Search Results for: rational management

Searching for Rational Management

Through the rambling course we’ve taken on this blog, we’ve highlighted a few businesses with wide economic moats. Some offer products that satisfy basic and enduring needs; others sell a commodity product—like insurance or suit liners—but with the lowest cost … Continue reading

Rational Management at FortuNet

Truly rational capital management too rarely resides in the executive suites of publically traded businesses.  More often, a myopic focus fixes on growing the empire by acquiring more assets, all while ignoring the owners’ interests—the productive use of retained earnings.  … Continue reading

Three Cheers for Tucows?

In the past, we’ve profiled a handful of microcap companies (FNET, KSW, LIMC, RMCF), either with discernible competitive advantages, particularly rational management, or an imminent catalyst for unlocking shareholder value. We continue in that vein today by profiling Tucows, Inc. … Continue reading

Rocky Mountain Chocolate Factory

Lately I’ve been sleuthing for rational capital management. Impressed by FortuNet’s cash distribution, disappointed by Moody’s stagnant buyback plan, and annoyed by KSW’s passivity, it is clear to me that rational management can be found in unlikely places, and that … Continue reading

Where have the Buybacks Gone?

A stock represents an ownership stake in a business. But why should that stake ever be worth anything? In the worst cases, imprudent management funnels future earnings back into unprofitable endeavors and overpriced acquisitions, and your stake could become worthless. … Continue reading

Trolling for Bargains

The daily troll for bargain securities will always produce a few nibbles. Yet, it is not until after the important and sometimes tedious work of reeling in requisite information that one actually gets a glimpse of his catch. One nibble … Continue reading

Buffett’s Berkshire Letter for 1992

In 1992, the United States watched its most successful third party candidate since Teddy Roosevelt garner nearly 20 million votes, or 18.9% of those cast. Bloomington, MN became home to an American temple, with its gargantuan coffers poised to receive … Continue reading

Reviewing Malcolm Gladwell’s Blink

Is investing more art or science? Cash flow analysis and industry assessment submit to quantitative measures. Yet, economic moats and management’s rationality less so. The most successful investors use both quantitative and qualitative assessments to find undervalued businesses, though the … Continue reading

Assessing eBay’s First Quarter

eBay filed its first quarter 10-Q at the end of April, and the stock price launched. With two highly lucrative toll-booth businesses—brokered sales and payment services (Paypal)—and an exceedingly low price (briefly selling below $10 per share earlier this year), … Continue reading

Buffett’s Berkshire Letter for 1982

1982 saw guns ablaze at the Falkland Islands. Walt Disney World grew its empire by opening its second largest theme park—Epcot. Wayne Gretzky set the reigning record for the most goals scored during an NHL season, netting 92. And the … Continue reading