XPO Logistics [XPO]

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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Issues Analyzing Companies From the Outside [XPO Logistics]

Think of this post as an extension of the fragmented XPO discussion we’ve been having across various posts. I’m not going to provide a background on the industry or anything since I have covered that in previous posts. To get you up to speed, find Part 1 of my post on Trucking here and Part …

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Mid-Year Review [July 2020]

I hesitated before deciding to write mid-year review of some of the companies I talked about because I do not want this blog to be seen as a place to receive stock tips or buy/sell recommendations. Rather, I consider this blog as a real-time journey into my research process. Sometimes I encounter a really great …

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A Primer on Trucking: Part 2 (on Brokerage, LSTR and XPO)

Introduction Before I begin, I forgot to mention a funny incident that occurred in the asset-based industry in my previous post. I mentioned how union-based carriers are tethering on the brink of bankruptcy. Just an illustrative example to solidify the point: this past year, an asset-based company, Roadrunner Transportation, de-listed from the U.S. stock exchange …

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A Primer on Trucking: Part 1 (on Unions, MEPPs and ODFL)

Introduction Rex Tillerson, former CEO of Exxon Mobil and Energy Secretary of the United States, once said, “Real men find oil.” He loved Exxon’s upstream business and didn’t think the “downstream guys” had the capabilities to run an oil magnate after he would eventually retire. I’m sure the freight industry has its own corollary: “Real …

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