Does Chipotle’s Valuation Offer a Margin of Safety?

Many aspects of life seem to have asymmetrical qualities.  One obvious example involves the amount of time and effort required to build a reputation, both from a personal and professional perspective.  It can take many years to earn the confidence needed

Interesting Reading – November 25, 2016

In this series, we suggest worthwhile reading material on a variety of topics, not all of which are directly related to investing.   The Big Short: Is the next financial crisis on its way? – The Guardian, November 19, 2016.  Steve

Interesting Reading – October 24, 2016

Note to readers:  In this series, we suggest worthwhile reading material on a variety of topics, not all of which are directly related to investing.  Some of the articles are behind pay walls.  However, it is often possible to read

Chipotle Mexican Grill: Is the Brand Intact?

“All intelligent investing is value investing — acquiring more than you are paying for.” – Charlie Munger There has long been a distinction in the investing community between companies that appear attractive based on “growth” stories versus those that are

Bill Ackman to Speak at NYC Value Investing Congress

Bill Ackman recently agreed to speak at the 6th annual New York Value Investing Congress which will take place on October 12 and 13. Mr. Ackman is one of most closely followed value investors and has built a very impressive track record since founding Pershing Square Capital Management in 2004 with $54 million. According to John L. Schwartz and Whitney Tilson, co-founders of the Value Investing Congress, Pershing’s flagship fund has returned 290.8 percent net of all fees since inception and the firm now has over $3 billion under management. Read this article for more details and to obtain a discount on registration for the Congress.

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