We discuss the economics of Royal Caribbean’s private destination portfolio that should generate significant new demand in the vacation market and that will generate attractive revenue and earnings growth for at least the next 3-5 years.

In this post, we discuss how and why the cruise sector is outperforming other areas companies in the leisure and lodging sectors.

Companies with happy customers tend to be great investments. In this post, we discuss this topic in more detail - and why we avoid companies with market power that exploit their customers.

We discuss our thoughts on the causes of the recent spike in volatility and how we are navigating this environment.

In this Insight, we discuss how Cogent network strategy and its current transformation to compete disruptively in the Wavelength market.

In this post, we will discuss the dynamics of market share gains, how we assess the long-term viability of sustainable share gains, and how these apply to Carvana.

In this post we discuss what we have learned (so far) about IPv4 addresses and Cogent’s opportunity to monetize them.

This Insight discusses the importance of quality CEOs vs. quality companies.

In part two of our “Narrative Change” mini-series, we discuss why the Cruise sector could benefit from a narrative change in the near future.

This is the first Insight in a two-part series in which we will discuss the reasons why narrative changes happen, positively and negatively, in public equities

Cogent’s acquisition of Sprint Wireline is one of the most interesting deals we’ve ever seen. In this Insight we discuss how Cogent can unlock pockets of “hidden value” from Sprint.

In 2019, Royal Caribbean Cruises (NYSE: RCL) introduced a $250m private island transformation called Perfect Day at CocoCay. All the major cruise operators own and operate private islands in the Caribbean, but RCL’s is the most impressive among them. According to the company, customer feedback around the on-shore experiences in the Caribbean was below RCL’s expectations for delivering consistently outstanding vacations. The company hypothesized that it could bring unique and highly satisfying experiences to customers through its private island transformation project. It has been overwhelmingly successful.

Chanel, Louis Vuitton, Ferrari, Rolex. We know luxury when we see it, but can we cleanly categorize what’s luxury and what’s not? In this post, we will discuss some thoughts on luxury goods and services, and of course a few luxury stocks.

This post will discuss an anti-model for Recurve’s Builder Company framework: Charter Communications (NASDAQ: CHTR).

This post will focus on a company with incredible pricing power: Armstrong World Industries (NYSE: AWI). AWI is the leading manufacturer of acoustical ceilings and walls in North America.

In this post, we follow-up on our prior post about RH's buyback in June/July with our early look at RH's significant brand "relaunch" with significant new assortment available to customers across its core Interiors collection, as well as its new Contemporary line and its Modern line.   The company expects this relaunch to drive an inflection in growth over the coming quarters.