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Copart is now in its largest drawdown in more than 15 years. -50.8% from highs. $CPRT

In 1982, Business Week ran a cover story accusing Henry Singleton of "lacking a game plan" and letting the chairman "play" in the stock market. That same year, Leon Cooperman wrote a rebuttal, outlining the five strategies Singleton used to make Teledyne successful: (1) Growing through acquisition when the company enjoyed an unusually low cost of capital through its high share price. (2) Managing his business extremely well. Without any acquisitions he grew net income from approximately $60MM in 1970 to over $400MM in 1981. ROE ranged from 25% to 30% during this period. (3) Repurchasing his security when it was cheap. By judiciously buying back stock in the seventies, earnings per share grew twice as fast as net income. (4) Recognizing the long-term attractiveness of stocks over bonds. Singleton was the head of an insurance company, and when his competitors were buying bonds, he bought common stocks. (5) Building cash for uncertain times.

Giverny Capital thinks $CSU.TO is way too cheap - Critical, data-rich SaaS that's near impossible to rip out - Switching=data nightmare, so churn is near zero - FCF compounding 18%/yr while the stock barely moves - At 8% fwd FCF yield, mkt pricing in disruption that won't come

$smti no one wants to buy it at $20 now everyone wants to chase it when it’s higher. Knowing what you own + behavior is an edge.