I’m starting a new series of posts called Large Cap Spotlight, which will highlight one large cap company I think is attractive from a business quality perspective, and occasionally from a valuation perspective. My aim is to do one of these per month, although I’ve never really been good at setting firm writing commitments. Although I’m primarily a small cap and microcap investor, most of the time during my research process, and when I have spare time, I’ll study large caps similar to the businesses we own, to both drive a case study understanding of how a business became what it is today, but also to develop further insight into the industry into which I’m investing. Most of the time I find really high quality businesses by doing this, but they don’t hit my valuation criteria. Occasionally they do, which is why I like to document my thoughts. Instead of keeping these internal, especially as most of the time they relate to companies we don’t own, I’ll share them publicly. These posts aren’t going to take the form of long writeups or deep dives, but I will highlight a specific business, share any insights I think I have, try to answer any questions that came up during my research, and talk a little bit about valuation. The second business I’ll be writing about in this series is payment processor and merchant acquirer, Global Payments.