DirectCash Thesis
Scorecard #16 – Do the Right Thing
![](https://www.greenskeeper.ca/wp-content/uploads/2016/11/wells_fargo-1024x370.jpg)
… Incentives drive behavior and the senior management of any business is responsible for putting the proper incentives in place and defining a company’s culture by setting the tone at the top.
Scorecard #15 – Noise
![](https://www.greenskeeper.ca/wp-content/uploads/2016/07/donthear-1024x370.jpg)
… At GreensKeeper, we firmly believe that the short-to-mid-term direction of the markets cannot be successfully predicted with any consistency. Yes, business cable channels will always find a so-called ‘expert’ that made a recent prediction that was spot on.
Scorecard #14 – Inamatus Corus
![](https://www.greenskeeper.ca/wp-content/uploads/2016/04/corus-1-1024x309.png)
… Media stocks remain under pressure these days. It all started back in the fall of 2015 with the selloff in Walt Disney Company’s stock (NYSE:DIS) due to subscriber declines in its ESPN division. The stocks of other media companies quickly followed suit.
Scorecard #13 – Tug of Wa℞
… Health care is a very personal and sensitive subject. Most nations would prefer all of their citizens to have unlimited access to life saving drugs at reasonable prices. However, countries have limited means.
Scorecard #12 – The Red Dragon and King Canute
![](https://www.greenskeeper.ca/wp-content/uploads/2016/04/HiRes-1024x309.jpg)
… Plunging markets provide the environment in which the seeds of future capital gains are sown. In a declining market, we acquire more earnings power for each incremental dollar invested. Accordingly, lower prices reduce the riskiness of an investment.
Scorecard #11 – Coattail Riding
![](https://www.greenskeeper.ca/wp-content/uploads/2016/04/coattail-riding-1024x341.jpg)
… The implication of the Value Fund’s significantly lower turnover rate is that we tend to hold stocks for long periods of time at GreensKeeper. An investment strategy with a high turnover incurs additional trading expenses and triggers taxable gains
Express Scripts
![](https://www.greenskeeper.ca/wp-content/uploads/2016/11/globe-and-mail-1024x309.png)
… Express Scripts processes 1.4 billion prescriptions a year. It uses its scale to negotiate favourable rates with pharmacies, pharmaceutical manufacturers, drug wholesalers and others in the drug supply chain.
Scorecard #10 – Steady Progress
![](https://www.greenskeeper.ca/wp-content/uploads/2016/11/scorecard-10-1024x309.jpg)
… Express Scripts Holding Company (Nasdaq:ESRX) is the largest pharmacy benefit management (PBM) company in North America. It serves thousands of clients including managed-care organizations, insurance carriers, employers, third-party administrators, public sector and union sponsored benefit plans.
DirectCash Payments
![](https://www.greenskeeper.ca/wp-content/uploads/2016/11/globe-and-mail-1024x309.png)
… Prolonged bull markets such as the present one make finding bargains exceedingly difficult for value investors. The opportunities that do exist are generally not obvious. Our recent investment in DirectCash is a case in point.