Incremental Insights #2
Wendy’s: Where’s the Beef?
Wendy’s (WEN) is a simple, predictable, and profitable business model. Wendy’s generates a lot of cash and has committed to returning virtually all of it to shareholders, offering a yield of 5.3%. Additionally, the company's buybacks should add another 1.4% per year. This could be the catalyst to boost Wendy’s stock price.
Richard Rainwater: The Bass Years
How Richard Rainwater, who I never heard of before this podcast, took $50m from the Bass Family and turned it into $5 billion. One of his guiding principles was to invest in transformative technologies and partner with the best investors in that space.
Superstar Brands
Superstar brands are valuable intangible assets that drive consumer loyalty, sales and profits. But like other intangible assets, they tend to be undervalued by investors. Sparkline outlines their process of Trademark Yield to find undervalued superstar brands.
John Griffin’s Reading List
John Griffin is the CEO and founder of Blue Ridge Capital one of the original Tiger Cub funds. The link above is his reading list from Columbia Business School.
Fundsmith 2023 Annual Letter
On the importance of doing nothing when you own good companies that generate high returns on capital and generate significant free cash flow.
Interview with David Kim a.k.a. Scuttleblurb (2024 Edition)
Liberty’s annual interview with Scuttleblurb on the state of the financial newsletter business.
