Graham & Doddsville Spring 2019 Newsletter

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We’ve just been reading through the latest Graham & Doddsville Spring 2019 Newsletter which features interviews with:

Yen Liow, Founder and Managing Partner of Aravt Capital

The first interview is with Yen Liow, founder and managing partner of Aravt Capital. Yen discussed the value of having worked under a couple of investment legends, the importance he places on systems design, and why he only focuses on a specific set of investment opportunities to compound growth over a period of years. Yen shared a couple of his “horses” (i.e. durable compounders) in Black Knight (BKI), GoDaddy (GDDY), TransDigm (TDG), and Constellation Software (TSE: CSU).

Bill Stewart, Founder of both Stewart Asset Management and W.P. Stewart and Company

The second interview is with Bill Stewart, founder of both Stewart Asset Management and W.P. Stewart and Company, the latter of which was sold to AllianceBernstein in 2013. Mr. Stewart shared why he focuses on predictable earnings, how he comes up with an earnings multiple, and what he thinks of the retail industry. He also discussed his views on ADP and Disney.

John Hempton of Bronte Capital

The third interview is with John Hempton of Bronte Capital. John is well-known for his public (and accurate) calls on both Herbalife and Valeant. John discusses his approach to finding fraudulent companies, why switching costs matter, and the benefits of global scale. He specifically discussed Mattel and provided additional color on his variant perception on Valeant.

You can find a copy of the latest G&D Newsletter here – Graham & Doddsville Spring 2019 Newsletter.

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