AkhenOsiris
At this point the retest the lows view would seem to be dependent on either a rapid deterioration in economy (25-50bps cut just weeks away) or a major escalation in the Mideast.
The slowdown is now well understood, and most that I talk to think that's all it is, a slowdown.
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At this point the retest the lows view would seem to be dependent on either a rapid deterioration in economy (25-50bps cut just weeks away) or a major escalation in the Mideast.
The slowdown is now well understood, and most that I talk to think that's all it is, a slowdown.
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Offshore
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Hidden Value Gems
$BRK.B bought two new stocks in Q2: $ULTA and $HEI.A
Most likely, they were bought by Ted or Todd, given the size of the current positions.
Added: $SIRI $OXY $CB $LSXMA $LSXMK
Exited: $PARA $SNOW
Reduced: $AAPL $CVX $COF $FND $LPX $TMUS
Overall net positions reduced by c. 30% (mostly $AAPL)
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$BRK.B bought two new stocks in Q2: $ULTA and $HEI.A
Most likely, they were bought by Ted or Todd, given the size of the current positions.
Added: $SIRI $OXY $CB $LSXMA $LSXMK
Exited: $PARA $SNOW
Reduced: $AAPL $CVX $COF $FND $LPX $TMUS
Overall net positions reduced by c. 30% (mostly $AAPL)
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Offshore
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Librarian Capital
Admiral $ADM 24H1 results
Turnover +43%, PBT +32%, EPS +35%
UK PBT +20% (+£59m)
Europe PBT -77%
US back to profit
UK Motor PBT +20% (+£61m)
Core COR 78.9% (PY: 89.2%)
Core Loss Ratio 59.2% (PY: 65.8%)
Core Loss Ratio Before Releases 75.3% (PY: 92.7%)
Vehicles +15% y/y, +11% h/h https://t.co/mffN8UPNWW
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Admiral $ADM 24H1 results
Turnover +43%, PBT +32%, EPS +35%
UK PBT +20% (+£59m)
Europe PBT -77%
US back to profit
UK Motor PBT +20% (+£61m)
Core COR 78.9% (PY: 89.2%)
Core Loss Ratio 59.2% (PY: 65.8%)
Core Loss Ratio Before Releases 75.3% (PY: 92.7%)
Vehicles +15% y/y, +11% h/h https://t.co/mffN8UPNWW
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Offshore
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Hidden Value Gems
Good numbers at $ADM.L (UK GEICO) benefiting from the improving auto insurance cycle (moderating cost inflation vs stronger premiums + better interest rate environment).
US motor insurance profitable for the first time (if I am not mistaken).
EPS: +35%, ROE: 45%, DPS: 71p (+39%)
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Good numbers at $ADM.L (UK GEICO) benefiting from the improving auto insurance cycle (moderating cost inflation vs stronger premiums + better interest rate environment).
US motor insurance profitable for the first time (if I am not mistaken).
EPS: +35%, ROE: 45%, DPS: 71p (+39%)
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Offshore
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Librarian Capital
Ennismore was right on Admiral $ADM UK Motor in Jul:
"We have strong evidence ... that this growth has continued and accelerated ... We expect it to add well over 10% to its UK motor policy count in just the first half of 2024"
Actual:
23H2: +180k (+3.8%)
24H1: +540k (+10.9%)
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Ennismore was right on Admiral $ADM UK Motor in Jul:
"We have strong evidence ... that this growth has continued and accelerated ... We expect it to add well over 10% to its UK motor policy count in just the first half of 2024"
Actual:
23H2: +180k (+3.8%)
24H1: +540k (+10.9%)
PS. Admiral $ADM was Ennismore's #3 position as of Jun-24 month-end, but they bought more in Jul
"As of early July, we have made it our largest position"
This seems motivated by bullish expectations for H1 results ("expect it to add well over 10% to its UK motor policy count") https://t.co/Oytslevj68 tweet