Enlightened Capital's Blog

Enlightened Capital
Writing about high quality companies
Created 07 Jun 2021
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  • Enlightened Capital Media Update
    13 Dec 2021 • < 1 min read • 3 0
    Last week I was on Andrew Walker’s excellent podcast with twitter friend Sleepwell Capital to discuss the bull case for Ally Financial (ALLY). You can check out the podcast on YouTube, Spotify, and Ap...
  • MSCI Deep Dive
    02 Dec 2021 • 19 min read • 8 0
    MSCI’s roots date back to 1969, when Capital Group pioneered the development of global equity indexes and began licensing its first index. Subsequently, Morgan Stanley licensed the rights to the index...
  • PGR Update
    11 Nov 2021 • 11 min read • 7 1
    Since writing up PGR last year, the stock underperformed the S&P 500, generating a total return of 11.4% compared to 32.6% for the S&P 500. In this update I’ll address the challenges PGR faced this ye...
  • FRC: A rare bank compounder
    28 Oct 2021 • 14 min read • 6 0
    First Republic represents a fascinating and unique case study as a rare compounder in the U.S. banking sector. FRC was founded in 1985 by Jim Herbert to provide residential mortgages to San Francisco ...
  • WLTW: A turnaround story or the continuation of prior challenges?
    24 Sep 2021 • 14 min read • 3 1
    AON announced its acquisition of WLTW in early 2020, and the merger was set to close in 2H21, before the DOJ stepped in to block the deal. Shortly afterwards, AON and WLTW terminated their merger agre...
  • CVS Deep Dive
    26 Aug 2021 • 17 min read • 15 7
    When most Americans think of CVS what comes to mind are the retail locations and the long receipts. In fact, CVS is one of the largest healthcare services companies in the U.S. Specifically, CVS opera...
  • Etsy: Building a House of Brands
    20 Jul 2021 • 20 min read • 9 0
    Description: Etsy operates a two-sided marketplace w/ 81.9mn active buyers, 4.4mn active sellers, and 80mn active listings as of YE20. The company’s mission is to “Keep Commerce Human”, by using the “...
  • 2Q21 Portfolio Update
    30 Jun 2021 • 7 min read • 5 1
    This is my first time providing quarterly portfolio commentary. The purpose of this update is to provide commentary on portfolio changes, highlight investment write up’s completed during the quarter, ...
  • UnitedHealth Group (UNH) Update
    07 Jun 2021 • 16 min read • 1 0
    Since I last wrote up UNH, the stock has slightly outperformed the S&P 500 Index generating a total return of 35% compared to 30% for the S&P 500. The purpose of this update is to provide a deeper div...
  • Writing about high quality companies
    07 Jun 2021 • < 1 min read • 1 0
    Welcome to the Enlightened Capital Newsletter. I’m a long-term investor writing about high quality companies, with long growth runways, excellent management teams, and reasonable valuation. Sign up no...
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