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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RPX and the Broken Patent Market

October 11, 2013 Moats 6 Comments

A reader recently suggested I take a look at RPX Corporation (RPXC).  Coincidentally, the next day, Union Square Research Group tweeted out a link to an article about their biggest competitor.  After that, I decided I had to take a…

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Blackbaud: A Wonderful Little Niche

September 26, 2013 Moats 3 Comments

This is the first of what I hope will be a series of articles on the software industry.  Why?  Quite simply, the software industry possesses very attractive economics.  The first company we will look at is Blackbaud, Inc. (BLKB). Blackbaud…

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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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A Closer Look at Weight Watchers (WTW)

August 21, 2013 Moats 27 Comments

Well-known value investing blogger Geoff Gannon recently announced a significant investment in Weight Watchers (“WTW” or the “Company”).  Mr. Gannon’s remarks on this investment have been brief so it is not entirely clear what his thesis is.  However, he seems…

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Katkin Leathers: An Illusory Moat?

July 27, 2013 No Moat 3 Comments

While on vacation in Southern California this week, we came across an interesting little article in the LA Times.  The article tells the tale of closely held Katzkin Leather and its new Lectra Versalis cutter.  Katzkin, based in Montebello, California,…

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Tilson Comments on Avis and Hertz

July 20, 2013 Moats 6 Comments

In an interview with the Motley Fool, investor Whitney Tilson commented on the evolving car rental industry: Brendan: You're bullish on both Hertz (NYSE: HTZ) and on Avis (NASDAQ: CAR). Whitney: Yes. Brendan: You actually said the auto rental industry right…

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What Would You Pay For These Businesses?

July 10, 2013 Moats 1 Comment

We are big fans of this occasional series in the New York Times: HVAC Case Study Long Haul Trucking Case Study IT Company Case Study In the articles, the author takes a look at actual small, closely held businesses that…

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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 some Michael Burry resources provided by John Chew at the excellent CS Investing Blog.  Michael Burry is a huge inspiration to me.  If you are not familiar…

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