Under-rated

Finding things that are consistently under-rated is a great thing. Under-rating things is a function of two variables: Degree to which others don’t rate it at all (i.e. out of mind) Degree to which what rating it really should have is significantly higher than it is Hiding in plain sight. John Huber, of Saber Capital…

3 Best Reads of this Week

Please bear with me this week. There’s nothing much but commentary about Constellation Software’s latest shareholder letter. Besides my own reaction to it, it’s imperative that you read others’ opinion too. Enjoy. “If CSU [Constellation Software] returned cash to shareholders, instead of pursuing new initiatives, that cash would would earn CSU’s cost of capital at…

Love Letter

One hallmark of great business leadership and investment thinking is clear writing. Warren Buffett’s letters to shareholders likely set the precedent (and standard) and over the years others followed suit in its practise. At the top of the pack is Mark E. Leonard from Constellation Software. His letters are direct. His style is self-effacing (to…

My Favourite Writers of Investor and Shareholder Letters

The cat is out of the bag that there are great and generous business and investment minds that share their thoughts with us in the form of letters. Any investor worth their salt would know about Warren Buffett’s letters in Berkshire Hathaway’s annual reports. (Whether you’ve read them or not is another matter.) I’m still…