⁠Hidden Value Gems
RT @HiddenValueGems: $MSFT has seen the largest increase in Capex/Sales ratio in the past 10 years (now at 18% compared to 3% in 2014).

$AAPL Capex/Sales has actually declined over the same period (from 3% to 2%). https://t.co/83npeBxqn6
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⁠Hidden Value Gems
Just saw this really interesting piece by Bridgewater Associates on the Top 10 companies in each decade and their subsequent performance.

One thing to note is that many stocks stayed in the Top10 for 30-40 years, so just becoming one of the largest companies doesn't mean it is a bad stock going forward.

More points below 🧵👇

1/10
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⁠Finding Compounders
Warren Buffett

“Avoid mindless imitation of peers. I never talk to brokers or analysts. You have to think for yourself.” https://t.co/jVhGlxDCgB
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⁠Librarian Capital
Beware of people doing victory laps this week

Example: FT article saying Ruffer Investment Company's $RICA gained 4% "since the start of July", crediting bets on JPY, gold, etc.

What it doesn't say: RICA NAV gained just 0.4% YTD before "the start of July"; shares down 0.9% https://t.co/Ks0WdZwGB3

‘Wizard of Oz’ among big winners from market turmoil https://t.co/zOZ8cIuCvU - Financial Times
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⁠Dimitry Nakhla | Babylon Capital®
“The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk, how much they can lose.”

— Seth Klarman 🗣️

#stocks #investing
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⁠Librarian Capital
"The Mess at Yosemite" (Bloomberg Businessweek)

"Congress passed a law that gave concessionaires the upper hand in negotiations with the parks ... The NPS (National Park Service) was forced to cede the vast majority of park profits to concessionaires in exchange for as little as 0.75% of gross revenue"

$ARMK

h/t @EpicureanDeal

THREAD 1/ Today @BW published my investigation into how Yosemite, the birthplace of the national parks, has become more dangerous for people and wildlife alike on the watch of Aramark, the private contractor that runs most visitor services. Gift link: https://t.co/ULsVBlg3Mr - Laura Bliss
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⁠Hidden Value Gems
RT @HiddenValueGems: If you bought $INTC shares in August 2009, you would be down -20% today, despite huge demand for chips and the rise of the global tech sector... https://t.co/QMSrLcXusu
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⁠Librarian Capital
"Vista Winds Down Hedge Fund, Citing Dominance of Private Markets" (Bloomberg)

"Founded in 2014 and ... managing about $550m ... the fund’s total net return was 12.8% YTD and 8.5% annualized since inception"

Skillsets for stockpicking and PE overlap only a little

Vista Equity Partners has told investors it’s winding down its hedge fund amid a “structural shift” in markets toward private assets. https://t.co/wMIZl9HQxn - Bloomberg
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⁠App Economy Insights
$ABNB Airbnb Q2 FY24:

💵 GBV +11% Y/Y to $21.2B.
🛌 Nights booked +9% Y/Y to 125M.

• Revenue +11% Y/Y to $2.75B ($10M beat).
• Operating margin 18% (-3pp Y/Y).
• EPS $0.86 ($0.05 miss).
• FCF +16% Y/Y to $1.0B.

Q3 Guidance:
• Revenue +9% to $3.7B ($3.84B expected). https://t.co/iRLtSFznbg
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⁠Capital Employed
FRESH OFF THE PRESS 🔥

Read our interview with @Jake___Barfield from Asheville Capital Management.

Jake discusses his background, research process, why he's bullish on Auto Partner $APR and two other stocks he's bullish on. 👇

https://t.co/oNu6kKs6zq https://t.co/GeHYFLXVMM
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⁠Capital Employed
96 Q2 fund letters now added.

A superb source of insights and potential stock ideas...

https://t.co/0KI2PTSjEh https://t.co/TBRwuSNVbp
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