General Thoughts

The Most Important Moat

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I recently wrote an investor note on some thoughts I have on customer value, and why I think it’s important when analyzing businesses. I thought I’d share that letter here: Saber Capital Investor Note: “Most Important Moat” (6/13/2017) In the note, I outline why I think that when you’re evaluating the durability of a company’s moat, it’s critically important to consider the value of a company’s product from the customer’s perspective. It’s a concept I’ve been thinking about for the last […]

Charlie Munger

Berkshire Meeting Notes – Daily Improvement, Business Evolution, and Investment Strategy

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Last week I headed to Omaha to attend Berkshire Hathaway’s annual meeting. Nowadays, there is less of a reason to attend the meeting in person because it is available to watch online, but I love attending the event for all of the peripheral meetings that occur. It was a great weekend, and I got to connect with a few Saber Capital clients, as well as some good friends that I don’t see very often. No matter how long you’ve been […]

Education

Reinvestment Moat Follow Up: Capital Light Compounders

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This post is the second guest post by my friend Connor Leonard, in what I hope to be a somewhat regular “column” here at BHI (by regular, I mean as often as Connor decides to put the proverbial pen to paper and share his insights with us). Based on the quality of his work, he’s welcome back anytime. Connor and I live in Raleigh, NC, and get together regularly to share investment ideas. I encourage you to reach out to […]

Investment Philosophy

Importance of ROIC: “Reinvestment” vs “Legacy” Moats

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I’ve talked a lot about the importance of the concept of return on invested capital (ROIC), and how it is a key driver of value in a business. Feel free to go back and read some of those posts here. In this particular post, the discussion is continued. This post is something new for BHI: it’s a guest post written by my good friend Connor Leonard (see his brief bio at the end of the post). Connor and I live […]

Case Studies

A Few Key Links From 2013

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It’s the last day of the year, and everywhere you look are various “Top 10 lists”, “2013 Best Posts”, etc… Despite the title, this post is not such a list… I thought I would re-post some links to just a few things that I have read recently that I found interesting. It is more coincidence that I’m posting this on the last day of the year, and this is far from a comprehensive list of valuable things I’ve read this […]