Month: November 2020

Vertical Integration in Media: Netflix

The Queen’s Gambit A month ago, Netflix’s new limited series “The Queen’s Gambit” took the world by storm. For chess enthusiasts like myself, the allure was the central role chess played in the film [Beth Harmon’s games were allusions to famous World Chess Championship matches, openings like the Sicilian were featured prominently, etc.] Although, I …

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Intro to Defense Contracting and Lockheed Martin

The Making of Lockheed Martin When I read the book “Prophets of War” [which is a must-read for anyone invested in NOC, LMT, RTX, etc.], the following sentence stood out to me: “It [Lockheed Martin] is the nation’s stop government contractor, with $36bn in federal contracts in 2008 alone. That comes out to roughly $260 …

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Interview with Air Products IR [APD]

[Mun Sheih requested not to be recorded, so a transcript is not available. Interview Date: July 9th, 2020] Mun Sheih is the head of IR at Air Products. The biggest takeaways of the call were (1) you can utilize “piggybanking” and “density strategies” to drive incremental margins in regions where there is an on-site presence; …

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Vertical Integration in Healthcare [UNH, CVS, ANTM, CI]

The U.S. Healthcare industry is politically charged and riddled with complexity, prompting most investors to hold their noses and look the other way. It might pay to pay attention, though. After all, how else would you have realized UnitedHealth Group was a 10-bagger over the last 10 years [~27% annual return since September 2010]? A …

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