Afleveringen

  • Welcome to Episode 11 of the Preferred Shares Podcast.

    In this episode—the second part in our series on the beneficiaries of the spending on the interstate highway system of the United States—Preferred Shares explores the aggregates industry. In particular, we go over the early history of Birmingham Slag, the family-owned business that evolved into Vulcan Materials Company (VMC).

    In this episode

    Interstate Highway System background refresher

    The unique qualities of the aggregates industry

    Early Vulcan Materials history

    Role of inheritance tax in driving industry consolidation

    State of the industry today: does a focus on aggregates drive premium valuations?

    Henry Crown, founder of Material Service Corp.

    How two large aggregates businesses were acquired by two defense contractors

    Devin’s case study on FRP Holdings

    Wrapping up on key takeaways

    Episode Resources

    Cruikshank, George M. A History of Birmingham and its Environs. Lewis Publishing, 1920.

    “Shipped Over Million Tons of Slag in 1923”, The Dixie Manufacturer, January 25, 1924.

    “Crush Million Tons of Stone For T.V.A.”, Rock Products, December 1941.

    “Slag Firm In Merger”, Rock Products, November 1956.

    “Invasion From the Deep South”, Business Week, Feb. 14, 1959.

    “Vulcan Materials acquires three N. C. quarries”, Rock Products, April 1959.

    “The Clans of Vulcan”, Fortune, January 1960.

    “Martin, Marietta Agree to Merger”, New York Times, June 24, 1961.

    “Materials in Use in U.S. Interstate Highways”, US Geological Survey, 2006.

    A History Written in Stone. Vulcan Materials Company, 2008.

    Additional Reading

    Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:

    Rock Pile Riches, Lawrence Hamtil, 2/02/2024

    The Pits, Devin LaSarre, 1/8/2023

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 10 of the Preferred Shares Podcast.

    Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets.

    In this episode

    Ian Clark’s personal and professional background

    What is a fat pitch for an expert in the utility space?

    Difference between regulated and unregulated markets

    Is there an investor preference for utilities that are diversified or focused on one type of market?

    Ian’s checklist for evaluating a utility investment

    Factors that impact the capital structure of a utility company

    Catastrophe risk and why water utilities are so boring

    Are synergies really available post-acquisition in a heavily regulated environment?

    Best practices in the utility space

    The push/pull of returning capital to shareholders versus reinvesting for growth

    Ian on the Averch-Johnson effect

    Will data centers and AI be a boon to utilities?

    Is there a great capital allocator in the utility space?

    Utilities are the last bastion for true scuttlebutt research

    Episode resources

    Dichotomy Capital website

    NextEra Investor Materials

    Duke Energy Investor Relations

    US Federal Energy Regulatory Commission (FERC)

    Changing Times, Changing Values: A Historical Analysis

    of Sectors within the US Stock Market 1872-2013

    Additional reading

    Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:

    Recession Resiliency: The Auto Repair Ecosystem, Douglas Ott, 4/17/2024

    Generational Smoking Bans, Devin LaSarre, 4/21/2024

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
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  • Welcome to Episode 9 of the Preferred Shares Podcast.

    Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.

    In this episode

    - The Federal Aid Road Act of 1916

    - Route 66

    - Strong road advocate Cyrus Avery

    - Dwight D. Eisenhower

    - Influences of the Trans-Continental Motor Truck Trip and German Autobahn

    - The Federal Aid Highway Act of 1956

    - Quantifying the enormity of resources needed to build the interstate system

    - Opposition to the interstate program - scandals, corruption, inefficiency, displacement, and the continually contentious topic of billboards

    - Looking back on the total economic benefits from the roads programs

    Episode resources

    How The Interstate Highway System Changed American Industry, Lawrence Hamtil, 3/7/2024

