To the best of my ability, I try to provide the timely disclosure of my investment activity. In my April 3 Blackstone and Brookfield Exposure Increase post, I disclose purchases in those two companies. With the April 7 Mastercard (MA), S&P Global (SPGI), and HEICO Corporation (HEI and HEI.a) exposure increases, I now disclose these [...]
We are certainly living in 'interesting times'. As investors, we can either 'panic' or view them as an 'opportunity'. I view the April 2 tariff announcement as an 'opportunity'. A HUGE segment of the global population is, unfortunately, going to be in a 'world of hurt'. The same applies to a great many companies whose [...]
In my December 19, 2024 post I disclose initiating a 300 share Cintas (CTAS) position in one of the 'Side' accounts in the FFJ Portfolio. I subsequently acquired an additional 200 shares on December 31, 2024 thereby bringing my total exposure to 500 shares. Although CTAS is in an entirely different industry than Rollins (ROL), [...]
Following my October 2, 2024 post at which time the most currently available financial information was for Q1 2025, Paychex (PAYX) disclosed its intent to acquire Paycor HCM (PYCR) for ~$4.1B on January 7, 2025. PAYX expects to close this acquisition in April 2025. This impending acquisition makes strategic sense as it enables PAYX to expand [...]
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 [...]