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The Owner's Memo

Everything we have picked from this writer, newest first.

Cars.com is assessed through Buffett-style owner earnings, focusing on cash retained after maintenance capital spending rather than GAAP…

The Owner's Memo 10h ago

Tim Isgro discusses reconstructing Li Lu, Eddie Lampert and Mohnish Pabrai investments, AI-assisted research, and Clear Secure, Remitly and…

The Owner's Memo Nov 4

RingCentral traded at 73 times trailing earnings in April 2026, while free cash flow and owner earnings framed RNG as cheap.

The Owner's Memo Oct 27

Apple’s 2013 valuation discount and buyback catalyst illustrate how a simple investment thesis can anchor investors through market noise.

The Owner's Memo Sep 22

Frontline traded below one-third of estimated liquidation value in 2002, and Mohnish Pabrai’s investment returned 55% rather than the…

The Owner's Memo Sep 15

Frontline’s 70% spot-charter exposure drove 2002 losses and a 73% stock plunge, creating the risky tanker bet Mohnish Pabrai assessed.

The Owner's Memo Sep 8

Frontline’s 73% 2002 plunge drew Mohnish Pabrai to oil-tanker shipping, but volatile charter rates made the seemingly cheap business one to…

The Owner's Memo Sep 1

AutoZone's 1996 pro forma assumes store-led revenue growth slowing from 24% to 16.7%, with roughly $1.3 million of capital required per new…

The Owner's Memo Jul 28

AutoZone held an estimated 6.7% share of the $29.9 billion ex-tire auto parts market in 1996, leaving a long consolidation runway in a…

The Owner's Memo Jul 21

AutoZone compounded sales, margins and store growth before Eddie Lampert’s 1997 investment, while later buybacks reduced its share count…

The Owner's Memo Jul 14