Competing against Banks
Competing against banks While we are working on the next fat thematic pitch, we wanted to look at the various industries that compete with the traditional banking sector. Three of the current KEDM themes directly compete with banks: payments, futures commission merchants (long vol), and mortgage servicing / origination (existing home sales). Ever since the…
The No-Earnings Companies
The No-Earnings Companies Starting off this week’s theme, we were reminded of an old article by Erik that really challenged the way we think. In his piece titled “Stop caring about earnings” (paywall removed for KEDM subscribers), he explained how Warren Buffett pioneered the no-dividend company. Prior to Berkshire, investors expected companies to return capital…
November 16, 2025, Vol. 250
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