The Best Kind of October Afternoon: Reading Annual Reports By the Fireplace and Playing Video Games for Hours
Early morning, a giant package arrived from FedEx containing the historical annual reports of a company I’ve been studying for the past couple of weeks. I’ve built positions in most of the accounts under my purview, including my household portfolios. Even though I have read the financials in PDF format, I want to go back through the hardcopy, line-by-line, and make sure there is nothing I am missing.
It seems to be one of those few times in life you see something sitting in plain site that you know is going to be a grand slam over the next decade, but no one is paying attention. At this point, I’m trying to disprove my thesis and see the possible things that could go wrong but I’m just not seeing any credible threats to the business model. I might be looking at one of those easy choices in capital allocation that are so rare.
I fell back asleep, only to be woken up by a business matter that required my personal attention. Forced to give up the comforts of bed, I looked outside and realized it was one of those days I love. It was dark, the wind was roaring like a jet engine, the trees had all changed and shed most of their leaves, the grass was still green, and it was just cold enough to make you want to wrap up inside of a sweater. The smell of fires burning was in the air and I decided I wasn’t going to go anywhere today. I’m staying home, putting on comfortable clothes, reading through the annual reports that arrived, and then playing Playstation for the rest of the afternoon. I think I will make myself one of those perfect panini sandwiches.
This is how loud it was outside, and it would suddenly pick up and sound like a jet engine was roaring past (e.g., start at 32 seconds into the video and you’ll hear it suddenly get louder).
I was told that tonight I am trying out a new chocolate chip cookie recipe, so at some point I’ll need to go into the kitchen for an hour and start putting things together. For now, it is back to reading. I might try to respond to some of the contact form submissions later this evening.