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?

FOLLOW OUR BLOG

Join 5,269 other subscribers

financial research, business finanical research, marketing research, investment research, financial investing, learn about financial investing, investing, financial investments

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

financial research, business finanical research, marketing research, investment research, financial investing, learn about financial investing, investing, financial investments

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

financial research, business finanical research, marketing research, investment research, financial investing, learn about financial investing, investing, financial investments

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


Links for Moat Hunters

July 4, 2013 Moats, Resources 9 Comments

Happy Fourth of July! Here are some links for the long holiday weekend: First, are…

Continue Reading

Amerco (UHAL) and Hertz (HTZ): Emerging Moats?

July 2, 2013 Moats 3 Comments

Thus far, we have looked at two great companies and one not so great company. …

Continue Reading

How to Buy A Stock that Will Drop 50%: Goodyear Tire & Rubber Company (GT) – A No-Moat Company

July 2, 2013 No Moat 0 Comments

Now that we have looked at a great, wide moat companies, See’s, let’s take a…

Continue Reading

See’s Candy – The Prototype of the Wide Moat Company

July 2, 2013 Moats 6 Comments

Buffett often holds out See’s Candy as the prototype of the wide moat company.  What…

Continue Reading

Welcome to Punchcard Investing

July 2, 2013 Process 10 Comments

“I could improve your ultimate financial welfare by giving you a ticket with only twenty…

Continue Reading


FOLLOW OUR BLOG

Join 5,269 other subscribers