⁠Finding Compounders
Balancing ROIC and Growth to build
value by McKinsey https://t.co/HSMs4bNT8o
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⁠Librarian Capital
AB InBev $ABI 24Q2 LATAM organic growth

Middle Americas
Volume +1.3%
Revenue +5.9%
Norm. EBITDA +10.8%

South America
Volume +0.6%
Revenue +6.1%
Norm. EBITDA +21.7%

Volume
Up: Mexico (MSD), Columbria (LSD), Brazil (4.1%)
Down: Peru (HSD), Ecuador (LSD), Argentina (low-20s) https://t.co/8SsneCOPPY
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⁠Librarian Capital
FT: "Seth Klarman’s weird Pershing flirtation"

"Ackman said Baupost had put in an order of $150m ... Baupost reportedly quickly dropped out"

"It’s almost tempting to assume Baupost’s mooted investment must have been orchestrated by some portfolio mgmr. without Klarman’s say-so" https://t.co/yUL0jDrYDS

Seth Klarman’s weird Pershing flirtation https://t.co/exYwA5ddDu - FT Alphaville
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⁠Librarian Capital
Schroders $SDR 24H1 results

Every part of asset mgmt. had outflow ex. Private Mkt.
Fee margin decline, so lower revenues on higher AUM
Largely fixed costs, EBIT -£26.4m as revenues -£32.8m
But on restructuring costs this year, so flattish PBT https://t.co/qqPqcwis6T
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⁠Librarian Capital
Ruffer Total Return gained just 1.9% (£) in Jul-24, despite jump in JPY

This means it#s likely gained ~1.6% YTD, doing little to improve returns that were -0.2% p.a. L3Y as of Jun

Math is math. JPY just 10.7% of book at Jun-24, and they have other (bad) bets

cc: @RobinWigg https://t.co/51QlcvHvK5
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⁠Librarian Capital
Craig Coben, former global head of ECM at BAML:

"Few events in the capital markets have been as quixotic as Bill Ackman’s thwarted quest to list the Pershing Square USA $PSUS fund on the NYSE ... The $25bn size was laughably unrealistic and exposed the firm to ridicule" https://t.co/gxDq8B9xQt

My overnight take on Pershing Square announcement yesterday evening that it was withdrawing the NYSE IPO of its permanent vehicle. ⬇️ - Craig Coben
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⁠Invest In Assets 📈
RT @InvestInAssets: Quality Screener:

+15% ROCE 5-Year
+7% EPS 10-Year
+5% FCF 10-year
+40% Gross Margin
+15% Operating Margin
+10 Interest Coverage

25 examples:
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⁠Invest In Assets 📈
A compounder that flies under the radar: Gartner $IT

10-year CAGR: 21.1% https://t.co/zR26Ni3dQY
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