⁠Hidden Value Gems
Vulcan Value Partners: 3 new positions in Q3 '24 - $LVMUY $EG $PGHN.SW

🧵👇🏽

"LVMH is the largest luxury goods manufacturer in the world. It benefits from brand equity curated over decades with high quality, exclusive products that are instantly recognisable to consumers worldwide. LVMH owns a global portfolio of 75 luxury brands across various categories such as fashion, jewelry, wines and spirits, cosmetics, watches, and other goods."

"LVMH’s founder and CEO, Bernard Arnault, has operated the business with a long-term mindset that should endure long past his tenure."

"After several years of above-trend growth, LVMH’s sales growth has slowed, and we believe its profits will decline marginally this year. We believe the company can compound its value at a low double-digit rate over our long-term time horizon."

"We have owned LVMH in the past, and recent stock price volatility has allowed us to buy this wonderful business with a margin of safety to our estimate of intrinsic value."

1/3
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⁠Hidden Value Gems
It was not that long ago when International stocks were more expensive that the US (probably when everyone loved China) 👇🏽 https://t.co/jpmuobPMJQ
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⁠Hidden Value Gems
Quote of the day #105

#investing #Stockmarket https://t.co/jGj7mfFbth
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⁠Hidden Value Gems
Half of the people are not involved in $VTY.L. A quarter view the current issue as the buying opportunity, 15% see bigger risks, 10% still doing work.

Thank you for voting 👍

What do you think about Vistry?

$VTY.L
- A one-off, buy
- A serious issue, sell
- Not involved
- Still doing work - Hidden Value Gems
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⁠Librarian Capital
Investrors' Chronicle asked "Can Ruffer turn it around?" a year ago (10-Oct-23)

This was after Ruffer Investment Company $RICA shares fell 13% in the first ~9 months of 2023

A year on, RICA share price is up ... 2.7%

So the answer is they cannot https://t.co/tBbOqaCsV0
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⁠Hidden Value Gems
“During the current bull market, the S&P 500 forward P/E has increased from 15.3 during the October 12, 2022 week to 21.6 currently. That's not quite a record high, but it is getting closer to the 25.5 reached in 1999.”

@yardeni https://t.co/ewu6dQmgin
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⁠Librarian Capital
John Hempton: "Thinking aloud about Google remedies"

"Please Justice Department, I have a product that works. Don’t break it"

"This is so destructive as to be comical"

$GOOG

Thinking aloud about Google remedies -

$GOOG, $GOOGL

https://t.co/z0TxIvERPi - John_Hempton
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⁠Stock Analysis Compilation
Clearbridge on BBVA $BBVA SM

Thesis: BBVA’s strategic expansion into Spain through its Sabadell acquisition, combined with its strong position in Mexico, makes it a solid banking investment.

(Extract from their Q2 letter) https://t.co/sIbYQKC9oe
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⁠Librarian Capital
"Unilever sells Russian business for €520m" (FT)

"Agreement had been reached to sell to Arnest assets worth approximately €600mn, including its business in Belarus, following approval by authorities in Moscow. Sources close to the deal confirmed the amount."

$ULVR $UL https://t.co/VSEj0Hh2DF
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⁠Librarian Capital
"Citi $C, Mastercard $MA Team Up on Cross-Border Debit-Card Payments" (Bloomberg)

"Citigroup is the first global bank to use the service, known as Mastercard Move"

"What makes this method of money movement ideal for some transactions is the nearly real-time nature of it" (MA)

Mastercard and Citigroup are collaborating to facilitate around-the-clock, cross-border payments with debit cards https://t.co/lU55ubVMH1 - Bloomberg
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