KCLarkin

Great notes. Thanks Liberty.

Two interesting bits of news from Q1: 1. Franchise EBITDA hit a crazy 177k per store in the U.S. in 2020. Prior estimates were 158k. This means that DPZ will continue to attract capital for new stores. 2. $1B accelerated buyback.

I honestly don't understand who can even compare the old website to the new website. The old site was unusable on my iphone. Search was also unusable. The old site was rubbish. The new site is really good. The people complaining about scrolling and whitespace have never used a modern mobile app? -- I will say that on mobile, the logo takes up too much screen space. But that is about the only valid complaint I have. Otherwise, it would be minor quibbles on an excellent upgrade.

I've traded on LSE but not TYO, but the LSE trading fees were a rounding error. The "stamp duty" was much higher, IIRC. I was doing much larger trades and I don't think the commission was more than a couple bucks. IIRC. Certainly less than $10.

IBKR Disclosure: long IBKR Edit to add: see Crappy Canadian Brokerages thread for more details on the advantages/disadvantages of IBKR

I use my taxable IBKR for my rare international trades. If you are buying international stocks, IBKR is the only real choice. If you do enough US or international trades to justify the maintenance fees, IBKR does offer registered accounts.

This is best discussed on another thread.

Ice77, using your assumptions, you need 20% growth for over 5 years just to get a 7% return. No wonder value investor dinosaurs don't like them! This is very different than Costco (or GARP).

Congrats on the new site Parsad! It is much better than the old site. I especially like that I can quickly go through new activity without going into individual threads. I disagree with the above comments about space efficiency. There are a few minor tweaks I might make to get the content above the fold but I generally find the new site more calming and much easier to use on my iphone.

You could look into giverny too.

You could also look at Turtle Creek. But DKAM and TC (and even Mawer) are expensive. Mark Leonard has a better record and works for free. If you are just parking cash, why not look at my list of Canada’s great companies? Several great capital allocators on that list.

I got your gist. And I probably even agree with it. So instead of attacking Liberty for posting links that many of us find valuable, go post on your own ideas?

This is a limp attack. I see, for example, that he both started and is the most active poster on the CSU.to thread -- 26% CAGR since he posted. Same with Heico -- 25% CAGR. Looking for value in a stock down 98% is a noble pursuit. It is also devilishly difficult. Good luck all.

FB's competency is getting SMBs to advertise online. There are plenty of other social platforms (Reddit, Twitter, Snapchat, Tumblr), but they've all struggled to make money. The problem for emerging platforms is that Facebook spends $18B per year on R&D and hires many of the best engineers. -- Facebook has a teenager/young adult problem. Teens are always looking for their own space, so there is always whitespace for a new social media app. But that is a bigger problem for the social media company's that own the "teen" space. If it takes Snapchat >10 years to become profitable, but then TikTok steals their core audience, it is hard to make a good return on the billions invested in the company.

I attached my random thoughts on why I find Facebook attractive now. The Facebook is well-covered here and elsewhere, so I didn't do a full writeup. Just some thoughts on what I see in this thing. Facebook__The_FAMG_I_Like_Most-2.pdf