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 a publically traded corporation listed on the NYSE.  These 10 years were not particularly auspicious.  After a decade in which it never earned a penny,…

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Collectors Universe: The Poor Man’s Moody’s

April 15, 2016 Moats 21 Comments

Collector’s Universe (CLCT) is the kind of company value investors profess to love.  After all, it ticks most of the boxes on a value investor’s checklist.  It is a microcap[1] with years and years of reliable cash flow.  It has…

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Do Financial Services Companies Have Moats? Part II, American Express

January 2, 2014 Moats 12 Comments

In Part I, we looked at Nicholas Financial, a microcap subprime auto lender.  We saw evidence of a moat based on nothing more than temperament, restraint and a rational approach to credit risk.  Today, we look at a much larger…

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The Hershey Company and the Power of Brands

September 10, 2013 Moats 13 Comments

One of the major precepts behind this blog is that we can learn the most about how profits are created by studying profitable companies and figuring out their business models.  We can then think about how they might apply elsewhere. …

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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 lessons can be learned from this case study? Background See’s Candy manufactures, distributes and sells high quality candy through retail outlets.  These retail locations are…

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