Why we are excited to still own Disney

Pricing power has always been an important concept in valuing companies and something we take very seriously. It is a good measure of a company’s brand value and a strong measure of its “value” to the consumers of its product or service. One of the reasons we have de-emphasized the ownership of commodity-based companies is … Continue reading Why we are excited to still own Disney

Mid-Summer Update: Ownership vs Playing Musical Chairs

Mid-Summer Update: Ownership vs Playing Musical Chairs If one were to ask an investment strategist from a bank which way the market will be headed in the next year, they could reasonably expect to hear “higher”. That has always been the case. Wall Street’s modus operandi is to sell optimism; it’s hard to sell investments … Continue reading Mid-Summer Update: Ownership vs Playing Musical Chairs