The Owner's Memo

The Owner's Memo

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July 2026

Eddie Lampert and AutoZone, Part 3: The Pro Forma and the Payoff
The Owner's Memo #16; Building the pro forma AutoZone that a 1997 investor could have projected, with a 19.5% projected stock appreciation
 • Tim Isgro
Eddie Lampert and AutoZone, Part 2: A Fragmented Industry & A Long Runway
The Owner's Memo #15; AutoZone held less than 7% of a $30 billion market, and its competitors were either too big to care or too small to keep up.
 • Tim Isgro
Eddie Lampert and AutoZone, Part 1: An Excellent Company
The Owner's Memo #14; By 1997, AutoZone showed a lot of proof that it was a great company providing customers with something they couldn't get from…
 • Tim Isgro
A Study of Annualized Stock Returns
The Owner's Memo #13; What level of investment return constitutes a great return?
 • Tim Isgro

June 2026

A Penny on the Dollar: Li Lu's Bet on Russian Privatization, Part 3
The Owner's Memo #12; Li Lu's bold bet made him anywhere from 2.5 to 6.6 times his money in just over two years
 • Tim Isgro
A Penny on the Dollar: Li Lu's Bet on Russian Privatization, Part 2
The Owner's Memo #11; Seeing just how cheap Lukoil was versus Exxon, and the risks present in investing in Russia at the time
 • Tim Isgro
A Penny on the Dollar: Li Lu's Bet on Russian Privatization, Part 1
The Owner's Memo #10; How the fall of the Soviet Union created once-in-a-lifetime bargains
 • Tim Isgro
A Study of Exceptional Companies
The Owner's Memo #9; Just 4.3% of US stocks have produced all of the stock market's net wealth. The rest, in aggregate, have merely matched Treasury…
 • Tim Isgro
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