Mastermind Discussion Q1 2025 | Ulta Beauty, VeriSign, and Lifco | Bull & Bear Discussion (TIP696)

(00:00) again what's really struck me with Ulta is that the Returns on Capital are just so high over the last decade their incremental Returns on Capital have been over 60% at times which is how you get compounding net income at 18% a year since 2015 while only reinvesting a third of your free cash flows all right so let's just uh jump jump right into the first uh pick here and

you know I Toby whenever I saw because we you know we send emails to each other about our picture before we we go live I was like that that doesn't (00:39) sound like Toby it's such a high quality pick so like where's all the Deep value but uh whenever I saw it I knew that sea has done

a uh a deeper dive on that with a mastermind community so I was like hey he he's the guy to dial into this so I hope you've done your homework uh Toby uh Sean's going to be tough on you well I'll tell you the the I don't necessarily buy things because they're super

super cheap I just try to buy things that are I I like lower risk as rather than super cheapness so I'm prepared to pay up a little bit when (01:19) it's more certain and this is the case with verisign not Verizon but the tick is vrsn it's uh an internet services company critical internet infrastructure and domain name provider folks may not have heard of it but it

does the domain name registration has a has a a contract with ican which is the international group that sort of governs the internet domains and so it directs people to the computer that is associated with every single do com. (01:57) net and so on and they have a monopoly to do that for these things and they they have a they have a six-year contract that renewed