Author - gciadmin

Second Quarter 2020 Update

Dear Clients, Globescan Capital was founded on the principle that investing in high-quality companies at attractive prices is the most consistent way to achieve long-run, risk-adjusted returns. As such, as many of you already know, we do not overly concern ourselves with short term market swings driven by ever-changing sentiment shifts or short-term news flow. Instead,...

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Thoughts on Risk: How to Invest with Uncertainty

So far, the year 2020 has been characterized by volatile swings in share prices as the market comes to terms with the uncertainty surrounding Covid-19, social unrest, and the continuing US/ China trade war. Since its peak in mid-February, the S&P 500 has crashed by 35% and subsequently rallied by almost 50%. Throughout these huge...

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Equinix Inc. (EQIX): Connecting the World

The internet is fundamentally a network of networks. For example, this website that you are reading is stored on a server somewhere which is connected to a network that is likely different from the network you are using to read it. At some point, these different networks (Charter, Comcast, AT&T, etc) need to communicate...

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First Quarter 2020 Update

Dear Clients, Globescan Capital was founded on the principle that investing in high-quality companies at attractive prices is the best and most consistent strategy to achieve long-run risk adjusted performance. This remains as true today as it has ever been. Regardless of any recent market movements, we maintain the same disciplined adherence to that principle. In...

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Market Update: The World is Ending (Again…)

For those of you who aren’t keeping score, the most recent daily returns of the stock market have been: -9%, 5%, -5%, -10%, 9%, and -12%. That -12%, which occurred yesterday, also happened to be the single worst day in US stock market history since October 19, 1987 (a title previously held by last...

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Market Update: A Crude Day for Oil Prices

You’ll excuse us if these market updates are getting a bit out of hand (we naturally prefer to write about things that play out over years, not months) but these past few weeks have given us a front-row seat to the market’s panic-driven, short-term irrationality – a trait that investors (especially passive investors) might...

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Market Update: Coronavirus Edition

So far this year we have seen a 10% sell-off in equity markets. We should open by saying this is no cause for concern. You will recall that we noted in our last few letters that statistically speaking, we have been due for a 14% peak to trough sell-off for a while now. Many...

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First American Financial (FAF): Insurance Without the Payouts (Mostly)

First American Financial Corporation (FAF) is one of the two dominant players (along with Fidelity National Financial, FNF) in the title insurance industry. FAF isn’t exactly the sexiest company – they don’t show up much in the news – but they are the sort of very profitable, dependable, defensible company, providing a keystone service,...

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