Offshore
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Hidden Value Gems
“Two-thirds of respondents expect their companies’ profits to increase in the next six months, the largest share since October 2021. Advanced industries is the only industry in which significantly more respondents expect a boost in profits compared with the previous quarter’s survey.”
@McKinsey
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“Two-thirds of respondents expect their companies’ profits to increase in the next six months, the largest share since October 2021. Advanced industries is the only industry in which significantly more respondents expect a boost in profits compared with the previous quarter’s survey.”
@McKinsey
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Offshore
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Hidden Value Gems
An interesting lesson on portfolio management:
In 2019, 101 years after Keynes started his art collection, the five most valuable paintings represented 75% of the collection’s value, with one work alone being 25%. Keynes and Cambridge never “trimmed the Cezanne position” or “added to” the other paintings, most of which didn’t became valuable at all.
h/t @HarveySawikin
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An interesting lesson on portfolio management:
In 2019, 101 years after Keynes started his art collection, the five most valuable paintings represented 75% of the collection’s value, with one work alone being 25%. Keynes and Cambridge never “trimmed the Cezanne position” or “added to” the other paintings, most of which didn’t became valuable at all.
h/t @HarveySawikin
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Offshore
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Hidden Value Gems
There is a risk that everyone is extrapolating the most recent trends, but still worth highlighting:
✅ Serving surging data center power consumption could require more than $2 trillion in new energy generation resources worldwide
✅ US energy demand could outstrip supply within the next few years; meeting demand would require utilities to boost annual generation by up to 26% by 2028.
✅ That’s far beyond the largest five-year generation boost of about 5% that US utilities achieved from 2005 through 2023.
via @BainandCompany
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There is a risk that everyone is extrapolating the most recent trends, but still worth highlighting:
✅ Serving surging data center power consumption could require more than $2 trillion in new energy generation resources worldwide
✅ US energy demand could outstrip supply within the next few years; meeting demand would require utilities to boost annual generation by up to 26% by 2028.
✅ That’s far beyond the largest five-year generation boost of about 5% that US utilities achieved from 2005 through 2023.
via @BainandCompany
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Offshore
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Hidden Value Gems
An interesting stock idea by Tim McElvaine (former colleague of Peter Cundill)
Seaport Entertainment $SEG - a recent spinoff from Howard Hughes
✅ Seaport owns valuable assets, including hospitality properties in Manhattan, a Triple-A baseball team, and Las Vegas air rights, which alone match its current market value.
✅ The additional upside comes from the turnaround of the restaurant business under new management.
✅ Bill Ackman’s Pershing Square owns 38% of the company.
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An interesting stock idea by Tim McElvaine (former colleague of Peter Cundill)
Seaport Entertainment $SEG - a recent spinoff from Howard Hughes
✅ Seaport owns valuable assets, including hospitality properties in Manhattan, a Triple-A baseball team, and Las Vegas air rights, which alone match its current market value.
✅ The additional upside comes from the turnaround of the restaurant business under new management.
✅ Bill Ackman’s Pershing Square owns 38% of the company.
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Offshore
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Stock Analysis Compilation
Diamond Hill on Arvind $ARVIND IN
Thesis: Arvind's shift towards high-margin, less capital-intensive businesses like finished garments and advanced materials makes it a compelling investment at its current undervaluation.
(Extract from their Q2 letter) https://t.co/ioe6vMablY
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Diamond Hill on Arvind $ARVIND IN
Thesis: Arvind's shift towards high-margin, less capital-intensive businesses like finished garments and advanced materials makes it a compelling investment at its current undervaluation.
(Extract from their Q2 letter) https://t.co/ioe6vMablY
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Librarian Capital
"CPPIB managing director awarded damages" (FT)
An example of HR behaving badly
HR people don't understand the business and are often jealous producers make more than they
Judge: "The respondent appears to take issue with, and disapprove of, the claimant’s lifestyle choices"
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"CPPIB managing director awarded damages" (FT)
An example of HR behaving badly
HR people don't understand the business and are often jealous producers make more than they
Judge: "The respondent appears to take issue with, and disapprove of, the claimant’s lifestyle choices"
CPPIB managing director who charged £11,700 to corporate card awarded damages https://t.co/HBwGiCu2KO tweet
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Offshore
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Librarian Capital
There are differences between "The Snowball" editions
In recent weeks I have searched multiple times in vain for a passage* I thought I read
It turns out that 2 paragraphs have been edited out between the 2008 hardback I read and the 2018 kindle edition I bought for reference https://t.co/jyYfmjfsWf
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There are differences between "The Snowball" editions
In recent weeks I have searched multiple times in vain for a passage* I thought I read
It turns out that 2 paragraphs have been edited out between the 2008 hardback I read and the 2018 kindle edition I bought for reference https://t.co/jyYfmjfsWf
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Offshore
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Stock Analysis Compilation
Clearbridge on Siemens Energy $ENR GY
Thesis: Siemens Energy’s crucial role in global energy grid upgrades positions it for sustained growth in the green energy transition
(Extract from their Q2 letter) https://t.co/ucSmXs9Cdv
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Clearbridge on Siemens Energy $ENR GY
Thesis: Siemens Energy’s crucial role in global energy grid upgrades positions it for sustained growth in the green energy transition
(Extract from their Q2 letter) https://t.co/ucSmXs9Cdv
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