During his recent Annual Shareholder meeting, Terry Smith (founder and chief executive of Fundsmith and a notable British fund manager) explained why you should invest in businesses that can be run by an idiot!
Here’s an excerpt from the meeting:
Smith; One of the things that we’ve tried to operate on as a mantra over the years which we didn’t invent because we didn’t actually invent anything.
We try to copy people who are quite clever, that’s the way forward, is always invest in a business that can be run by an idiot because sooner or later they all are, right.
And the fact of the matter is it’s an awful lot better to invest in certain businesses that are run by idiots than others.
Here’s an excerpt from the meeting:
Smith; One of the things that we’ve tried to operate on as a mantra over the years which we didn’t invent because we didn’t actually invent anything.
We try to copy people who are quite clever, that’s the way forward, is always invest in a business that can be run by an idiot because sooner or later they all are, right.
And the fact of the matter is it’s an awful lot better to invest in certain businesses that are run by idiots than others.
YouTube
FUNDSMITH Annual Shareholders' Meeting February 2023
FUNDSMITH Annual Shareholders' Meeting February 2023
Ian King introduces the 2023 Fundsmith Annual Shareholders' Meeting at Central Hall Westminster. Terry Smith and Julian Robins present the results from the year and answer shareholders' questions.
Ian King introduces the 2023 Fundsmith Annual Shareholders' Meeting at Central Hall Westminster. Terry Smith and Julian Robins present the results from the year and answer shareholders' questions.
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I've just joined Rahul Shah's special event on India's Third Giant Leap
Very soon, he is going to reveal details of his top 3 stocks to ride this giant leap.
Don't miss it for anything.
Just click the link below to join right away:
http://www.eqtm.in/Ks3r6
Very soon, he is going to reveal details of his top 3 stocks to ride this giant leap.
Don't miss it for anything.
Just click the link below to join right away:
http://www.eqtm.in/Ks3r6
Major military modernization projects totaling Rs 70,584 crore, including 69 maritime helicopters, 225 BrahMos supersonic cruise missiles and 307 heavy-duty artillery guns, received preliminary approval from the Defence Ministry.
The largest proposal approved was for 60 "utility helicopters-marine" being constructed by Hindustan Aeronautics, costing Rs 32,000 crore.
Another significant purchase was the 225 BrahMos long range missiles for frontline destroyers and frigates for Rs 20,000 crore.
These missiles travel at a speed of Mach 2.8, which is almost three times the speed of sound. This month will also see the signing of a different, much smaller contract for the next-generation BrahMos maritime mobile coastal batteries.
Consider checking out the best defence stocks.
The largest proposal approved was for 60 "utility helicopters-marine" being constructed by Hindustan Aeronautics, costing Rs 32,000 crore.
Another significant purchase was the 225 BrahMos long range missiles for frontline destroyers and frigates for Rs 20,000 crore.
These missiles travel at a speed of Mach 2.8, which is almost three times the speed of sound. This month will also see the signing of a different, much smaller contract for the next-generation BrahMos maritime mobile coastal batteries.
Consider checking out the best defence stocks.
Equitymaster
Best Defence Stocks | Equitymaster
Find the list of Best Defence stocks in India using the Equitymaster screener.
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Our systems analyst, Rahul Shah has just started his online meeting on Momentum Investing. Equitymaster readers are invited to join.
Join here
http://www.eqtm.in/t7EFo
Join here
http://www.eqtm.in/t7EFo
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Forwarded from Equitymaster
How Long Before Markets Recover from the Banking Crisis?
The actual risk posed by the notional treasury losses in the banks’ books is evident in this chart published by the FDIC.
The End of Banking Crisis
Here’s an extract…
Ironically, sixteen years after 2007 subprime crisis, the central banks in West are once again caught napping. And big banks seem to be in no mood to acknowledge the crisis in their backyard.
In February 2023, Credit Suisse assigned zero lending value for bonds issued by Adani Group’s listed subsidiaries.
Weeks later, auditor PwC reported material weaknesses in Credit Suisse’s own books of accounts and internal controls.
That’s not all. Swiss authorities plan to impose losses on Credit Suisse bond holders as part of the bank’s rescue plan.
Tanushree on how long before markets recover from the crisis…
http://www.eqtm.in/Qc54L
The actual risk posed by the notional treasury losses in the banks’ books is evident in this chart published by the FDIC.
The End of Banking Crisis
Here’s an extract…
Ironically, sixteen years after 2007 subprime crisis, the central banks in West are once again caught napping. And big banks seem to be in no mood to acknowledge the crisis in their backyard.
