In addition to month letters we frequently communicate through video

Private equity managers have convinced institutional investors that they offer the Holy Grail of investing: high returns with low risks. Private equity claims it improves the operating results of the companies they invest in. What is the evidence? Will PE outperform in the coming decade?

What is a moat? What is a sustainable competitive advantage? Is “great management” a moat? Lukasz Tomicki, Portfolio Manager at LRT Capital, explains the nuances of different types of moats.
My name is Lukasz Tomicki, Founder and Portfolio Manager at LRT Capital, and I too am an Aeroholic. We discuss a new unusual portfolio position and how it fits into our investment process.
Investors often talk about the “margin of safety” as a part of their risk management. Why don’t they talk about opportunity costs and the “errors of omission”? Missing opportunities is the most insidious of losses because it doesn’t show up directly in your P/L. Investors should balance the risks of loss making investments (margin of safety) and the cost of missing opportunities (errors of omission).
Google has been a very successful company and a great stock. Why don’t we own it? Did we “miss” Google? Lukasz Tomicki, Portfolio Manager at LRT Capital, explains why Google doesn’t fit our investment criteria.
Protecting capital is the most important job for any investment manager. Portfolio construction and position sizing are not a “sexy” topic but are crucial to delivering sustained portfolio performance and capital protection. In this week’s video, Lukasz Tomicki, Portfolio Manager at LRT Capital, talks about the risk management process.
It looks like happy days are here again. The S&P500 is close to all time highs. Where is the stock market heading next? A few predictions about the road ahead.
Colliers International Group (NASDAQ: CIGI) reported earnings earlier in the month. The company delivered strong top and bottom line growth. Why are we shareholders in Colliers and what do we see in the company’s future? Lukasz Tomicki, Portfolio Manager at LRT Capital, explains.
Last week, Coca-Cola reported earnings that sent the stock down 7%. Is it a buy? What lies ahead for Consumer Staples stocks? Will these traditionally “defensive” stocks protect investors’ capital in the next bear market? Lukasz Tomicki, Portfolio Manager at LRT Capital, discusses the changing landscape in the consumer staples industry.
“Wide moat investing” has become a trendy topic, but what is a moat really worth? Are you overpaying for a moat of the past? Lukasz Tomicki, Portfolio Manager at LRT Capital, explains how to differentiate between legacy moats and those of the future. Investing is all about the future, and only future “super normal” profits, enabled by moats, are worth paying for.
We are in the middle of “earnings season”. How are our investments performing? Lukasz Tomicki, Portfolio Manager at LRT Capital, highlights the earnings reports of Union Pacific, Canadian Pacific, and NVR Inc.
In light of Uber’s upcoming IPO we discuss network effects and how they impact the value of a business. Is Uber worth the rumored $120 billion valuation? It depends on how large you think its network effect is.
Fiserv has announced an all-share acquisition of heavily indebted First Data. Most M&A transactions destroy value. Will this deal be different? Or is it just a desperate bid for growth by Fiserv management?
In the first installment of our video series, Lukasz Tomicki, Portfolio Manager at LRT Capital, discusses Apple (NASDAQ: AAPL). Are the shares an attractive investment after their recent drop?

“Innovations that are available to all confer competitive advantages to none.”

– Bruce Greenwald