Invest in a business any fool can run, because someday a fool will. Charlie Munger and Warren Buffett - Berkshire Hathaway Nike (NKE) is a good example of how poor leadership can harm even great companies! When John Donahoe was appointed as NKE's 4th CEO in January 2020, NKE called out his 'expertise in digital [...]
I last reviewed Veeva Systems (VEEV) in this December 6, 2024 post at which time the most current financial information was for Q3 and YTD2025. Unfortunately, Veeva is approaching fair valuation with the share price surge following the release of Q4 and FY2025 results after the March 5, 2025 market close. Let's have a look [...]
When I completed my 2023 year end portfolio review, S&P Global Inc. (SPGI) was my 8th largest holding. In early 2024, however, the Canadian Federal government introduced changes to the level of taxation on capital gains. This resulted in many Canadians having to seek professional tax advice. Following extensive discussions with our tax accountants, we [...]
I last reviewed Agilent (A) in this November 27, 2024 post at which time the most current financial information was for Q4 and FY2024. With the recent release of Q1 2025 results and an update to the FY2025 outlook, I revisit this existing holding. In my prior review, I state that if A's share price [...]
In this September 2019 post, I disclosed a new position in HEICO position with the purchase of 300 shares @ ~$99/share in one of the 'Side' accounts in the FFJ Portfolio. What prompted me to analyze this company was an article entitled The Greatest Investor You’ve Never Heard Of: An Optometrist Who Beat The Odds [...]
I last reviewed Zoom Communications in this November 26, 2024 post at which time I pointed out how stock-based compensation (SBC) distorts the company's Free Cash Flow (FCF). FCF is a non-GAAP metric. How companies calculate FCF is, therefore, inconsistent. ZM, for example, merely deducts capital expenditures (CAPEX) from its Net cash provided by operating [...]
When I published my Copart Is A Great Company. Can't Say The Same For Its Valuation post on November 24, 2024, shares were trading at $62.70. Following the February 20, 2025 market close, CPRT released its Q2 and YTD2025 results. After reviewing its results, I acquired an additional 400 shares @ ~$56.29 in a 'Side' [...]
In my recent Carried Interest Is A Hidden Gem post, I include an excerpt from Bruce Flatt's (CEO of Brookfield Corporation) February 13, 2025 Letter To Shareholders in which he explains Carried Interest and why it is a hidden gem. Coincidentally, on February 14 2025, BlackRock (BLK) communicated its Board's decision (see Form 8-K) to [...]
Rollins (ROL) intends to double its revenue over the coming decade. This will require access to the capital markets. This now becomes possible with the assignment of investment-grade corporate credit ratings from Fitch and S&P Global. I last reviewed Rollins (ROL) in this April 30, 2024 post at which time the most current financial information [...]
In 2020, Becton Dickinson (BDX) embarked on its 5-year BD2025 strategy. Although BDX's total investment return over the past ~8 - ~9 years is disappointing, its transition into a pure-play medtech company is approaching an end. I am, therefore, sticking with this investment since I think future performance will be superior to that of [...]