In February 2023, Credit Suisse assigned zero lending value for bonds issued by Adani Group’s listed subsidiaries.
Weeks later, auditor PwC reported material weaknesses in Credit Suisse’s own books of accounts and internal controls.
That’s not all. Swiss authorities plan to impose losses on Credit Suisse bond holders as part of the bank’s rescue plan.
Tanushree on how long before markets recover from the crisis…
http://www.eqtm.in/Qc54L
Forwarded from Equitymaster
Quick Survey
Which are your favourite investing themes presently?
Please go here and participate in this ANONYMOUS survey.
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Thank you
Team Equitymaster
Which are your favourite investing themes presently?
Please go here and participate in this ANONYMOUS survey.
https://forms.office.com/r/4PHryxydEK
Why are we asking you this?
So we can offer you more data, screens and other tools on your favourite themes on Equitymaster itself.
Do take the time and participate in this quick survey.
After all, there's only 1 question to answer!
https://forms.office.com/r/4PHryxydEK
Thank you
Team Equitymaster
As a prosperous Ohio Farmer, the 1873 market panic was a blow for Samuel Benner, and it wiped him out. When trying to understand why this happened, Benner discovered the notion of market cycles.
As a farmer, Samuel knew that the seasonal cycles affected crops, which then affect supply and demand, which affects the price. Benner looked deeper into these cycles and found an 11-year cycle in corn and pig prices with peaks every 5/6 years. This matches the 11-year solar cycle. Benner figured that this solar cycle affects crop yield, affecting revenue, supply/demand, and price.
Many of the peaks and valleys are off by a year or two, but it looks close. Some of it might be explained by randomness of the markets.
As a farmer, Samuel knew that the seasonal cycles affected crops, which then affect supply and demand, which affects the price. Benner looked deeper into these cycles and found an 11-year cycle in corn and pig prices with peaks every 5/6 years. This matches the 11-year solar cycle. Benner figured that this solar cycle affects crop yield, affecting revenue, supply/demand, and price.
Many of the peaks and valleys are off by a year or two, but it looks close. Some of it might be explained by randomness of the markets.
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Forwarded from Equitymaster
Top Defence Stocks to Watch Out as India Approves Rs 70,500-Crore Order
India’s recent purchase of military equipment worth Rs 705 billion (bn) has given a fresh boost to the defence sector.
http://www.eqtm.in/r9Z5R
India’s recent purchase of military equipment worth Rs 705 billion (bn) has given a fresh boost to the defence sector.
http://www.eqtm.in/r9Z5R
Forwarded from Equitymaster
Profit Hunter - Here's How Pidilite and IKEA Can Help You Find Your Multibagger Stock
Find out what ingredients are required to discover multibagger stocks.
http://www.eqtm.in/o5GDk
Find out what ingredients are required to discover multibagger stocks.
http://www.eqtm.in/o5GDk
Forwarded from Equitymaster
Steel Stocks Deserve a Place in Your 2023 Watchlist
Like lithium, steel demand may soon have it its own gold rush.
Steel Demand to Soar
Here’s an extract…
The Indian government is seeking to modernise roads, rail networks and ports in attempt to compete with China as a manufacturing hub. So, according to the World Steel Association, India’s steel demand could soar to 200 m by 2030. This will make India the highest steel consumer amongst major economies.
Add to that the demand for steel in the aftermath of earthquakes in Turkey. Rebuilding and reconstruction of Turkey after the devastating earthquakes is expected to cause global massive demand for steel.
In 2021, Turkey’s crude steel production exceeded 40 million tonnes (m). Of this, more than 22 m was exported, making it an important player in the world steel trade.
How will these impact steel stocks? Read on…
http://www.eqtm.in/Cn39R
Like lithium, steel demand may soon have it its own gold rush.
Steel Demand to Soar
Here’s an extract…
The Indian government is seeking to modernise roads, rail networks and ports in attempt to compete with China as a manufacturing hub. So, according to the World Steel Association, India’s steel demand could soar to 200 m by 2030. This will make India the highest steel consumer amongst major economies.
Add to that the demand for steel in the aftermath of earthquakes in Turkey. Rebuilding and reconstruction of Turkey after the devastating earthquakes is expected to cause global massive demand for steel.
In 2021, Turkey’s crude steel production exceeded 40 million tonnes (m). Of this, more than 22 m was exported, making it an important player in the world steel trade.
How will these impact steel stocks? Read on…
http://www.eqtm.in/Cn39R
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The Age of AI has begun | Bill Gates
https://www.gatesnotes.com/The-Age-of-AI-Has-Begun
https://www.gatesnotes.com/The-Age-of-AI-Has-Begun
gatesnotes.com
Artificial intelligence and our future | Bill Gates
Bill Gates explains why AI is as revolutionary as personal computers, mobile phones, and the Internet, and he gives three principles for how to think about it.
