Summary: The railroad industry has a strong moat and a long-term competitive advantage vs. other forms of transportation. Owner earnings are very predictable over the long term. Management has done an excellent job returning capital to shareholders...

    Summary: Overlooked industry in terms of its importance in facilitating global trade. 10 years of deplorable industry conditions. Industry metrics point to a near term recover in leasing rates. Introduction  In this episode we discuss Seaspan Corporation...

    Summary: Well-managed homebuilder in the United States. Growth will be more limited in the future compared to the last 20 years. Stock still trading above intrinsic value. Introduction In this episode we discuss NVR (NYSE: NVR). NVR is a homebuilder that...

    Summary: Double-digit growth rates in all the company’s holdings. Large gap between assessed intrinsic value and the recorded book value of their holdings. Good opportunity for investors to dip their toe. Introduction In this episode we discuss Fairfax...

    Summary: Organic growth will be very modest going forward, but company still produces attractive cash flows. Margins will improve now that they have refranchised their North American bottling operations. The stock price is significantly overvalued even...

    Summary: Company expects a lot of growth over the next 5 years. Not a stock you would want to hold forever due to industry economics. Deeply discounted business at current prices. Introduction Recently, I have started recording a new podcast called...

    Summary: Marketing agency and loyalty reward divisions do not deserve a high multiple. Company should be valued by its separate divisions and not as a whole. Card Services cannot grow at double-digit rates forever.      

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    Summary: Insurance float will maintain size and profitability. High probability investments will continue to produce adequate returns. Safe and reliable company with excellent performing assets.