Case Studies

Notes on Credit Acceptance Corp (CACC)

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I recently made a list of a few shareholder letters I want to read, and one that I completed a few days ago was Credit Acceptance Corp (CACC). This post is not a comprehensive review of the business, as I just started reading about the company. But I thought some readers might be interested in some initial notes. (I am thinking about putting more of these “scratch notes” up as posts. If this is interesting to readers, please let me […]

Case Studies

Buffett’s Investment in Dempster Mill–A Cigar Butt

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I came across a case study that discusses Dempster Mill recently. I thought I’d post a brief summary of some notes I jotted down while reading it. Dempster Mill is a company that Buffett bought in the early 1960’s when operating his partnership. The company manufactured farm equipment, specifically windmills and water irrigation systems. It was a difficult business because the farm equipment it made was not much different than its competitors’ products, and because of these commodity-like economics, the […]