Our Philosophy

Dedicated to the Exploration of Moats and High Quality Businesses

Say you’ve got an old-school punch card. An all-summer amusement park pass for the kids. Or a loyalty card, offering up good prices on a spectrum of attractive goods and services over the course of a year.
But there are a few rules.

You can only buy one card, for a set price. Moreover, each ride–product or service–is worth a different number of points: Some cost more than others. Plus, you don’t get unlimited options. You only get 20 available punch-spots. Once the last one is punched, that’s it: You’re spent out.

Wouldn’t you think more carefully about which ride–or which service or product–offered the biggest bang for the buck–if you knew you only had 20 choices to make?

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Analytical Framework

We approach any proposed investment with a great deal of humility. We start from the premise that the future of a company is not knowable. Thus, there will always be a zone of ignorance. Our mission is to reduce that zone until it’s small enough to convince us that probability is in our favor. Read more

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Competitive Moats

The moat analogy, another Buffett credit, works like this. A company’s assets are like a castle, with a surrounding moat to keep competitors from invading and looting its treasured advantages. In investing terms, competitive moats are well-stocked with special advantages that secure their market leadership, consistently outperforming competitors selling similar goods or services. Read more

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Valuation Risks

Many, many super geniuses are certain that mathematical modeling can predict a portfolio’s maximum possible loss. But they really can’t eliminate the zone of ignorance–that is, what is going to happen in the future. Read more

Punch of the week

Thoughts and analysis from the Punch Card team


New Contest From focused Compounding!

September 20, 2017 Uncategorized 0 Comments

Focused Compounding is going to pay $350 to the author of the best idea posted to…

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Interview with Mr. Geoff Gannon of Focused Compouding

May 22, 2017 Uncategorized 0 Comments

Below is an interview with Mr. Geoff Gannon.  Mr. Gannon should be well-known to most…

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Follow Up on CBRE

December 9, 2016 Process 10 Comments

On this blog, I try to be as transparent as possible.  That is why I…

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CBRE:  Using An Industry Deep Dive to Detect an Emerging Moat

November 17, 2016 Moats 8 Comments

“Future profitability of the industry will be determined by current competitive characteristics, not past ones….

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How Are We Doing?: A Second Look at Amerco (UHAL)

September 7, 2016 Moats, Process 6 Comments

This post is the second in an occasional series where we will review our previous…

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A Cautionary Tale: Trump Hotels & Casino Resorts (DJT)

August 19, 2016 No Moat 8 Comments

From June 7, 1995 to September 27, 2004, Trump Hotels & Casino Resorts (DJT) was…

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