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.”

Stadio Holdings: Strong growth prospects in an undersupplied sector.

Stadio (JSE:SDO) is an investment holding company containing a collection of private higher education institutions. It listed on the JSE 3 years ago and has since outperformed every target management has set for it…

ISA Holdings: The investment thesis and a case study on mental models and factoring for ignorance.

At the current price level, ISA Holdings provides the opportunity for a very lopsided bet on a cash generative company with an excellent managerial track record, growing dividends, and solid industry headwinds…

African Rainbow Capital Investments: A Growth bet at a Deep Value price (Part 2)

This is the second of a long, three-part article. Here is the first. If you are interested and looking to invest into ARC, we recommend reading the whole thing. Should you be pressed for time, you can skim the bold sections and you will get the gist of it all. If your interest is merely cursory or a fleeting thought, then we would recommend the “Explain Like I’m Five” section of the summary above.

African Rainbow Capital Investments: A Growth bet at a Deep Value price (Part 1).

ARC Investments is a holding company trading at a very significant discount to the sum of its parts. It offers access to high-growth potential subsidiaries (Rain and TymeBank), as well as very quality companies (Afrimat and Alexander Forbes) all well below their intrinsic value (shares trade at approximately 50-70% discount to NAV)…

First Note: Welcome to Vineyard Holdings

South Africa is today what America was during the gold rush of the 19th century: A veritable gold mine for enterprising individuals with a penchant for the unknown. We have a country littered with opportunity for those willing to turn over the rocks and scrummage through the dust.