⁠Stock Analysis Compilation
Harding Loevner on ICICI Bank $IBN US

Thesis: ICICI Bank’s robust growth trajectory, combined with strategic risk management improvements, positions it well to capture India's expanding financial services market.

(Extract from their Q2 letter) https://t.co/s8EeEWCB6M
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⁠Librarian Capital
Another way to bet on GLP-1?

"Regeneron $RGEN head says weight-loss drugs could cause ‘more harm than good’" (FT)

Patients "lose muscle at far faster rates than people losing weight from diet or exercise", but "2 in every 5 patients ... discontinue the treatments within a year" https://t.co/YVv2fnGaqn
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⁠Librarian Capital
How you know an investment column has lost its audience

The below is the 2nd most-recommended comment on a weekly investment column published on Friday

Column was supposedly about tough markets
Comment was about ... I don't know what it's about

12 "recommends"; top one has 20 https://t.co/DGyjargFpM
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⁠Stock Analysis Compilation
Orbis on Nintendo $7974 JP

Thesis: Nintendo's evolution into multimedia, alongside its core video game business, offers significant upside with minimal downside risk given its strong brand, IP, and new revenue streams.

(Extract from their Q2 letter) https://t.co/9CEGAik6dH
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⁠Librarian Capital
When FCF Yield is not a better metric than P/E
Novo Nordisk $NOVO & Eli Lilly $LLY

FCF = Op CF - CapEx (inc. intangibles)

NOVO 2023 FCF $44.8bn vs. Net Income $83.7bn
LLY 2023 FCF -$3.0bn

To get "real" earnings, you need to understand the business, there is no formula shortcut https://t.co/eJ6b9Fnhh2
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⁠Librarian Capital
Diageo has reportedly hired bankers to explore whether to dispose of Pimms (Sky)

Also reportedly exploring potential disposals of Safari, a fruit liqueur, and Pampero, a rum brand

$DGE $DEO

Exclusive: Diageo, the FTSE-100 alcoholic drinks giant, has begun exploring a sale of Pimm’s, the English summer tipple which has held a long association with the Wimbledon tennis championships. It has owned Pimm’s, which was created in 1840, since 1997. https://t.co/TflOwGKTkD - Mark Kleinman
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⁠Librarian Capital
Elon Musk, during 2022 US mid-term elections:

“I voted ... first time I ever voted Republican"
"Massive red wave in 2022"

Both of these were false: The Democrats gained 1 seat, and state records showed Elon Musk did not vote

Source: "Character Limit" (Kate Conger & Ryan Mac) https://t.co/rrMuwGu52b
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⁠Investing visuals
Show this to every investor who only talks about stock price👇 https://t.co/BRJCOA9IKk
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⁠Startup Archive
RT @filippkowalski: “Go hard at it. [...] Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”

Yes 💯

Brian Armstrong explains how he built Coinbase on nights and weekends while working at Airbnb

Brian first advises those who are currently employed to not build your project on company hours or on your company laptop:

“If you build it on company time or on the company hardware, the company probably owns the IP.”

Then he describes his schedule for working on Coinbase while still working full-time at Airbnb.

“I would often work [at Airbnb] until 7pm. I’d come home, eat dinner, and then I would work from 8pm to midnight. I would do that maybe 3-4 days a week on weekdays. And then on the weekend I’d work Sunday afternoon for 7-8 hours.”

Brian did this consistently for about a year and a half until Coinbase was far enough along for him to get seed funding from Y Combinator.

“It sucked. I mean I was tired after the full day of work [at Airbnb]. But this is where determination comes in… At that moment in time, I was in my late 20s, and I was like, ‘I really want to try to build something important in the world.’”

When asked how he maintained friendships during this time, Brian replies:

“I was pretty intense about it. I would say I sacrificed friendships for it. It’s not like I was just never responding to people, but I’ve seen this happen to various people. They get to a certain point in their life. Sometimes they turn a certain age where they thought they would have more done by then or maybe someone in their family passes away and they’re like, Oh my god, time is finite. It’s precious. And something happens where they’re like, ‘I’m going to get this done, no matter the cost.’”

Brian tells those out there who might be in a similar situation:

“Go hard at it. Finish your book. Launch your thing. Just start doing stuff - and even if you don’t know what to do, just do anything, because action will produce information and it’ll help you get to the right thing.”

Video source: @StevenBartlett (2022) - Startup Archive
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