Step 1. Identifying a Long-term Inexorable Trend Wherever possible, we prefer investments that benefit from an inexorable trend – the sort of long-term trend that cannot be disrupted by geopolitics, elections, pandemics, wars, etc., the sort of trend that we can be confident will continue for decades into the future, and the sort of trend...
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...
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,...
Mastercard Incorporated (MA) is one of the largest positions in our portfolio – having been initiated more than a decade ago. Over that period, Mastercard has compounded its per share value by more than 30% annually versus roughly 12% for the S&P 500. Just this year alone, Mastercard is up 50%. Although this performance has...
As you know, we are active, focused investors here at Globescan, meaning we concentrate on investing in specific businesses where we believe there are significant barriers to competition, paired with long runways for growth. As such, it is rare that we will invest in other investment vehicles, such as equity mutual funds or investment...
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...
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....
This is the first of what will be many short investment summaries that we will be posting on our site. Our goal here is to give you a very brief snapshot of our investment rationale. These short summaries are condensed versions of much longer internal documents that take months of research and analysis to...