    The Golden Age of American Railroading, Iowa University Libraries, June-Aug 1989

    America on the Move, Eyewitness, 11/3/1919, page 4

    The Greatest Decade 1956-1966, pt 2, USDT FHA, updated 6/27/2017

    1919 Transcontinental Motor Convoy, Eisenhower Library, 1919

    Essays on the Effects of Highway Spending, Daniel Leff Yaffe, 2020

    All Those Numbers: Logistics, Territory and Walmart, Jesse Lecavalier, May 2010

    Highways and Globalization, Taylor Jaworski, Carl Kitchens & Sergey Nigai, May 2023

    The Highway Capital Problem, USDT, Federal Highway Administration, Office of Program and Policy Planning, 1975

    Benefits of Interstate Highways, United States. Federal Highway Administration, 1970

    Additional reading

    Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:

    Andvari Q1 2024 Letter: Kelly Partners, CoStar, and Rates, Douglas Ott, 4/4/2024

    Haypp Group: Ahead of the Nicotine Pouch Megatrend, Devin LaSarre, 2/25/2024

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 8 of the Preferred Shares Podcast.

    Devin LaSarre, of Invariant, was the primary researcher for this episode.

    In this episode

    - The unique origin story of Bellerby Globes

    - The complexities of artisanal globemaking

    - Bellerby’s current size, output, and price points

    - Custom products and the production process, start to finish

    - The importance of control and quality assurance

    - Attracting and retaining talented team members

    - Relationships with the suppliers of input materials

    - Planning for the company’s future

    - The lack of competition within the artisanal globemaking space

    - Complexity preventing counterfeiting

    - Bespoke projects currently in the works

    - Advice to founders determined to build a high-quality product

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 7 of the Preferred Shares Podcast.

    Douglas Ott, of Andvari Associates, was the primary researcher for this episode.

    In this episode

    -The battle between the NFL and the AFL

    -The origins of specific franchises, including the Colts, Cardinals, and Giants

    -Lamar Hunt’s influence and the Hunt family’s wealth and other endeavors

    -Commonalities across original and current franchise owners

    -Long-term mentality and ‘permanent capital’

    -Future outlook for franchise and league expansion

    Episode resources

    National Football League, Wikiwand

    NFL Team Valuations, Forbes, 7/30/2023

    Hunt Family, Forbes, 12/16/20

    Additional reading

    Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:

    Rock Pile Riches, Lawrence Hamtil, 2/2/2024

    Altria: The Great Race, Devin LaSarre, 2/4/2024

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 6 of the Preferred Shares Podcast.

    This episode is our first interview with a special guest; friend of the show Warwick from Down Under (Australia). Warwick is a chemical process engineer by training and has worked at some of the world’s most secretive food companies, including Mars and Cargill. We are privileged to share his expertise and stories with you.

    “One thing I've learned is the thing that you think is so unlikely that it will never happen, even though the consequences are pretty bad—that's waiting for you next week.” - Warwick from Down Under

    In this episode

    * (0:02:20) Warwick’s background in the food industry, spanning back more than two decades

    * (0:03:04) Warwick’s current role overseeing a plant that processes 400 tons of carrots into carrot juice PER DAY

    * (0:03:55) Extreme quality control at Mars is not hyperbole

    * (0:05:31) Plant safety, GMP (good manufacturing processes), and what can go terribly wrong

    * (0:06:54) Differences between Mars and its publicly-held competitors. The importance of culture, consequences, and morale

    * (0:10:13) The shortcomings of business improvement systems (Six Sigma, Lean, etc.)