OneWeb launched its final 36 satellites on 26th March 2023 to complete a constellation of 618 satellites. Earlier in the day, the company announced the satellites were deployed and contacted in space by NewSpace India (NSIL), the commercial arm of the Indian Space Research Organisation (Isro), from the Satish Dhawan Space Centre in Sriharikota.
Headquartered in London, OneWeb has offices in Virginia, US, and a satellite manufacturing facility in Florida - Airbus OneWeb Satellites - that is a joint venture with Airbus Defence and Space. Bharti Enterprises is the largest shareholder in the British company, commanding a 30% stake. French satellite operator Eutelsat, the UK government, and SoftBank are some of the other large shareholders.
#Spacetech stocks are ones to keep on the radar.
Headquartered in London, OneWeb has offices in Virginia, US, and a satellite manufacturing facility in Florida - Airbus OneWeb Satellites - that is a joint venture with Airbus Defence and Space. Bharti Enterprises is the largest shareholder in the British company, commanding a 30% stake. French satellite operator Eutelsat, the UK government, and SoftBank are some of the other large shareholders.
#Spacetech stocks are ones to keep on the radar.
Equitymaster
How to Play India's Space Tech Boom - Profit Hunter by Equitymaster
India's space tech sector has entered its next orbit. Here's how to ride it.
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Forwarded from Equitymaster
A Failing Business that Created a Super Investor
Can buying the stock today create the super investors of tomorrow?
Failed Business to Multibagger Stock
Here’s an extract…
When Bhaskar Bhat took over the company in 2002, Titan was in very bad shape. Titan had made a huge investment on a new factory to manufacture watches in 1980s. But when outsourcing became the norm, Titan wasn’t quick enough to make the transition. All this while, the company had also been borrowing money to fund its international expansion.
Most importantly the board of Titan wanted to shut down Tanishq, then a loss-making brand of international jewellery exports.
Tanishq’s launch in India was also jittery. The concept of branded jewellery was then ahead of its time. Indians preferred their traditional family jewellers. Habits were hard to break. Even a McKinsey study recommended the board of Titan to wind up Tanishq.
So, how did the stock become a multibagger? Read on…
http://www.eqtm.in/Td3y5
Can buying the stock today create the super investors of tomorrow?
Failed Business to Multibagger Stock
Here’s an extract…
When Bhaskar Bhat took over the company in 2002, Titan was in very bad shape. Titan had made a huge investment on a new factory to manufacture watches in 1980s. But when outsourcing became the norm, Titan wasn’t quick enough to make the transition. All this while, the company had also been borrowing money to fund its international expansion.
Most importantly the board of Titan wanted to shut down Tanishq, then a loss-making brand of international jewellery exports.
Tanishq’s launch in India was also jittery. The concept of branded jewellery was then ahead of its time. Indians preferred their traditional family jewellers. Habits were hard to break. Even a McKinsey study recommended the board of Titan to wind up Tanishq.
So, how did the stock become a multibagger? Read on…
http://www.eqtm.in/Td3y5
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The US had 30,000 banks back in 1921. Today it has about 5,000. Jason Zweig explains why fewer and better regulated banks are a must have.
WSJ
When a Bank Fails, There’s Always a Villain
The U.S. used to have more than 30,000 banks, most of them serving just a single community. Two centuries of failure and lost deposits suggest smaller isn’t always better.
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Why Kalyan Jewellers Share Price is Falling
Kalyan Jewellers’ shares have fallen 5% over the last five days. Here’s why.
http://www.eqtm.in/q9K5W
Kalyan Jewellers’ shares have fallen 5% over the last five days. Here’s why.
http://www.eqtm.in/q9K5W
India's Spacetech Stocks in the Making
Why companies like Agnikul Cosmos, Skyroot Aerospace, Digantara, Dhruva Space and Pixxel are worth keeping a close watch on...
http://www.eqtm.in/w5KFd
Why companies like Agnikul Cosmos, Skyroot Aerospace, Digantara, Dhruva Space and Pixxel are worth keeping a close watch on...
http://www.eqtm.in/w5KFd
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Profit Hunter - Buy The Fear: Is It Time To Follow Buffets Advice?
The market mood index, a sentiment indicator is in deep fear zone, find out what you should investors do
http://www.eqtm.in/d5QRz
The market mood index, a sentiment indicator is in deep fear zone, find out what you should investors do
http://www.eqtm.in/d5QRz
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