Saber Capital Investor Letter – 2017 Mid-year Update

Posted on 3 CommentsPosted in Investment Philosophy, Investor Letters, Portfolio Management, Saber Capital Management

I recently wrote my mid-year investor letter to my clients at Saber Capital Management. I thought I’d share that letter with readers, since I posted it to my firm’s website. If you’re interested, you can view the letter here (it is also embedded below): Saber Capital Investor Letter – 2017 Mid-year Update If you’re interested in receiving future Saber Capital investor letters, you can get on Saber’s email distribution list using the form on the sidebar of our website: Saber […]

One of the World’s Widest Moats

Posted on 27 CommentsPosted in Investment Ideas & Company Research, Saber Capital Management

A year ago today, I wrote a short post on a company called Tencent Holdings (TCEHY), a dominant internet company in China and its ubiquitous crown jewel of an app platform called WeChat. I began studying that company for a few months, and last fall I bought some shares for the first time, adding some more shares in December. The stock has risen this year, but still offers significant value in my opinion, and I plan to hold my shares […]

Returns on Capital and an Investment Idea

Posted on 8 CommentsPosted in Investment Ideas & Company Research, Investment Philosophy, Investor Letters

A couple years back, I wrote a series on the topic of returns on capital (ROIC) and how significant its impact is on the long-term value of a business. As a long-term shareholder of a business, your ultimate investment result will be determined by the quality of that business over time. One way to measure quality is to figure out the rate of return that the company achieves on its own internal investments (as well as what that company does […]