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In-Depth Industry Overview - U.S. Franchised New Car Dealerships
Low-margin but (surprisingly) asset-light industry combined with good historical capital allocation
Jan 21, 2024
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MJS
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FFD Financial (FFDF) - Short Valuation Update
FFDF trades at estimated ~6.9x forward earnings - much below most public banks
Dec 18, 2025
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MJS
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Phil Ruffin: 1 Store -> $5bn Casino
Billionaire’s path from owning one convenience store to owning a $5 billion casino + many other assets
Feb 7, 2025
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MJS
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Thomasville Bancshares (THVB)
Top tier Georgia Bank with superior operating model
Aug 23, 2024
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MJS
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Henry Singleton & Teledyne
The Ultimate Capital Allocator
Jun 24, 2024
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1950s Buffett Investment - Union Street Railway
Union Street Railway was an early 1950's “cigar butt” investment of Buffett's
Mar 11, 2024
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MJS
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FFD Financial (FFDF) - 4Q23 Update
Small, high-quality bank available at very attractive valuation
Feb 27, 2024
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Business Owner Returns & Valuation
A short article on valuation math
Feb 4, 2024
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MJS
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Twenty Punch Investments
Investments in quality companies at cheap prices (and some other topics).
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