1Q 2018 Performance Letter

Since the Markets are closed on Good Friday, I will take this time to send out my Q1 2018 Letter. I will go over the returns for both the Voyager Fund and the SteadFast Fund for the most recent quarter. I also want to start a tradition of putting a quote that I find meaningful […]

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A Telecom Monopoly in Russia

It’s no secret I’m bullish on Russia. I know this isn’t an easy stance to take given the tensions between the United States and Russia right now, but I don’t care. I try to find value where value resides. To me, there’s tremendous asymmetric value to be found in Russia. The bad part of Russia […]

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Searching Through Semiconductors

The semiconductor industry, from a price per share perspective, is close to all time highs. Because of this, I was quite surprised to see a semiconductor business pop up on one of my loose stock screeners. The company is inTest Corp (INTT). Sporting a FCF Yield of 9%, growing revenues, and industry leading margins and […]

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Supplement Your Portfolio With NAII

Most pharmaceutical companies are hard to analyze, and even harder to forecast earnings and FCF over time, which makes them good candidates to be kicked to the curb for research. However, sometimes a company, even a pharmaceutical, can have tremendous balance sheets and generate consistent free cash flow that compounds over time. One such company […]

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Jay Walker Is At It Again

Ben Graham taught me that its better to invest in good businesses trading at discounts to intrinsic value. Warren Buffett elaborated on that idea and taught me it’s sometimes okay to invest in great businesses at okay prices. What both of these men will tell you is that it’s always a great idea to invest in companies […]

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