Glenn Busch

Author Archives: Glenn Busch

What I Wish I Wrote ~ September 1, 2017

A collection of mostly finance related links that I wish I had the talent to create. Some thoughts on Chipotle $CMG given the recent pullback in price: pic.twitter.com/EJmU0w3F9o — Connor Leonard (@Connor_Leonard) October 28, 2016 Why Everyone Should Write. Putting yourself out there increases optionality. (Collaborative Fund) Shorting Uber (Jeff Matthews Is Not Making This […]

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Howard Marks’ Checklist

One of our core tenets at American Money Management is we can’t predict the future. We don’t know what the equity markets will do this year, next year, or the year after that. No one can. Capital markets are dynamic systems. There are too many participants involved and too many variables interacting and influencing each […]

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Third Point Invests in BlackRock (BLK)

In their Q2 2017 letter, Third Point outlines their reasons for investing in BlackRock (BLK). BlackRock is a long time holding in our dividend growth portfolio. BlackRock is the world’s largest asset manager, with $5.7 trillion in AUM. In a classic scale industry, BlackRock is an asset-gathering machine, with organic net inflows of over 7% […]

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Why We Sold Kraft Heinz Co. (KHC)

On Friday, July 7, we sold Kraft Heinz Co. (KHC). Kraft Heinz is a long-term holding in AMM Dividend Strategy portfolios. We first received shares when the original Kraft split into 2 companies, Mondelez (MDLZ) and Kraft Foods (KRFT). Then Heinz Co., privately held and run by 3G Capital, partnered up with Warren Buffett and […]

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What I Wish I Wrote ~ June 30, 2017

Charlie Munger’s talk on the Psychology of Human Misjudgement via Marketfolly Checking in with ESPN, the current state of its business and its future. (Sports Business Daily) You probably hear a lot that Tesla is disrupting this and that business. But is Tesla really disrupting any business in the true Clayton Christensen definition? (Vox) How […]

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JP Morgan, Morgan Stanley, & Wells Fargo Capital Return Plans

One of our themes for investing in JP Morgan Chase (JPM), Wells Fargo (WFC), and Morgan Stanley (MS) is increased returns of capital to shareholders. We believed that all three had more than enough capital to pass the Federal Reserve’s stress tests and return a large portion of their excess capital back to shareholders. Yesterday all […]

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Valuing Starbucks with Economic Profit Models

[edit]: My original economic profit model had an error. It was overestimating future invested capital. I kept the original images of each economic profit model but added updated values below them. This also changes my conclusion about Starbucks being overvalued or not. If you only looked at the P/E ratio Starbucks (SBUX) looks expensive with […]

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