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Dear,

The Buffett-Munger Bargain Newsletter pick is about about a stock that regularly pops up on the Buffett-Munger stock screener. The company has dominated its industry for more than a century. Current management has been able to grow the business at double-digit rates while still generating enough excess cash to reduce its share count. The stock is never obviously cheap but in true Buffett style, it becomes a bargain in hindsight.

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Each month the Newsletter presents a company that has generated satisfactory results for decades. The drivers of past success are analyzed in order to determine if they are still relevant and therefore likely to drive future profitable growth.

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