Beyond the Mist

Beyond the Mist is a periodical based on our in-house investment research. We focus on companies that exhibit a growing competitive advantage and sustainably grow earnings over long periods of time.

Disclaimer
Please note that the article displayed are not investment advice. We may or may not own securities in the issuer.
 

Issue #3: Phillips 66

In late May, the cacophony of tariff negotiations muted an important event in Corporate America. Elliott Management, the investment firm known for detaining an Argentine Navy vessel as collateral over unpaid sovereign debt, squared off against another major foe, Phillips 66 (PSX). The battle was to decide the future direction of the company. Naturally, we thought the situation required a deeper look. You can find out more by downloading the issue here.

Published on July 1, 2025

Issue #2: MGM Resorts International

In 2018, the U.S. Supreme Court decided to remove the federal ban on sports betting. Doing so, they unleashed a gold rush for casinos, online betting and any firm whose business involved wagering. The industry is nascent and growing at a breakneck speed. But, high growth doesn't necessarily translate to a good investment. Participants are spending large amounts of capital to solidify a dominant position. We offer a variant view on how to gain exposure to this market. You can find out more by downloading the issue here.

Published on April 1, 2025

Issue #1: Universal Music Group

Our first edition of Beyond the Mist covers Universal Music Group, the largest music studio in the world. While the industry has been doing particularly well in the past 5 years, it wasn't that long ago that studios were losing revenue. More than a decade ago, studios embraced streaming and were able to turn their fortunes around. Streaming radically changed the business due to its recurring nature while also lowering the barriers to entry for consumers. Can the streamers and studios cohabitate or is this another Trojan Horse, similar to what happened with Netflix and the film industry? You can find out more by downloading the issue here. 

Published on December 1, 2024