth.

Read More »

Why Write?

Bird by Bird is, in my opinion, a poor book with an excellent chapter on First Drafts, namely “Terrible First Drafts.”* I quote below: Now, practically even better news than that of short assignments is the idea of ‘terrible’ first drafts.  All good writers write them.  This is how they

Read More »

A Clean Room and 8 Year Projections

There is a huge element of “unknowns” in investing.  A business is a highly complex organism that is evolving and changing each day, not to mention that the environment and its competitors are doing the same each day, sometimes at an alarming rate.  These unknowns force a passive investor to

Read More »

Verisign: A Case Study of a Great Business

Verisign (“VRSN”):  The quarterly update from VRSN is so enjoyable.  It takes so little mental effort to realize that this is a great business.  Additionally, each quarter, you realize how much heavy lifting is being done for you by the great business. You can find the earnings release here. VRSN

Read More »

The Golden Goose Squared

Last week, there were two great posts on the world wide web.  Legacy Moats vs. Reinvestment Moats by Connor Leonard as a guest post at Base Hit Investing and Young Money’s post about the Difficulty in Predicting Long-Term Winners. You should read both.  Now……. Ok.  For the slackers in the

Read More »

Think Fast – Lessons for Dating, Investing

Imagine you are on a date.  The female counterpart (in my case) suggests that we relax after a nice meal by watching The Real Housewives of New Jersey.  Strike one, you are out.  This is my blog post, so I can dictate the rules–in my dating baseball game, you only

Read More »

2015 Annual Letter

A good marketing pitch book for an investment fund will have a clearly defined investment strategy.  Some sort of track record illustrating how this specific strategy has performed well in the past will also be front and center.  It might be growth, value, distressed, quantitative or some other variation.  However,

Read More »
JOIN THE SOVA GROUP DISTRIBUTION LIST

Close Menu