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Librarian Capital
Ruffer Investment Co. $RICA NAV gained 1% in Sep-24
"Almost entirely accounted for by ... Chinese equities"
Which means almost everything else lost money
NAV gained 5.8% LTM but lost -7.1% in 12 months before
FTSE All-Share up ~13% in each period
Odd kind of defensive, this https://t.co/x5SOhoZxzT
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Ruffer Investment Co. $RICA NAV gained 1% in Sep-24
"Almost entirely accounted for by ... Chinese equities"
Which means almost everything else lost money
NAV gained 5.8% LTM but lost -7.1% in 12 months before
FTSE All-Share up ~13% in each period
Odd kind of defensive, this https://t.co/x5SOhoZxzT
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Librarian Capital
"Podcaster raises one of Europe’s biggest venture funds" (FT)
New 2nd fund is $400m
1st fund was $140m in 2021
"28-year-old British podcaster Harry Stebbings"
Backers include MIT and Josh Kushner
https://t.co/TjUejrxHTB
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"Podcaster raises one of Europe’s biggest venture funds" (FT)
New 2nd fund is $400m
1st fund was $140m in 2021
"28-year-old British podcaster Harry Stebbings"
Backers include MIT and Josh Kushner
https://t.co/TjUejrxHTB
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Offshore
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Librarian Capital
Business lessons from OnlyFans?
"But being a retail salesperson ... is not scalable"
"If you have tens of thousands of fans sending you messages, it’s hard to upsell them"
"The only way to keep up ... is to hire staff"
"Many use agencies and chatters, often in the Philippines" https://t.co/lD7vbfrCjo
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Business lessons from OnlyFans?
"But being a retail salesperson ... is not scalable"
"If you have tens of thousands of fans sending you messages, it’s hard to upsell them"
"The only way to keep up ... is to hire staff"
"Many use agencies and chatters, often in the Philippines" https://t.co/lD7vbfrCjo
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Hidden Value Gems
Just published my latest portfolio review (+6.8% in Q3 / +16.2% in 9M 2024).
Link in bio. https://t.co/onz5YKUDFC
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Just published my latest portfolio review (+6.8% in Q3 / +16.2% in 9M 2024).
Link in bio. https://t.co/onz5YKUDFC
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Offshore
Video
Startup Archive
Pinterest founder Ben Silbermann on the 3 lessons he learned about raising venture capital
“There are lots of ways for investors to say to no to you and I’m pretty sure I’ve heard all of them… And I’ve learned three important lessons that I think any entrepreneur should know if they’re starting the kind of company they think will need funding.”
The three lessons Ben learned are:
1. Investors are just people too. “Investors are just regular people… and even though they have a really good opinion on things, they might be wrong. That was something that was really hard for me to swallow because I really looked up to all these people.”
2. If you need money and they’re the only person who can give you money, you have zero leverage. “There’s nothing you can do unless you hack that system and give them a reason that you should have the leverage. And those reasons generally are fear of losing the deal or the belief that this thing is just going to be so big that whether they give you money or not, you’re just going to be wildly successful.”
3. The future is unwritten. “People can tell you that you should be more technical. They can tell you that you’re in the wrong market. They can tell you all these things, and those things might be true, and you should assess them for yourself. But you shouldn’t take it on face because they could be wrong. And in the back of your head, you have to remember that for all the millions of dollars venture capital investors have made and for all of the IPO certificates on the wall, there are things that they passed on, and those are the things that actually haunt them at night. And if you can convince somebody that you just might be the one that’s going to beat the odds, you can be successful. And it’s a general attitude that I think is important, whether you’re recruiting or raising money.”
Video source: @ycombinator (2012)
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Pinterest founder Ben Silbermann on the 3 lessons he learned about raising venture capital
“There are lots of ways for investors to say to no to you and I’m pretty sure I’ve heard all of them… And I’ve learned three important lessons that I think any entrepreneur should know if they’re starting the kind of company they think will need funding.”
The three lessons Ben learned are:
1. Investors are just people too. “Investors are just regular people… and even though they have a really good opinion on things, they might be wrong. That was something that was really hard for me to swallow because I really looked up to all these people.”
2. If you need money and they’re the only person who can give you money, you have zero leverage. “There’s nothing you can do unless you hack that system and give them a reason that you should have the leverage. And those reasons generally are fear of losing the deal or the belief that this thing is just going to be so big that whether they give you money or not, you’re just going to be wildly successful.”
3. The future is unwritten. “People can tell you that you should be more technical. They can tell you that you’re in the wrong market. They can tell you all these things, and those things might be true, and you should assess them for yourself. But you shouldn’t take it on face because they could be wrong. And in the back of your head, you have to remember that for all the millions of dollars venture capital investors have made and for all of the IPO certificates on the wall, there are things that they passed on, and those are the things that actually haunt them at night. And if you can convince somebody that you just might be the one that’s going to beat the odds, you can be successful. And it’s a general attitude that I think is important, whether you’re recruiting or raising money.”
Video source: @ycombinator (2012)
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Stock Analysis Compilation
Praetorian Capital on A-Mark $AMRK US
Thesis: A-Mark’s counter-cyclical nature and strong position in precious metals make it a valuable hedge during financial crises.
(Extract from their Q2 letter) https://t.co/G5vApSSYlw
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Praetorian Capital on A-Mark $AMRK US
Thesis: A-Mark’s counter-cyclical nature and strong position in precious metals make it a valuable hedge during financial crises.
(Extract from their Q2 letter) https://t.co/G5vApSSYlw
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Librarian Capital
BofA $BAC 24Q3 ROTCE 12.8%
NII +1% q/q, flattish y/y
Revenue flat q/q, +1% y/y
Expense +4% y/y
Pre-provision PBT -5%
Provisions flattish q/q, +$0.9bn y/y
PBT -10%,
Net Income -12%, EPS -10%
Shares +3% pre-market
1.6x P/TBV ($26.25) https://t.co/toZLEKBufX
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BofA $BAC 24Q3 ROTCE 12.8%
NII +1% q/q, flattish y/y
Revenue flat q/q, +1% y/y
Expense +4% y/y
Pre-provision PBT -5%
Provisions flattish q/q, +$0.9bn y/y
PBT -10%,
Net Income -12%, EPS -10%
Shares +3% pre-market
1.6x P/TBV ($26.25) https://t.co/toZLEKBufX
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Librarian Capital
Benefit of share repurchases is often overstated
They work if done at attractive valuation
This usually requires earnings to be growing anyway
Buybacks are especially risky for cyclical companies
Years when there is more cash for buybacks are often when stock is most expensive
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Benefit of share repurchases is often overstated
They work if done at attractive valuation
This usually requires earnings to be growing anyway
Buybacks are especially risky for cyclical companies
Years when there is more cash for buybacks are often when stock is most expensive
"Ulta Beauty: At the Wrong Side of a Capital Cycle"
We review this Q2 Berkshire Hathaway $BRK.B investment ahead of next week’s investor day
$ULTA shares are back to 2022 levels
https://t.co/TRRyrLDXd8 https://t.co/gLMPZtT4cJ tweet