StockDuck13

If you are truly serious about taking over/buying out the local Dairy Queen franchise...I would suggest working there first. You don't have to work full time...maybe 2 days a week. After a couple of months, you'll get the inside scoop. You will know what sales are, you will know who the good workers are, who the slackers are.... You will also get a better handle on if it is as profitable as what you think it is. The amount of money needed for Dairy Queen franchise is going to be rather substantial...it is going to be in the order of hundreds of thousands of dollars ($700k), potentially even more than that (up to $1.5MM). In order to take over a franchise, you WILL have to work in the business. You will also have to get approval from the franchisor. You will also have to go through specialized training at corporate HQ. You are going to have to pay the franchisor a substantial transfer fee, which appears to be $35k. The royalty fee is fairly low at 4%, but there is a 5% to 6% mandatory marketing fee too. So you will give up 9% or 10% right off the top. Another thought....if the DQ franchise is poorly run, it might have "negative" goodwill associated with it that is going to take a lot to overcome. Depending on how bad the negative feelings are, might it not be easier to simply open up a competing shop and run them under? Thank you, it sounds like you've got some good experience (or know-how) in this area. Have you owned a franchise in the past? I'm not sure how bad the negative feelings are since I don't live in that city nor have I been there in a long time (for obvious reasons). I have almost no expertise operating a franchise or shop so it's probably best that I don't pursue this idea, but that doesn't stop me from thinking about it. Off the DQ topic, has anyone built a mini-Berkshire of small businesses?

This is one of the more fascinating threads I've read in a while.. Sort of a "how to" discussion on building your own little Berkshire. There is a Dairy Queen franchise in a small town near where I live that is not known for speedy or efficient service. But they are the only real ice cream shop in town and so they get an undeserved amount of business (they're essentially a monopoly). I believe that with some retraining, a few staff changes, and some remodeling, it could be a very profitable business. Does anyone have any experience in this area that can contribute? I don't have a lot of money and would likely need an outside investor or substantial seller financing, not to mention actually buying the place from the owner. Any thoughts? Have a good day if you want to, Alex

I recently started following his blog more closely and I've enjoyed it so far. It looks like he started Saber Capital pretty recently as his 2016 letter is the only one posted.

Here here. I only read physical books (specifically paperbacks) and I try to get hardcopy reports from companies when I can. Out of curiosity, how many pages a month do you print and what does that roughly cost you? There are a few e-readers with larger screens you might be interested in: Sony has one that is the size of an full sheet of paper (this is what I use): http://pro.sony.com/bbsc/ssr/show-digitalpaper/resource.solutions.bbsccms-assets-show-digitalpaper-digitalpaper.shtml There are a few others like the Kobo One but none others (that I have seen) that are close to letter size.

I'm curious to know how everyone prefers to do their reading. I know of some who like to print everything out/order hard copies of reports and I know others who prefer just reading it all on a monitor/laptop/iPad. Which do you prefer and why? Do you find that you retain more by reading that way? Also where do you like to read for long periods of time (ie. couch, chair, what have you)? How do you avoid neck/back pain? I try to read mostly on my e-reader as I can't afford to be printing 10,000 pages a month yet. ;D Thanks guys!

Bit late here, but it looks like this guy's life got REALLY interesting last summer... http://www.cnbc.com/2016/08/15/hedge-funder-in-hot-water-sahm-adrangi-arrested-for-dui-cocaine-possession-in-hamptons.html

Great interview. Thanks for posting. Seemingly simple strategy, yet rarely replicated. I am a big admirer of Mecham and find that his strategy is the closest to what I want mine to eventually develop into. I love that he reads everything on physical paper. He will print out articles, reports, and research and read it all on paper. I think there's a big group of people who read and retain information better when read on paper vs. a computer screen. I found that I fell into this group and started looking for an ereader thinking that it was the closest to reading on paper while saving space and storing huge quantities of data. I ended up getting a Sony ereader since its screen is the same size as an 8x11 sheet of paper and had a sd card slot which I have taken full advantage of. His strategy does indeed seem pretty simple. I guess college football offenses and investing have something in common: simple is better. His earlier letters have hints that his strategy has evolved somewhat since he started in 1999. It sounds like he invested more in small cap stocks then grew into bigger stocks as his fund grew. What he looks for in each group of stocks has remained the same though. What are your thoughts? Alex

You're the man! This is awesome, thanks! :D No problem! Let me know what you think about it. That large squirrelly position he is describing is his investment in Overstock.com back in 2006. I've attached the annual letter from that year below. Have you implemented some of his strategies into your own process or did he mention something you do as well? I personally try to follow his keep it simple attitude and dedication to doing your own research. Alex 2006_annual_letter.pdf

Found it. See attached: 8) Allan_Mecham_Interview_2016.pdf

Looks like the interview came out. Is there any way to view it without a Manual of Ideas subscription? Alex

I agree, I've had the topic set to notify for roughly 4 of those months. Really excited about another interview with this guy though, I'm sure it's worth the wait.