Summer/Fall 2008

Amy Chen presented a thesis on L Brands, highlighting its recent restructuring and manageable debt levels. She emphasized the company's strong fundamentals and potential for growth, addressing concerns about store ownership and rental costs during the Q&A.

Vikas Jain argued that Acxiom Corporation is a good business run poorly, suggesting that management could implement several strategies to enhance the company's stock price. His analysis included considerations of proprietary technology and competitive advantages.

Adam Lindsay advocated for a long position in CarMax, citing its strong competitive position in the used car market and potential for expansion. He demonstrated a deep understanding of the business, particularly regarding its financing operations and receivables.

CSX benefits from a combination of growing demand and tight capacity for coal, which has to go by rail. The company's strong position in the rail-based transportation services market makes it a compelling investment opportunity.

NutriSystem Inc. has a strong business model with low capital requirements and high financial returns. Despite recent stock price declines due to competitive threats, the company is expected to maintain its pricing power and benefit from a growing market, proven product efficacy, and untapped markets. The stock is undervalued with a target price of $45 based on multiple expansion and discounted cash flow analysis.

NutriSystem is undervalued due to its strong brand and market position in the weight loss industry. The company has a solid business model that generates consistent cash flow, and with the right marketing strategies, it can significantly increase its customer base. The pitch suggests an entry price and a target price based on projected growth and market trends.

Stewart Enterprises operates in the funeral services business, which is straightforward and stable. The business model is resilient due to the inevitability of death, and it is not easy for competitors to enter the market due to the nature of the industry. This creates a steady stream of customers and limits new entrants.

Wellcare is a textbook example of a company that experienced a significant drop in stock price due to external events, specifically a federal investigation. Despite this, the fundamentals of the business remain strong, and the stock is undervalued, presenting a buying opportunity.

Warren Buffett noted that when he first looked at PetroChina, he believed it was worth about $100 billion, but it was only selling for $35 billion at the time. This significant discount for one of the world’s largest oil companies caught his attention, leading him to invest with a margin of safety.

Weiss suggested non-bank financials as overlooked pockets of value, indicating potential for growth in this sector.

Weiss identified exchanges as another area where value might be found, suggesting they could offer good investment opportunities.

Weiss mentioned credit card processors as part of the overlooked value in the financial sector, indicating they may be undervalued.

Eveillard commented on the presence of world-class industrial companies in Japan, suggesting they could be good investment opportunities.

Mr. Russo singled out Nestle as an excellent European company, indicating it as a potential investment.

Winters expressed interest in stocks of luxury goods companies, noting that their stocks have been significantly impacted, presenting a potential buying opportunity.

Hess remarked that she especially likes financials with moats around them, indicating a preference for stable companies in this sector.

Hess also mentioned retail as an area of interest, suggesting potential opportunities in this sector.