Below is a collection of writing by John Huber that describes Saber Capital’s investment approach and ideas in more detail. To get on Saber’s distribution list, please visit our blog Base Hit Investing and subscribe to get new posts.
The writing below is a sample of our work. The full archives as well as our ongoing writing can be viewed at Base Hit Investing.
If you would like to invest with us, please contact Kesa Ennen at [email protected].
Return on Capital Series
- Importance of ROIC Part 1: Compounders and Cheap Stocks
- Importance of ROIC Part 2: Compounders and Cheap Stocks
- Importance of ROIC Part 3: Compounding and Reinvestment
- Importance of ROIC Part 4: The Math of Compounding
- Importance of ROIC Part 5: A Glance at the Last 42 Years of Wells Fargo
- Importance of ROIC: “Reinvestment” vs. “Legacy” Moats (a guest post that also captures the way I think about this concept as well)
- Calculating the Return on Incremental Capital Investments
Company Writeups
See All Stocks Posts Here
- 14% FCF Yield + Undervalued Real Estate (MCS)
- Hospital Owner at a 14% FCF Yield (DR.TO)
- Valuation Update (FCNCA)
- Value Investors Bank (FCNCA)
- NRP’s Evolution and Future Distribution Potential (NRP)
- “Royalty on the Growth of Others” at a 27% FCF Yield (NRP)
- Tencent Presentation (TCEHY)
- Berkshire Hathaway is Safe and Cheap (BRK)
- Apple’s Key Competitive Advantage (AAPL)
- Bank Stock Review (JPM, BAC)
- Verisign: The Toll Road of the Internet (VRSN)
- Markel: A Compounding Machine (MKL)
- Some Thoughts on Markel’s Intrinsic Value (MKL)
- Facebook is Undervalued (11/30/18)
- 10 Years of Google and the Importance of Long Term Thinking (GOOGL)
- An Exercise on Thinking Differently and a Great Business (AMZN)
- Thoughts on Fastenal (FAST)
- Associated Capital: A True $1.00 for $0.70 (AC)
- Apple vs. Exxon Mobil (AAPL)
- Notes on Credit Acceptance Corp (CACC)
What is Your Edge?
- What is Your Edge?
- The Edge in Having No Career Risk
- Black Edge
- The Coffee Can Edge
- Charlie Munger Meeting Takeaways and Comments on Edge
Investment Strategy
See All Strategy Posts Here
- Risk of Outsourced Thinking
- Attributes of a Great Business and a Simple Checklist
- Thoughts on Ben Graham’s “Unpopular Large Caps”: Still an Effective Strategy
- Competitive Advantage of an Owner-Operator
- The Simple Concept of Intrinsic Value
- The Simple Concept of Intrinsic Value Part 2
- Focus on the Key Variables of an Investment
- Some Thoughts on Investment Strategies and Buffett’s 1966 Disney Investment
- A Few Thoughts on Reducing Unforced Errors
- Net-Nets: A Riddle Wrapped in a Mystery Inside a Cigar Butt
- Circle of Competence, Fat Pitches, and How to Become the Best Plumber in Bemidji
- Charlie Munger Comments and the Art of Stock Picking
- The Importance of Pricing Power
- 1987 Berkshire Letter and Buffett’s Thoughts on High ROE
- Market Fluctuations of the 10 Largest Companies
- Bear Market Notes (3/23/20)
- Tumbling Markets (12/26/18)
- Most Important Moat (6/13/17)
- Presidential Edition (11/11/16)
Read all posts about investment philosophy here.
Case Studies
See All Case Studies Here
- Buffett’s 44% CAGR in Japan and High Quality Investments
- Lessons From the Fall of SunEdison
- Valeant and the Too Hard Pile
- Buffett’s Letter to See’s Candies in 1972
- Importance of Knowing Your Investment Boundaries (Sears Mini-Case Study)
- Star Manager’s Case Study of a Great Business vs. a Net-Net
- Buffett Thoughts on GEICO in 1976
- Mohnish Pabrai: Here’s Why Buffett Bought Coke in 1987
- Buffett’s PetroChina Investment: Finding Large Gaps Between Price and Value
- Sears and Seven-Foot Hurdles
- Lessons Learned from A History of Oil
Buffett and Munger Posts (and a few of their followers)
- How Buffett Made 50% Per Year? By Thinking Differently…
- A 31-Year Old Buffett Discusses the Stock Market
- Things You Didn’t Know About Buffett’s Strategy
- Buffett’s Early Investments
- Buffett on How to Think About Stocks
- Unconventional Investments
- Thoughts on the Berkshire Hathaway Annual Meeting
- Charlie Munger Comments and the Art of Stock Picking
- Michael Burry: Focus on Bargains, Not Stock Market Valuations (Michael Burry)
- Thoughts on Ted Weschler’s Largest Holding and Excellent Long-term Results (Ted Weschler)
- The 400% Man-A Lesson for Aspiring Investors (Allan Mecham)
- More Notes on Allan Mecham, the 400% Man (Mecham)
- Think Differently to Achieve Different Results (Mohnish Pabrai)
- Lecture at Columbia (Pabrai)
- A Lesser Known Gem by Ben Graham
- Buffett’s Investment in Dempster Mill – A Cigar Butt
- Other Buffett Links
Sports References (just for fun)
- Market Truisms and Quarterback Controversies
- Macroeconomics & NBA Free Agency: Important, but not Knowable
- Best Way to Improve Investment Skills: One Case Study After Another
- Walking, Thinking, and Investing
Please keep in mind that this collection of writing should be viewed as a way to better understand Saber’s investment approach, and for informational purposes only. Nothing here should be viewed as a recommendation, as some of the writing is old and some of the specific investments may have changed over time.