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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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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
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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. ⬇️ tweet
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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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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A compounder that flies under the radar: Gartner $IT
10-year CAGR: 21.1% https://t.co/zR26Ni3dQY
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Librarian Capital
Fundsmith exited Kone $KNEBV in Aug-22. Down -0.8% in Aug, vs. MSCI World +0.2% (in £); down -12.4% YTD, vs. MSCI World -4.3%. Top 10largely unchanged, w/ $WAT & $SKY (were #9 & 10) leaving, replaced by $ADP (#6) & $PEP (#10) (both top 5 contributors in Aug). 1.1% cash (was 0.7%) https://t.co/PsV2dFJv51
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Fundsmith exited Kone $KNEBV in Aug-22. Down -0.8% in Aug, vs. MSCI World +0.2% (in £); down -12.4% YTD, vs. MSCI World -4.3%. Top 10largely unchanged, w/ $WAT & $SKY (were #9 & 10) leaving, replaced by $ADP (#6) & $PEP (#10) (both top 5 contributors in Aug). 1.1% cash (was 0.7%) https://t.co/PsV2dFJv51
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Hidden Value Gems
RT @HiddenValueGems: A few good points on $ERF.PA by Giverny Capital: https://t.co/bwqa65JeS1
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RT @HiddenValueGems: A few good points on $ERF.PA by Giverny Capital: https://t.co/bwqa65JeS1
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Librarian Capital
No sign Fundsmith is giving up on Spirits stocks yet
As a reminder, Diageo $DGE and Brown-Forman $BF.B, while each not big enough to be in Fundsmith's top 10, added up to 5.1% of its portfolio at 2023 year-end
Our review of Diageo FY24 results this week below
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No sign Fundsmith is giving up on Spirits stocks yet
As a reminder, Diageo $DGE and Brown-Forman $BF.B, while each not big enough to be in Fundsmith's top 10, added up to 5.1% of its portfolio at 2023 year-end
Our review of Diageo FY24 results this week below
"Diageo: FY24 Not That Bad; Growth Outside the Americas"
Shares fell ~10% initially after results and remain near their multi-year low; P/E is ~17x even on FY19 EPS
$DGE $DEO $RI $BF.B $RCO
Article link: https://t.co/mCRPLV05lb https://t.co/Q4FOEeSTnJ tweet