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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
During the quarter we exited our small holding in Builders FirstSource, realizing a loss. Builders FirstSource is...
— David M. Poppe
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Other investors who've written on Builders FirstSource, Inc.
Builders FirstSource manufactures and distributes building materials, prefabricated roof and floor trusses, and specialized framing components primarily for residential homebuilders across the United States. Black Bear maintains...
Builders FirstSource is the largest specialized distributor of building materials, trusses, prefabricated components, and lumber to US home builders. The manager liquidated...
Builders FirstSource, Inc. ($BLDR) was completely liquidated during the quarter to reduce direct portfolio exposure to the housing market.
More institutional theses from Giverny Capital Asset Management
Other holdings such as American Express, Constellation Software, Heico, Kinsale and Mastercard continue to generate strong results yet have negative stock returns for the year-to-date through September. We made a...
To cite one extreme example of a stock that has become decoupled from business results, Charles Schwab stock is flat for the year even as its earnings are expected to grow 30% this year and another 25% or so next year. The stock trades...
The hyperscale data center builders like Google, Meta, Microsoft and Amazon have huge cash flows and enthusiastic markets for their stock or debt. Yes, their capital...