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The Remarkable Resilience of the Refining Industry

by: Lawrence Hamtil  on Thursday, September 27, 2018

Last summer, I wrote an article about lasting moats, describing certain industries that I think are characterized by durable moats that insulate the incumbents against not just competition, but also against major technological disruption.  Along with the tobacco, railroad, and airport industries I would like to add oil and gas refining. Read More

Valuable Lessons from Peter Lynch

by: Lawrence Hamtil  on Tuesday, September 11, 2018

Peter Lynch is one of the most celebrated fund managers in history, managing Fidelity's Magellan fund with such skill that its return was almost double that of the S&P 500 over the  period spanning 1977 - 1990.  Multiple analyses have been performed with the purpose of deconstructing and explaining Lynch's success (see AQR here and Daniel Sotiroff here), and the conclusion seems to be that higher beta (i.e. more risk than the overall market), momentum, and size were among the primary sources of Magellan's amazing performance.   Read More