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Alliance Data is positioned to benefit from a sustainable competitive advantage through its integrated platform that combines private label credit card services, marketing, and loyalty solutions. The

Alcoa's core franchises are quality businesses generating returns in the low to mid teens, despite the overall company being misjudged due to the poor performance of its aluminum segment. The alumina

We recommend a long position on Alcoa with a 2018 price target of $16, representing 60% of upside to current valuation and a 19% IRR. The market may misunderstand the quality of Alcoa’s core businesse

We recommend a long on Advance Auto Parts with a price target of $280, offering 75%+ upside from today’s price of $161. We believe EPS can double to ~$16 over the next four to five years via multiple

Advance Auto Parts is mentioned as a long position, indicating a positive outlook on the company's performance and potential for growth.

Schwab is a high-quality business with a wide moat, capable of growing client assets by at least 7% annually and earnings by over 10% with a 100 basis point increase in the Fed Funds rate. The stock t

Charles Schwab is a strong investment due to its robust business model and market position.

Alimentation Couche-Tard is positioned to outperform estimates due to recent acquisitions and favorable market conditions, including the need for over-levered US MLPs to sell assets and low oil prices

XPO Logistics is positioned for significant growth following its recent acquisitions of Norbert Dentressangle and Con-way, which are expected to enhance its market position and operational efficiency.

Quest Diagnostics is expected to face secular pressures due to commoditization of services, unfavorable regulations, and increased buyer bargaining power, leading to persistent pricing and volume pres

Dexcom is facing significant challenges due to increasing competition from integrated devices that combine continuous glucose monitoring (CGM) technology with insulin pump therapy. The company's reven

Dexcom is overvalued due to market misconceptions about the competitive dynamics in the continuous glucose monitoring (CGM) industry and the actual patient benefits of its products. The company faces

SQBG recently acquired Martha Stewart Living Omnimedia, which has a profitable licensing business that is underfollowed and undervalued. The company has opportunities to expand its licensing deals and

Martha Stewart Living has a strong licensing business that is high margin and capital light, which is attractive despite the challenges faced by its publishing segment. The recent restructuring under

DHX Media is positioned well in the over-the-top video distribution landscape, focusing on kids' content which is crucial as 30% of SVOD viewing is kids' content. The company has a clean business mode

DHX Media is a compelling investment due to its structural advantages as a Canadian entity, benefiting from government subsidies that cover a significant portion of content production costs. The compa

General Growth Properties is a regional mall REIT with a diversified portfolio and high occupancy rates, which remained stable even during the financial crisis. The complexity of its corporate structu

Constellation Software is praised for its clear and honest reporting to shareholders, which includes a consistent presentation of financial performance and a transparent discussion of results. This ap

We still hold Tandy Leather, one of our top five holdings, which we owned since 2009.

We bought Popeyes, which we had been closely following, as it was in the early stages of a turnaround.

We bought into Peerless Systems at a very big discount to cash and joined the board to push for returning capital to shareholders.

We bought Hilltop Holdings at a huge discount to cash during the crisis, viewing it as a very low-risk investment with a lot of upside.

We looked at Costco during the crisis but passed, which I regret as it was one of the extremely good businesses we wanted to buy.

We own Google now and have since 2011, indicating our belief in its long-term value and growth potential.