This report originally began as a slide deck. If you’d prefer it in that (far messier) format, here we are: There is already copious Ethereum literature out there; my work leans heavily on it. This essay is intended as a summary of existing theses and a primer on key concepts, more than a particularly novelContinue reading “Monopolies with Growth: Ethereum”
Author Archives: Jordan Nel
Cartrack: A Deep(er) Dive.
Introduction In 1951, a twenty-one-year-old Warren Buffett wrote an article about GEICO titled “The Security I like Best”. He begins by admitting the broader market was “riding [the] wave of prosperity”, but that the auto-insurance industry had not shared in this ride and was home to many under-priced stocks. In the article, he outlines GEICO’sContinue reading “Cartrack: A Deep(er) Dive.”
What value is a value investor?
Could you answer the question: “What value do investors add to society”? Not venture capitalists, not activist investors, not owner-operators, not macroeconomic investors either. This question pertains specifically to money guys who pick stocks. Hedge funds have become synonymous with high pay and – with the rise of passive investing – many are questioning whatContinue reading “What value is a value investor?”
Book Review – The Stellenbosch Mafia
The Stellenbosch Mafia are a group of wealthy billionaires based in the Cape Winelands, all of whom are involved in an intricate network and control some of the largest companies in South Africa – Markus Jooste is the villain of the story…
Mini Essay: The Mississippi Bubble
In 1717, the Mississippi Company had big plans to colonize the area around modern day New Orleans. John Law – the director – was also the governor of the French central bank and worked closely with King Louis XV. To finance their colonization, the company issued shares on the Paris stock exchange, spreading the narrativeContinue reading “Mini Essay: The Mississippi Bubble”
PBT Group: An undervalued spinoff with strong industry tailwinds.
The PBT Group, previously Prescient, was an amalgamated financial services and business technology service provider. In 2017 they spun out their financial services holding to focus exclusively on business technology and data analytics…
Sygnia Limited: A scalable disruptor in a growing industry.
SYG is a passive-strategy asset management firm based out of Cape Town, South Africa. They are run by an intelligent and divisive owner-operator in Magda Wierzycka. As market leaders in the passive investment …
Santova Limited: Tech-enabled, steady growth and a low-price tag.
SNV is a resilient, well-run business, which is well positioned to capitalise on broader market adoption of newer technologies. Its offerings confer cost-savings benefits to clients that occasionally exceed the cost of purchase…
On diversification for the value investor.
The point of this article is to argue – in simple, non-academic terms – for diversification and risk hedging within the concentrated, long-only, equities-based, “value investing” community…
A Collective of Nopes: First Edition.
This article outlines some of the rocks we turned over and passed on, as well as a brief reason on why we passed on them. Because of the legwork required to turn over a host of rocks, we try to pass on companies as quickly as possible…
Vineyard Holdings 