Importance of ROIC: “Reinvestment” vs “Legacy” Moats

By John Huber, I’ve talked a lot about the importance of the concept of return on invested capital (ROIC), and […]

Stephen Mandel’s Investment Check-List

Lone Pine’s Stephen Mandel is widely regarded as one of the best bottoms-up fundamental portfolio managers out there. He also […]

Taxi Licenses Outperform Stocks, Oil and Gold

By Charles Mead, Bloomberg, The surging price of New York’s taxi medallions and their promise of steady cash flows have […]