Josh Kohn-Lindquist's avatar
$17.1m follower assets
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6 New Starter Positions
As always, I will continue to pick up tiny starter positions in companies that fascinate me. This strategy helps me keep track of them and entices me to add to them over time -- especially if they continually outperform.

Here is the list and a concise reason why I bought each:
  • $THO - Way more stable than I ever would have expected -- strong in troubling times and consistently profitable with improving trends in its favor from younger generations.
  • $CACC - Unbelievable compounding over time in the "high-risk" auto lending space. Often seen as predatory, but usually, the only option left for many. Not sure what to think of this grey area -- what are your thoughts?
  • $POOL - Generates most of its revenue from recurring sales, maintenance, etc., versus needing new pool construction nonstop. -- 1% div and 18% payout ratio.
  • $ODFL - Most profitable less-than-truckload operator out there will only grow in importance with time -- 0.4% div and 9% payout ratio.
  • $CGNX - Dominant in the machine vision space and has many attractive, rapidly growing verticals to lean on -- 0.6% div and 16% payout ratio.
  • $NNI - Price to tangible book value of 1, and a weird business. Collecting repayments on student loans and would benefit from a government-induced student loan bailout -- 1.2% div and 8% payout ratio.
31 Days, 31 Ideas
With my post on $KO a few minutes ago I have completed a small challenge I set for myself 31 days ago.

I wanted to post 31 ideas about 31 unique companies to both expand my horizons and continue to learn about some of inner workings of companies.

During my time I discovered 4 companies I have never heard of $CHGG $FOSL $NNI and $HOG and got to examine the different business models and learned quite a lot.

At times it was quite hard to find interesting things to talk about especially since earnings season had drawn to a close and I wanted to avoid only talking about earnings reports.

Anyway I enjoyed this, I love this platform and going from 19 followers to 105 in those 31 days was really mind blowing and I appreciate everyone that commented and upvoted or even read my little posts everyday.

I do plan to keep going but I don't know that I am going to post everyday. I hope to provide even more value in the future!
Wow, incredible work! Looking back, I realize I have read the majority of your posts. Didn’t realize it was part of a challenge! Thank you for all the time and effort you put in to these!
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$NNI In a bit of trouble
Nelnet, via a leaked email, is planning to lay off 150 employees - mostly call center workers.

While this only represents ~3% of the total workforce it is somewhat troubling when this bit of news also comes out...

While I find it unlikely that this will actually take place it could very well be to the detriment of $NNI as a whole.

Although NelNet does seem to think the probability of it happening is pretty high and the effect on cash flows would be extremely detrimental. The reduction from $1.8b to $1.2b is about 33%.

The stock seems to be handling the news pretty well with the company up 2% on the week. Very interesting.
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Maybe the market is looking at this in the short term perspective— $10k loan forgiveness would turn into prepayments that would mean more revenue than expected in the short term, which the company could choose to deploy in existing businesses or new ones.

In the medium term it might lower their expected cash flows… but in the long term the amount of student loans being taken out every year continues to be massive— about $160 billion borrowed year after year after year. Loan forgiveness, if it’s a one-off thing doesn’t really dampen Nelnet’s prospects as a business.
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Long Term Thinking with $CAJ
It is often a good sign when you see a company talking about and comparing over long periods of time. Some that come to mind are the 5-year comparisons of $SPOT

Or even the lesser-known $NNI and their 17-year comparisons

But as of last year, Canon $CAJ completed one of the longest company guidance plans I have ever seen. Starting in 1996 Canon completed their 5 Phase "Excellent Global Corporation Plan" in 2020.
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