    * (0:13:41) Manufacturers losing technical strength over the last 20 years

    * (0:14:31) How the pandemic altered the manufacturing landscape

    * (0:20:54) Step changes in process automation, technical debt, and managing key systems

    * Siemens and Allen-Bradley (Rockwell) - Automation and digitization

    * (0:25:55) Approaching evolving regulation and comparing the Australian system to the United States

    * (0:30:02) Quality and consistency problems as a leading indicator prior to major food safety risks

    * (0:31:04) The story of when Warwick presented to John Mars, a notably intimidating character

    * (0:33:00) Implementing rigorous safety systems and the importance of on-site evaluations

    * (0:35:35) Learnings from the Deepwater Horizon disaster

    * (0:39:37) Critical inputs - Industrial Staples:

    * FUCHS and Klueber - Industrial lubricant oil suppliers

    * GEA - Expansive provider of industrial equipment and services

    * EcoLab and Diversy - Cleaning chemical suppliers

    * Fastenal and Coventry Group - Critical industrial parts distributors

    * Spirax-Sarco, TLV, and Armstrong International - Steam equipment suppliers

    * (0:48:02) Capital equipment, warranties, maintenance, and the benefits to scaled operators

    * (0:54:17) Energy availability vs. post-production transport costs and the formation of geographic moats

    Episode resources

    * Praise for an Unlikely ‘Whistleblower’, Food Safety News, 9/25/2015

    * Workers on Doomed Rig Voiced Concern About Safety, New York Times, 7/21/2010

    * EPSC Learning Sheets Booklet, European Process Safety Centre, 2023

    * Knowledge, Service, Products, Spirax-Sarco, 2019, Order a free copy of the book!

    Additional reading

    Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:

    Toxic State, Devin LaSarre, 12/24/2023

    Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 5 of the Preferred Shares Podcast.

    Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.

    In this episode

    * Immigrating to the Unites States

    * Pest control on the family farm

    * Experimentation with poisons

    * Winning early clients

    * Lucky breaks

    * Family squabbles

    * The first leveraged buyout

    * Rapid, sustained growth

    * Reflections on seemingly unstoppable industry dynamics

    Episode resources

    * Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023

    * Orkin Exterminator Company Gives You Surety Bonded Guarantee, The Atlanta Constitution, Vol 80 Iss 330, 1948

    * Chain Store Exterminator, Fortune, Vol 45 Iss 5, 1952

    * Termite Swarming Is a Warning—Call Orkin for Free Inspection, The Atlanta Constitution, Vol 82 Iss 271, 1950

    * Otto Slays 'Em on TV, Broadcasting Telecasting, 1955

    * So you think there are bugs in your approach?, Sponsor, 1956

    * Spot removes a stigma, Television Age, 1957

    * Otto the Orkin Man, TV ad, 1950s

    * FINAL ORDER, OPINION, ETC. , IN REGARD TO ALLEGED VIOLATION OF SEC. 5 OF THE FEDERAL TRADE COMMISSION ACT, 1986

    Additional reading

    Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:

    Peter Lynch’s Blossoms in the Desert, Lawrence Hamtil, 9/20/2018

    British American Tobacco: Identity Crisis, Devin LaSarre, 12/10/2023

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 4 of the Preferred Shares Podcast.

    Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.

    In this episode

    * Consecutive failures before rapid success

    * Family fallout

    * Suspected espionage

    * Corporate overhauls

    * Iteration and innovations

    * Principles for exceptional performance

    * True long-term orientation

    * An eye for global domination

    Episode resources

    * Brenner, Joël Glenn. The Emperors of Chocolate : Inside the Secret World of Hershey and Mars. New York :Random House, 1999

    * The Eclipse of Mars, CNN, 11/28/1994

    * Accounting For Success, The Washington Post, 4/12/1992

    * Uncovering Mars’ Unknown Empire, Fortune, 9/26/1988

    * Mars Has Secretly Become Bigger Than Coca-Cola, and the Reason Might Not Have Much to Do With Candy Bars, Fortune, 6/22/2022

    * Mars to Buy Wrigley’s for $23 Billion, The New York Times, 4/28/2008

    * Mars, Incorporated Completes Acquisition of Procter & Gamble's Pet Food Business in Major Markets, Mars Incorporated News, 8/1/2014

    Additional reading

    Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:

    Secular Growth In The Pet Industry, Lawrence Hamtil, 8/13/2023

    OTIS: Compounding Lifetime Value, Devin LaSarre, 11/5/2023

    Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022

    Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 3 of the Preferred Shares Podcast.

