Offshore
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Stock Analysis Compilation
Clearbridge on Vulcan Materials $VMC US
Thesis: Vulcan Materials’ dominant market position, essential role in infrastructure projects, and strong pricing power offer compelling long-term growth potential despite recent market concerns.
(Extract from their Q3 letter) https://t.co/EI4RZ7CYLC
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Clearbridge on Vulcan Materials $VMC US
Thesis: Vulcan Materials’ dominant market position, essential role in infrastructure projects, and strong pricing power offer compelling long-term growth potential despite recent market concerns.
(Extract from their Q3 letter) https://t.co/EI4RZ7CYLC
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Offshore
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Stock Analysis Compilation
Aristotle on Tokyo Century Corporation $8439 JP
Thesis: Tokyo C’s diversified services, strong global partnerships, and attractive valuation position it well for long-term growth, supported by favorable industry dynamics and strategic investments
(Extract from their Q3 letter) https://t.co/9Bi0ij3Pmm
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Aristotle on Tokyo Century Corporation $8439 JP
Thesis: Tokyo C’s diversified services, strong global partnerships, and attractive valuation position it well for long-term growth, supported by favorable industry dynamics and strategic investments
(Extract from their Q3 letter) https://t.co/9Bi0ij3Pmm
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Offshore
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Hidden Value Gems
I have taken a closer look at $UBI.PA
The two red flags for me are:
1/ High historical share count growth (dilution)
2/ Practically zero cash returns to shareholders. The company has generated €15.9bn of operating cash flow over FY19-FY24. It spent €15.8bn on games development, paid zero dividends and spent a net amount of just €0.2bn on share buybacks.
I have a bit on this in my latest post on the website.
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I have taken a closer look at $UBI.PA
The two red flags for me are:
1/ High historical share count growth (dilution)
2/ Practically zero cash returns to shareholders. The company has generated €15.9bn of operating cash flow over FY19-FY24. It spent €15.8bn on games development, paid zero dividends and spent a net amount of just €0.2bn on share buybacks.
I have a bit on this in my latest post on the website.
Enjoyed Sohn London 2025 conference yesterday, quite a few ideas including @muddywatersre short thesis on $ELF.
The ones I found most exciting are:
1/ $UBI.PA
2/ $YOU.L
3/ $BORR https://t.co/Wd4XGEbYgR tweet
Offshore
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Stock Analysis Compilation
Ganes on Eagers Automotive $APE AU
Thesis: Eagers Automotive offers a compelling mix of strong dividend yield, growth through acquisitions, and valuable real estate assets, making it a resilient choice despite short-term headwinds
(Extract from their Q3 letter) https://t.co/QVCJDSbtYI
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Ganes on Eagers Automotive $APE AU
Thesis: Eagers Automotive offers a compelling mix of strong dividend yield, growth through acquisitions, and valuable real estate assets, making it a resilient choice despite short-term headwinds
(Extract from their Q3 letter) https://t.co/QVCJDSbtYI
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Offshore
Video
Startup Archive
Marc Andreessen on handling a crisis: “There are no silver bullets, only lead bullets”
Marc reflects on his partner Ben Horowitz’s essay “Lead Bullets”:
“There’s this temptation - especially when you get into crisis - to think there must be a magic answer or some stroke of genius [similar to Sherlock Holmes]…. There’s this really strong tendency to think that that’s out there. And we see a lot of entrepreneurs cycle through different silver bullets that don’t work. Ben’s point is the answer is probably in firing a whole bunch of lead bullets.”
Marc explains:
“The answer is probably the engineers working later at night for six months and getting the next version of the product out. And the answer is probably for the sales reps to go call on twice as many customers and try to close more deals… I’ve certainly come around to that point of view a lot.”
In other words, there rarely a silver bullet that solves all your problems. So don’t waste a lot of time looking for one. Instead, identify the few key drivers of success for your business and do them extremely well.
Here’s a brief excerpt from Ben’s essay:
“There may be nothing scarier in business than facing an existential threat. So scary that many in the organization will do anything to avoid it. They will look for any alternative, any way out, any excuse not to live or die in a single battle… There comes a time in every company’s life where it must fight for its life. If you find yourself running when you should be fighting, you need to ask yourself: ‘If our company isn’t good enough to win, then do we need to exist at all?’”
Video source: @StanfordGSB (2014)
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Marc Andreessen on handling a crisis: “There are no silver bullets, only lead bullets”
Marc reflects on his partner Ben Horowitz’s essay “Lead Bullets”:
“There’s this temptation - especially when you get into crisis - to think there must be a magic answer or some stroke of genius [similar to Sherlock Holmes]…. There’s this really strong tendency to think that that’s out there. And we see a lot of entrepreneurs cycle through different silver bullets that don’t work. Ben’s point is the answer is probably in firing a whole bunch of lead bullets.”
Marc explains:
“The answer is probably the engineers working later at night for six months and getting the next version of the product out. And the answer is probably for the sales reps to go call on twice as many customers and try to close more deals… I’ve certainly come around to that point of view a lot.”
In other words, there rarely a silver bullet that solves all your problems. So don’t waste a lot of time looking for one. Instead, identify the few key drivers of success for your business and do them extremely well.
Here’s a brief excerpt from Ben’s essay:
“There may be nothing scarier in business than facing an existential threat. So scary that many in the organization will do anything to avoid it. They will look for any alternative, any way out, any excuse not to live or die in a single battle… There comes a time in every company’s life where it must fight for its life. If you find yourself running when you should be fighting, you need to ask yourself: ‘If our company isn’t good enough to win, then do we need to exist at all?’”
Video source: @StanfordGSB (2014)
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Quiver Quantitative
RT @InsiderRadar: 🚨 JUST IN: 3 New Insider Purchases at $IMNM
- $960K purchase by CEO
- $150K purchase by Chief Medical Officer
- $200K purchase by CTO
All three of these trades were filed this morning, shortly before market open.
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RT @InsiderRadar: 🚨 JUST IN: 3 New Insider Purchases at $IMNM
- $960K purchase by CEO
- $150K purchase by Chief Medical Officer
- $200K purchase by CTO
All three of these trades were filed this morning, shortly before market open.
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Offshore
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Stock Analysis Compilation
TAMIM Fund on F5 Inc $FFIV US
Thesis: F5’s unique, versatile security solutions and strong capital return strategy position it well for sustainable growth and shareholder value in a rapidly evolving IT landscape
(Extract from their Q3 letter) https://t.co/Mme1MLbgaK
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TAMIM Fund on F5 Inc $FFIV US
Thesis: F5’s unique, versatile security solutions and strong capital return strategy position it well for sustainable growth and shareholder value in a rapidly evolving IT landscape
(Extract from their Q3 letter) https://t.co/Mme1MLbgaK
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Offshore
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Quiver Quantitative
Look at this graph.
We published this report on politicians' purchase of DT Midstream stock back in June.
$DTM has now risen 76% since the trade was made. https://t.co/VlmQ0OUb4Z
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Look at this graph.
We published this report on politicians' purchase of DT Midstream stock back in June.
$DTM has now risen 76% since the trade was made. https://t.co/VlmQ0OUb4Z
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