Carriage Services [CSV]

Interview with Carriage Services CFO/Head of IR

This is the first of what will hopefully be many interviews that I regularly conduct to supplement my research. Writing is a big part of my investment process and I’ve found that writing these memos has allowed me to take away much more than simply having a one-hour phone conversation. The obvious next step was …

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The Death-care Industry: Part 3 (on REITs, MLPs and Other Corporate Structures)

Introduction This last installation in my short primer on death-care will probably read more like an activist pitch. I can’t help it given my background working at an activist hedge fund. For individual investors, if nothing else I hope this will serve as a great intellectual exercise. But don’t misconstrue my purposes as purely scholastic. …

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The Death-care Industry: Part 2 (on Trends)

Introduction This is Part 2 of my three-part “series” on the death-care industry (you can find part 1 here). Given the title of this piece, it probably should’ve been part 1, but that just goes to show I don’t really have a “plan” writing these; I like to think of these posts as a hodgepodge …

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The Death-care Industry: Part 1 (on Float and Trusts)

Introduction The concept of float has been widely popularized by Warren Buffett- I suggest you check out his annual letter where he describes the favorable economics of insurance float better than I ever could. The general premise is this: in the insurance business, you receive premiums today for policies that don’t need to be paid …

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