    Douglas Ott, of Andvari Associates, was the primary researcher for this episode.

    In this episode

    * Simplicity turns down the huge buyout offer

    * Peak price meets peak sales

    * Shifting tastes in American fashion

    * Corporate raiders smell blood in the water

    * The big unwind

    * Answering: How to fight obsolescence?

    * Takeaways and timeless lessons

    Episode resources

    Glamour Stocks Under Pressure, New York Times, 8/1/1971

    How High Is High? How High Is Safe?, Forbes, 4/15/1972

    A Fund Optimist Looks at Stocks, New York Times, 2/5/1973

    Nice Troubles, Fortune, 10/1/1973

    Market Place: Simplicity Out of Fashion Now, 2/8/1974

    A Resurgence in Home Sewing?, New York Times, 5/19/1974

    Market Place: Insiders Offer Investing Clues, New York Times, 5/27/1974

    Price Rises Set by Uniroyal Tire, New York Times, 8/15/1974

    Simplicity Pattern Names Head, New York Times, 10/11/1974

    Butterick’s Evens, New York Times, 1/19/1975

    Making It With Patterns, New York Times, 1/19/1975

    Simplicity’s Glynn, New York Times, 1/19/1975

    President of Simplicity Resigns, 7/4/1975

    SYP Promotes Executive VP Harold Hooper to President, New York Times, 7/11/1975

    At Simplicity, Pattern is Still One-Man Rule, New York Times, 7/19/1975

    Market Place: Seeking Undervalued Assets, New York Times, 2/14/1976

    Market Place: Picking a Trend for Simplicity, New York Times, 2/28/1976

    SYP Annual Results, New York Times, 2/26/1983

    Simplicity Pattern Buys a 9.9% Stake in Amstar, New York Times, 6/18/1983

    Simplicity Changes Name to Maxxam Group, Inc, New York Times, 6/9/1984

    Triton to Acquire Simplicity Pattern (Maxxam), New York Times, 7/18/1984

    Tougher Than the Rest, Time, 2/8/1988

    A Raider’s Ruckus in the Redwoods, Fortune, 4/24/1989

    A Pattern Maker’s Buyout Burden, New York Times, 9/2/1989

    Reaping from Sewing, Forbes, 5/25/1992

    Additional reading

    Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:

    Sewage Pipes to Software in 30 Years, a report on Tyler Technologies (TYL), a company mentioned in this Preferred Shares episode, Douglas Ott, 9/3/2020

    Executive Training Grounds Part 1: General Electric, Douglas Ott, 6/6/2023

    Secular Growth In The Pet Industry, Lawrence Hamtil, 9/19/2023

    A Few Thoughts On Auto Parts Retail, Lawrence Hamtil, 4/22/2023

    Imperial Brands: Looking Through the Noise, Devin LaSarre, 10/8/2023

    Scandinavian Tobacco Group: The Artisanal Serial Acquirer, Devin LaSarre, 7/2/2023

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 2 of the Preferred Shares Podcast.

    Douglas Ott, of Andvari Associates, was the primary researcher for this episode.

    In this episode

    * The origin story of Simplicity Pattern - an American Dream

    * Navigating the Great Depression

    * Secular growth in at-home sewing

    * Advantages, competition, and positioning dynamics in the pattern industry

    * Managing the transition from steady to rapid growth

    * Ascent into the Nifty Fifty

    * An incredible buyout offer

    Resources & additional reading

    Pattern Industry Analyzed, Forbes, 2/15/1946, Vol 57 p 42

    Pattern for Success, TIME, 6/16/1957

    Home-Sewing Booms Singer, Business Week 1948-08-14: Iss 989

    James J. Shapiro Succeeds Father as Head of Simplicity, New York Times, 1949

    Ad and marketing figures featuring Simplicity Pattern, New York Times, 1955

    High Style Sells Patterns, Business Week 1956-02-18: Iss 1381

    I was afraid to start sewing, McCall's, June 1956, p. 146-149

    Catching the Customers at the Most Critical Age, Business Week 1957-10-26: Iss 1469

