Twenty Punch Investments

BLHK - blueharbor bank

High-performing + high-growth bank at potentially cheap valuation

Mar 26 • MJS

6

1

December 2025

FFD Financial (FFDF) - Short Valuation Update

FFDF trades at estimated ~6.9x forward earnings - much below most public banks

Dec 18, 2025 • MJS

1

1

February 2025

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 • MJS

4

1

August 2024

Thomasville Bancshares (THVB)

Top tier Georgia Bank with superior operating model

Aug 23, 2024 • MJS

12

2

June 2024

Henry Singleton & Teledyne

The Ultimate Capital Allocator

Jun 24, 2024 • MJS

17

1

3

March 2024

1950s Buffett Investment - Union Street Railway

Union Street Railway was an early 1950's “cigar butt” investment of Buffett's

Mar 11, 2024 • MJS

6

2

February 2024

FFD Financial (FFDF) - 4Q23 Update

Small, high-quality bank available at very attractive valuation

Feb 27, 2024 • MJS

2

5

1

Business Owner Returns & Valuation

A short article on valuation math

Feb 4, 2024 • MJS

3

January 2024

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 • MJS

18

10

1

Warren Buffett in 1980

Excerpts from the The Money Masters

Jan 7, 2024 • MJS

3

1

June 2023

Todd Combs in Updated Security Analysis Book

Combs provides a unique look into his investment research process

Jun 21, 2023 • MJS

92

3

17

May 2023

Trinity Bank N.A. (TYBT)

Top tier one-branch bank in Texas with extremely high quality management team

May 10, 2023 • MJS

3

2