Turtle Bay
@turtlebay_io
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Business History l Investment Cases l Financial Data
Joined July 2022
The Best Deal Charlie Munger Ever Saw Conwood Case Study Slide deck version: https://t.co/RZyroTSFId
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Interesting topic. Clean. Simple. Honest. These three things impact long-term thinking more than reporting frequency. Take Costco, Fastenal and Progressive. True examples of “taking a 50 to 100 year view.” Yet all report monthly. The standard should be Costco. Not China.
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Good article on Airbus from today's FT: Airbus is one of Berkshire's undisclosed foreign holdings. They bought $750M of stock during COVID. https://t.co/hghpDnlIff
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We’re at the red line moment. Stand for what God loves, resist what He hates.
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Great story:
36% per year for 19 years in a rock company. A little-known Tweedy, Browne story. Link in bio.
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—The Big Hedge Funds in 1968— Buffett was #1 (with just $118M AUM) $10M+ AUM got you on the list ($90M today) Recognize any other names?
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This is the type of person you want to fill your punchcard with (and the type of person you want to try to be like):
Buffett’s punchcard idea becomes much more interesting if you replace stocks or companies with people Asking “might this person be one of the 20 that I devote myself to working with and supporting for the rest of my life?” is very powerful
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Today and every day, Anduril honors our heroes. Veterans are core to our mission. They make up over 13% of our employee base. That’s more than twice the share in the US Labor Force. We asked our employees to nominate their Veteran teammates to recognize their impact. Here's
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A 1,000X investment: Toys R Us The Toys reorg was an ideal setup: a great business selling for a distressed price. Some of the sharpest investors in the world owned this one—including George Soros, Tim Bliss, Michael Price and Larry Goldstein. Read about it here:
1,000-bagger in 18 years. 46% CAGR. One of the best bankruptcy investments of the 20th century. I teamed up with @turtlebay_io on this one.
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One of the best-performing smallcaps ever:
An obscure 800-bagger. 20% a year for 37 years in a single small stock. No trading in and out. No CG taxes. No frictional costs. Link in bio for the case study.
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Great case study: Best Lock Joe is a sharp investor and a good friend. He’s gonna be putting out some first-rate content. You should give him a follow and subscribe to his site.
My first case study. Lost shareholders, genealogy reports, betrayal, activism, appraisal rights. 20% a year for 23 years in a stock nobody’s heard of. Link in bio.
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Kierlin started Fastenal with $12K in 1967. Today Fastenal is worth $42B. They’re based in a small midwestern town and have no technology or product advantages. They won by doing simple things well. Fastenal’s first balance sheet:
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There are a handful of people I look up to. Bob Kierlin is one of them. He built a first-rate business and was a first-rate human being. I can’t think of a better example of a life well lived. https://t.co/rlxMSU6bTa
wsj.com
Co-founder of Fastenal kept his salary low and stayed in cheap motels on business trips, but donated generously to schools and arts groups.
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Rockwood Notes is a kickstarter-style project to fund the research & publication of the most comprehensive account of the Pritzker family—one of the greatest stories of American business & wealth. For the official pitch, visit the About Page (linked on page). Here’s an overview
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One of my favorite business books:
Excellent book. A merger proxy on steroids + a great examination of how personal interests play into deals. Jay Pritzker was impressive. Great look at Jack Welch upon first becoming GE CEO KKR comes across admirably. I also love that the author saw the book selling
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Can confirm this story. As head trader at Enron when it filed for bankruptcy, I received many calls from firms that were recruiting. I was busy trying to close out the trading book and wanted to take some time to decide my future so didn’t take any meetings. But Citadel was by
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Some of the best VMS companies come from small towns (not SV):
@jayvas @sinstockpapi @PythiaR @Larryjamieson_ I agree. So many great software businesses started outside of SV or the major cities and had founders and early employees w ‘nontarget’ backgrounds. Examples (core bank software): - Jack Henry: Monett, MO - CSI: Paducah, KY - Fiserv: Milwaukee, WI - Systematics: Little Rock, AR
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Both Jack Henry and CSI traded at sub-5X PEs in the late 80s and early 90s.
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Core bank software is one of my favorite verticals. In fact, my favorite small software company was a core provider. CSI
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Profitable from Day 1:
@breadcrumbsre @ebitdaddy90 Most great software businesses were profitable from Day 1 (or thereabouts). This includes vertical software (see below). Google even printed money soon after the AdWords launch (despite narrative that consumer internet companies need billions of users to be profitable).
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Constellation's Jack Henry memo:
Constellation Software's ideal VMS business? Jack Henry & Associates They call it "Our Gold Standard for VMS Companies." Bernard Anzarouth, CSI's CIO, wrote a memo about Jack Henry in 1999.
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One of my favorite VMS companies:
Today we break down Jack Henry $JKHY JKHY started as a small Missouri startup. Today they are a fintech and VMS pioneer. Since the 1985 IPO, the stock is up 480x They win 50% of all banks that switch providers and reported ~99% retention over 30+ years. Their playbook? Build
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