Fizzy Water

The story behind National Beverage is an easy one. I first wrote about National Beverage in 2016 (see here).  You can see financials below:   2016 2018 Growth Revenue 705 975 38.00% Operating Income 93 204 119.00% Margin 13.19% 20.1%   National Beverage is a simple story.  National Beverage owns

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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

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Facebook’s User Network and User Data

Facebook’s strengths rest in two very distinct areas: the user network and user data. If you want to determine whether Facebook is healthy, you need to ignore the headlines and focus on these two aspects. Is the user network still intact? Is the user data still intact? Although the headlines

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Update on Match and Tinder

When I first wrote about Tinder’s parent company, Match, I believed there were two risks. I know I made a mistake with the first risk, and I believe there are lessons to be learned from both risks I identified. First, Tinder operates a freemium network user business model. Users can

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Burgers, Fries and Shakes

Shake Shack (“Shak”) is a burger joint that is much more than a burger joint. It’s tough to describe if you haven’t eaten there. At the end of 2018, Shak will have about 123 domestic (U.S.) company-owned locations and about 85 Licensed Shacks (the majority of the licensed locations are

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VRSN Follow-Up

VRSN reported their quarterly results last night with a brief 30 minute conference call (you could also read the transcript in about half that time).  The remarkable thing about VRSN is really how unremarkable it is. The business is highly focused on managing the .com and .net registry (hoping to

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Facebook’s Stadium

Facebook’s one day drop on July 27th was impressive.  It marked the largest ever loss of equity value for a U.S. listed company.  However, to achieve such a feat requires a large market cap before such a day, quite an impressive feat on its own.  This feat was only accomplished

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Bad Blood and Schrödinger’s Cat

Bad Blood is a great book.  It’s a fast read, it’s interesting and you should read it.  I want to only discuss one aspect of investing with regards to my takeaways from this book. In November of 2006, Theranos raised money at a valuation of $165m.  Approximately 8 years later,

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The Other Side

“I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.”— Charlie Munger “We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can

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The FAA Inspector as an Investor

Imagine you are an airplane inspector for the FAA.  You job is to certify the flight-worthiness of a plane. You check the planes annually and certify that they are flight-worthy until the next inspection.  This particular day you happen to be flying in the plane you are inspecting and therefore

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