Investment Write-ups

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 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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Booking Holdings Inc. (BKNG): A Tollbooth on Global Travel Growth

Business Description Booking Holdings Inc. (BKNG) is the largest online travel booking platform in the world. The company facilitates transactions between travelers and everything they might need such as: hotels, vacation rentals, airlines, rental car services, restaurants, etc. They own brands such as Booking, Priceline, Agoda, Kayak, Rentalcars, Open Table; as well as significant investments...

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United Parcel Service, Inc. (UPS): An Exceptional Business for an Unexceptional Price

Business Description United Parcel Service, Inc. (UPS) was founded in 1907 and has grown to be the world’s largest package delivery company, the leader in ‘less than truckload’ shipments and a global supplier of supply chain management solutions. The company facilitates deliveries to over 9 million receivers, across over 220 countries, each and every day....

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