Hershey is a powerful real-life example of my signature capital efficient investing approach. And it's now approaching an attractive valuation for the first time in years.
Today, we introduce a leading digital payments company, with a dominant competitive position and world-class capital efficiency. Recent operational stumbles have created a near record discount in its share price, but we make the case for a rebound and 20% compounded returns from here.
To kick off Year #2, we’ve set our sights on an industry that’s deeply underappreciated… enjoys a unique quirk of financing that allows the strongest players to be ludicrously profitable... and is essential to the operation of civilization as we know it.
Could you make a fortune buying into the AI boom today? Perhaps. We would rather own a world-beating business in a sector that is uniquely underappreciated by investors. In this issue, we recommend one of the highest-quality businesses ever created.
Unless central banks and policymakers are willing to deal with a major credit crash, all roads lead back to lower interest rates and more money printing. That’s why we believe now is the time to safeguard your wealth from the demise of fiat currencies with the two ultimate stores of value.
In 2007, Porter recommended NVR, the pioneer of the "land-lite" homebuilding business model. Investors who followed Porter’s advice posted total returns of 1100%+. Today, we introduce a company that is taking a page out of the NVR playbook and is in the early innings of rapid expansion.
When a company has a dominant brand with pricing power, robust profit margins, and high capital efficiency, the returns can be enormous. Today, we’ll introduce a company that checks all these boxes and has used every downturn to acquire weaker competitors and take market share.
In today’s “two-for-the-price-of-one” recommendation, we pair one of the best distressed debt vehicles available, with a company that offers an inflation hedge through its exposure to higher commodity prices.
Thanks to an activist showdown in 2019, investors can now access a public company that is effectively a hedge fund-style investment vehicle, helmed by one of the best fund managers on Wall Street.
The type of situation we'll introduce today doesn't come around often, but when these opportunities arise... they can make you fortunes, even during bear markets. It is the ultimate safe play for a high-risk market.