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Register for a free website account above and we will send you periodic discounts and other offers to our research, books and Inner Circle membership as well as exclusive perks not available elsewhere.
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Businesses in Graham Holdings Portfolio
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Graham Holdings Continues to Execute
Extraordinary compounders are not built in a day. It requires a long term vision, steady execution, and a management team that is willing to stay the course.
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Graham Holdings Corporation, GHC, is the most recent acquisition in our Inner Circle portfolio. We expect to hold this stock for many years, perhaps decades, as we believe in the management. They also bring a long history and great pedigree. Warren Buffett sat on the board of the company for 37 years (1974 - 2011), back when it was called The Washington Post Company.
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Buffett admired Katharine Graham and the legacy continues, first through Donald E Graham and now Timothy J. O'Shaughnessy, who is the son in law of Donald Graham. Under Timothy's leadership, Graham Holdings is being transformed into a conglomerate similar to Berkshire Hathaway, with exceptional holdings in education, media, automotive, healthcare and manufacturing. The company actively manages its portfolio with frequent acquisitions and exits.
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As you scroll down, you will see my due diligence report (in 3 parts) I published for the Inner Circle members. If you are not a member and wish to purchase just this one report, you can do so here.
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Q3 2025 Business Performance as of Sep 30, 2025
- Revenue increased 6% from $1207 m to $1279 m yoy
- Net income increased from $72.5 m ($16.42/share) to $122.9 m ($27.91/share)
- Adjusted net income decreased from $76.1 m ($17.25/share) to $62 m ($14.08/share)
- The company repurchased 3978 shares of its Class B common stock in the first 9 months of the fiscal year. There is a remaining authorization to repurchase 462,482 shares of its Class B stock.
- The company recognized $84.8 m in net gain on its holdings of marketable securities in Q3.
- Total cash and investments balance is $1,243 m compared to borrowings of $732 million, indicating strong liquidity
Education, manufacturing and healthcare grew while broadcasting and automotive declined. Broadcasting segment typically runs on the election cycle and does very well in the years when we have mid term or national elections. Automotive is cyclical as well and is tied to economic policies and economic conditions. The Education business is fairly international.
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It is always a pleasure to own well run businesses that continue to execute regardless of the booms and busts in the economy.
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Inner Circle Portfolio Performance
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The portfolio performance is updated once a month, and tracked YTD until the end of the prior month. Performance is tracked as time weighted total return.
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Upgrade to Inner Circle
- My actual Small Cap Value portfolio with highly profitable but under followed stocks and Kelly Criterion optimized weights
- Detailed investment thesis for portfolio stocks, including target prices and expected returns emailed to you as soon as published
- 1 year membership with NO auto-renewal. Repurchase membership again if you wish to continue for another year once your term completes.
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Yahoo Finance Community Panel - 3 Stock Presentations
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https://www.youtube.com/watch?v=SAb1ODXszz8 We had the first Yahoo Finance Community Meet-Up on Dec 12, 2025. Nathan Worden from Yahoo Finance hosted the discussion. I was joined with Marques Blank of Small Cap Newsroom and Sowmy VJ of Helix Research Ltd. We presented 3 stock theses during this discussion. These included GHC, OPXS and DG. It was a great panel and it is …
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[Inner Circle] The Next Berkshire Hathaway, Part 3, Final
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We continue with our review of the company I consider the next Berkshire Hathaway. In this 3rd and final post, I look at the component businesses and arrive at a sum of the parts valuation for the company. As a result, I find that the stock today is selling at 39% discount to the fair value. I also expect the …
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[Inner Circle] The Next Berkshire Hathaway - Part 2, The Financials
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Previously I introduced the company I am positing as the next Berkshire Hathaway. This is a call I do not make lightly, and therefore, the research is deeper and more extensive. After all, we are looking at something we might hold for decades. If you have not read the Part 1, you can do so here. Let’s get into the …
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