Archive for the 'ISCA' Category

Personal Buy: International Speedway Corp (ISCA): $46.69: 20060223

On February 23rd, I purchased a position in International Speedway Corporation (ISCA) at $46.69 per share. I originally discovered the stock as a 5-star stock on Morningstar.com about a month prior. The business intrigued me enough to present to our investment club at our February meeting. ISCA has a significant business moat in its ownership of 12 tracks, (including Daytona), solid long-term management, close relationships (familial) with the Nascar organization, long-term media deals, and obviously large unique land holdings and properties – an easy to understand business taking place in a market which has been growing for more than 50 years and does not look to change anytime soon.

Unfortunately, the Green Lantern Investment didn’t necessarily see it as clearly as I did. That’s fine. The point of having a group is to learn and vote together. We’ve done well in the past doing this and I’ve generally done worse going out on my own. What can I say other than I hope I am getting better. In the meeting, there was one conscientious objector, who chose to be the only vote directly against the stock. His objections were on the grounds that it supported cars, gas, and therefore generally negative environmentally unsound things. 3 people abstained from voting entirely, 2 of them on the grounds that they were against the possible track construction on the Kitsap Peninsula. Oddly, after the fact, they both now wish they had voted for it – or at least that’s what they told me. Oh well. They took a pass on it. I did not. I don’t feel like presenting it to the group again. Move forward, not backwards you know…

My initial research is posted in a word doc here.


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