C
Costco Wholesale
COSTA membership model that aligns incentives with shoppers — thin margins on goods, recurring revenue on memberships.
Large Cap high conviction
Notes on companies that catch the eye
A membership model that aligns incentives with shoppers — thin margins on goods, recurring revenue on memberships.
Diversified healthcare — insurance scale plus a fast-growing services arm (Optum) that monetizes the system's complexity.
A hardware-and-services flywheel with one of the stickiest consumer ecosystems ever built.
Selling is harder than buying. It requires admitting a thesis has drifted, or that a position has grown too large to ignore.
A precise price target is a story pretending to be math. The honest answer is always a range, and usually a wide one.
The numbers tell you what happened. The letter tells you how the CEO thinks about what happened. Both matter.