AGB 2022 - End of Year
A Pivot Year
To all the readers of Analyzing Good Businesses, THANK YOU!
Let’s Recap the Year
Friends! Analyzing Good Businesses is now 2.5 years old. 2022 was another solid year for this Substack. We more than doubled the number of free subscribers throughout the year and the growth rate has been very consistent. Readership has also been solid at a 55% open rate. The most popular issues were on Salesforce.com and Roper Technologies.
Special thanks to everyone that’s shared AGB across the different platforms and to the other Substack writers that have recommended AGB.
Big Changes for Next Year
I’ve thought a lot about how this Substack would evolve after this year.
Would we continue down the path? I knew that staying the course would be fine, but I’d likely have to slow down the pace at which publications were released.
Would we go paid? This was debated back and forth and ultimately I decided that this wasn’t the time to go paid. The main reason was that I knew I’d have to be ready to commit even more time to increase the offering for paid subscribers.
Would we bring on or collaborate with other writers? This could have been an interesting option, but again, I am not ready for the increase in time commitment.
So, next year we’re going to mix it up a bit. We’ll still have the AGB posts focusing on companies that have high incremental returns on capital and a long runway for reinvestment. But instead of every 3 weeks, these issues will be out every 5 weeks. That implies 10 issues for the year. The first issue will be out on January 16, 2023.
With this extra time, I also plan to publish a series of stock ideas through out the year. These issues may not be focused on the best companies, but will be centered around a potentially actionable long or short idea. There won’t be a set schedule for these issues.
This is also NOT a going paid announcement. What I would like to ask is for a lively comments section for these posts. Challenge my assumptions and ideas. Your participation will be much appreciated.
In that spirit, I do want to also mention that there’s a suggestions thread pinned to the top of the main page. Please add any stocks that we should cover there.
Favorite Issues from 2022
Salesforce.com (CRM) - Highest Reinvestment Rate in Cloud Software
Cintas (CTAS) - Scale Advantages + Process Power
Old Dominion Freight Line (ODFL) - Secular Winner in a Cyclical Industry
IQVIA (IQV) - Improving Outsourced R&D
Verisk Analytics (VRSK) - Refocusing on the Core Insurance Vertical
The Hershey Company (HSY) - Market Leader in U.S. Confectionery
Congrats on the solid year and hard work. Happy new year 💚 🥃
Appreciated being able to connect with you in 2022. I'm sure 2023 will be even better!