Ryman Healthcare: 2019 Shareholder Letter

Ryman Healthcare - A Friendlier, Happier Merchant of Death Read the Report How should a company's performance be measured? It's a question that's more complicated than it sounds. Many executives of public companies look first to their share price. If their company's share price went up 50% in a year then they must be doing an excellent job right? The short answer is no. It's possible that the stock price went up while the business fundamentals of the company deteriorated during the year. That the executive made the wrong decisions. That they blundered badly. Just not as badly as investors

Games Workshop: 2019 Shareholder Letter

Download Annual Report The Brick & Mortar that Could When my business partner first put this shareholder letter / annual report on my desk, I thought he was crazy. Having a quick look at the report, I could see that this company focused primarily on brick and mortar retail shops as their growth strategy, and had absolutely zero ambitions for acquiring companies, selling any of their own, or doing anything outside of keeping it alive for "forever". It's no secret that there's been a growing graveyard of bankrupt storefront retailers. If you look at the figures, consumers spent ~$517 billion

Trupanion: 2017 Shareholder Letter

Download Annual Report The Business Model Trupanion offers pet insurance, or as the company prefers to call it: "medical insurance for pets". Funny enough, though it sounds obscure, this market is definitely a hot one, where Trupanion is battling it out against competitors that have almost half the market in their pocket. Though this company is still a scrappy upstart that's really just half the size of their largest competitor, they've been growing faster than any player in the industry; and there's plenty more room to grow since pet insurance hasn't been widely adopted in North America (yet), with only