    Simplicity Pattern IPO - 112,500 shares at $13.50, New York Times, 1958

    Patterns - The Market Outlook, Forbes 1958-09-15: Vol 82 Iss 6

    MODERN LIVING: Sew & Reap, TIME, 11/10/1958

    Supreme Court found in favor of the FTC's findings against Simplicity, New York Times, 1959

    FTC is Upheld by Supreme Court in Promotion Discrimination Case, Business Week, June 13, 1959

    Court backs Simplicity, New York Times, 1962

    Now the Sew‐It‐Yourself Boom, New York Times, March 8, 1964

    American Can Company acquires Butterick in all-stock deal valued at $27.6 million, New York Times, 9/13/1967

    Simplicity Pattern Ad, Forbes, 4/15/1968

    SYP gets a takeover offer from Bristol-Myers, 1/17/1970

    But merger talks ENDED with no deal!, 2/28/1970

    Enjoy this episode? Share it with someone who loves business history as much as you do!

    You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

    Disclaimer

    All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

    Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
  • Welcome to Episode 1 of the Preferred Shares Podcast.

    Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.

    In this episode

    * The origin story of automated vending

    * The mechanics of the vending business

    * Warren Buffett’s foray into coin-operated machines

    * How vending machine companies turned into growth stocks

    * Technological innovations in the vending industry

    * The vending machine company stock bubble

    * Transformation of the industry

    * Parallels and lessons learned

    Resources & additional reading

    * A Review of the Vending Industry, James J. O'Brien, Financial Analysts Journal

    Vol. 18, No. 6 (Nov. - Dec., 1962), pp. 81-87 (7 pages) Published By: Taylor & Francis, Ltd.

    * Selecting Growth Stocks, Nicholas Molodovsky, Financial Analysts Journal

    Vol. 24, No. 5 (Sep. - Oct., 1968), pp. 103-106 (4 pages), Published By: Taylor & Francis, Ltd.

    * Vendo & Coke Sales Pitch Video, 1960, (excerpt of audio played in intro)

    * Fastenal FASTVend program Video, 3/17/2023, Modern industrial vending

    * Business Week 1955-11-19: Iss 1368, 11/19/1955, Vending machine sales up 13% y/y

    * Business Week 1956-04-07: Iss 1388, 4/7/1956, "Vending Machines Dish Up Your Dinner or Even Fetch the Week's Groceries"

    * Business Week 1956-10-27: Iss 1417, 10/27/1957, FTC alleges Vendo acted illegally by acquiring Vendorlator

    * Business Week 1956-12-15: Iss 1424, 12/15/1956, Longer article about vending machine industry: "From Nuts to Soup—Literally"

    * Business Week 1957-06-29: Iss 1452, 6/29/1957, "FTC Sees Monopoly Peril in Merger Of Vending Machine Makers, Operators"

    * Business Week 1957-09-28: Iss 1465, 9/28/1957, "Settlement Ends Antitrust Action With Vendo Co. the Apparent Winner"

    * Business Week 1960-01-16: Iss 1585, 1/16/1960, Seeburg (jukeboxes) acquires Choice Vend Corp. to get into vending machine game; lots of good commentary on the industry

    * Business Week 1960-11-12: Iss 1628, 11/12/1960, "Vending Machines Get Savvier"; article about the recent industry trade show and all the new stuff going on with vending machines

    * Business Week 1961-01-07: Iss 1636, 1/7/1961, "Department Stores Test Robot Salesman"

    * Business Week 1961-10-07: Iss 1675, 10/7/1961, "Glamor stocks take a serious tumble"; sectors include electronics, vending, and publishing

    * Metal Products Manufacturing 1960-07: Vol 17 Iss 7, “Unified fronts’ for full line vending

    Enjoy this episode? Share it with someone who loves business history as much as you do!

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    Disclaimer

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