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Howdens Joinery Group plc: 2018

Admittedly, I am not too handy around the house when it comes to most minor renovations or furniture repairs. When I'm at Home Depot or Ikea, I can confidently buy my domestic wares knowing that my partner will likely (and enthusiastically) volunteer assembly; and luckily, my domestic deficiencies are not policy restrictions at either stores. Imagine — an Ikea sales associate refusing to sell me a couch unless I could guarantee its assembly be left to professionals? Ingvar Kamprad, Ikea's founder, would not have entertained this idea and likely would have had me promptly removed from his office if I

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