JDWPF - Woodlock House - JD Wetherspoon
The following segment was excerpted from this fund letter.
JD Wetherspoon (JDWPF) [JDW:LSE]
Cheap: Strong performer acquired at a 6%, growing free cash flow yield.
Owner-operator: Tim Martin owns 31% of the shares, excellent capital allocator.
Disclosures: Simple business, excellent shareholder letters.
Excellent financial condition: More levered than we'd prefer, but a very resilient business (see 2008 experience below).
I wrote about Wetherspoon on the blog. I have come to greatly admire what Tim Martin, the founder and CEO of Wetherspoon, has built.
Founded in 1979, Wetherspoon runs nearly 900