Disney [DIS]

Mid-Year Review [December 2020]

The second half of the year gave me the opportunity to analyze some very high-quality companies, including Arista Networks, United Health Group, Netflix and, most recently, Disney. As I said in my first mid-year write-up, you will find a swath of different types of opportunities here. I talk about deep value companies [Rolls Royce, Simon …

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Disney and Unamortizing Assets

Disney’s Unamortizing Asset Most assets amortize. Buildings depreciate, customers churn, patents expire, and wells deplete. A business must continually replenish these assets in order to remain competitive. Absent maintenance reinvestment, every business is a melting ice cube of assets – both tangible and intangible assets. For example, an oil well producing 100 barrels a day …

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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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