⁠Librarian Capital
P&G $PG FY24Q4 (Apr-Jun)

Q4 Sales +2% organic (volume +2%)
Grooming +7%; Baby, Feminine & Family Care -2%
Core GM +140bps (51.5%)
Core EBIT Margin -100bps (23.8%)
Core EPS +2%

FY24 Core EPS +12% ($6.59)

FY25 outlook
Sales +3-5% organic
Core EPS +5-7% ($6.91-7.05)

-4% pre-mkt. https://t.co/KZxxGtcrwA
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⁠Librarian Capital
PayPal $PYPL 24Q2

TPV +11%, Net Revenues +8%
Transaction Margin Dollars +8%
EBIT +17% GAAP, +24% Non-GAAP
EPS +17% GAAP, +36% Non-GAAP

Raises 2024 guidance
Non-GAAP EPS to see low- to mid-teens growth
(was MSD-to-HSD)

+9% pre-market https://t.co/FcGMwq6aTs
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⁠Librarian Capital
Interesting post on Nike $NKE problems, written by former brand director who worked 21 years there

h/t @TrungTPhan

https://t.co/PNiNOKbUx7 https://t.co/caS1Lu9VKf
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⁠Capital Employed
What's the one or two fund letters you always look forward to reading?
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⁠Librarian Capital
Great read: "Finest Years: Churchill as Warlord 1940–45"

This is not only military and political history, but also a case study of a CEO attempting a turnaround, showing both the power and limitations of having an inspiring leader execute such an effort

https://t.co/7DaHaqkFwI https://t.co/ZktqvjHy2U
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⁠Librarian Capital
Diageo $DGE was down ~10% at open; now down ~6%

Human beings read and think at different speeds; and not every market participant is a human being https://t.co/oVdTE8QWpt

We published this on Diageo $DGE $DEO 2 months ago when shares were at ~£26; now ~£23
https://t.co/A6TRt1lRNz

Turns out it wasn't quite "darkest before the dawn" yet

Update review to follow later today - Librarian Capital
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⁠Finding Compounders
A 2008 interview featuring Seth Klarman https://t.co/cUFeWtZm2y
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⁠Librarian Capital
"Berkshire Hathaway sells BofA for a 9th-straight day" (CNBC)

$BRK.B sold a total of 18.4m shares from Thu to Mon ... at an average price of $41.65

Over the past 9 trading sessions, BRK has cut its stake by 71.2m shares with ~$3bn of sales"

Still owns 961.6m shares ($39.5bn) https://t.co/7Wm787iRRu

Warren Buffett's Berkshire Hathaway sells Bank of America for a ninth-straight day https://t.co/gSFeZdBz2B - CNBC
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⁠Hidden Value Gems
Eight steps young investors should follow, according to Soo Chuen, founder of Discerene Group
🧵 👇🏼

1️⃣ “Sign up for good accounting classes online. Get good at double entry general ledges, debits and credits, by doing lots and lots of them. They're not fun, but they will teach you a lot.”

H/t @Clay_Finck

1/8
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