Offshore
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Quiver Quantitative
BREAKING: Amazon, $AMZN, is reportedly in talks to buy TikTok.
$AMZN up 1% on the news. https://t.co/xSSAnmDP68
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BREAKING: Amazon, $AMZN, is reportedly in talks to buy TikTok.
$AMZN up 1% on the news. https://t.co/xSSAnmDP68
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Offshore
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Hidden Value Gems
An interesting case of an Asian family holding business, Jardine Matheson, pivoting from an owner-operator model to an investment company.
Founded as an opium trader in 1832, the company plans to focus on higher returns for shareholders.
Major assets (almost all listed):
- Hongkong Land - owns much of the territory’s business district
- Mandarin Oriental - a luxury hotel chain
- DFI Retail - runs Ikea stores in Hong Kong, Taiwan, Indonesia, among other businesses.
- Astra - an Indonesian conglomerate (the biggest source of profits)
Jardine generates c. $5bn of operating CF on $53bn equity.
Te discount to NAV at 30%, not as wide as in other cases (incl Exor’s 50%).
$J36 #J36
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An interesting case of an Asian family holding business, Jardine Matheson, pivoting from an owner-operator model to an investment company.
Founded as an opium trader in 1832, the company plans to focus on higher returns for shareholders.
Major assets (almost all listed):
- Hongkong Land - owns much of the territory’s business district
- Mandarin Oriental - a luxury hotel chain
- DFI Retail - runs Ikea stores in Hong Kong, Taiwan, Indonesia, among other businesses.
- Astra - an Indonesian conglomerate (the biggest source of profits)
Jardine generates c. $5bn of operating CF on $53bn equity.
Te discount to NAV at 30%, not as wide as in other cases (incl Exor’s 50%).
$J36 #J36
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Offshore
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The Kobeissi Letter
BREAKING: White House Press Secretary Leavitt calls reports on Elon Musk leaving DOGE “garbage.”
Leavitt says Musk will leave DOGE when his work is complete. https://t.co/oFifLaUEMr
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BREAKING: White House Press Secretary Leavitt calls reports on Elon Musk leaving DOGE “garbage.”
Leavitt says Musk will leave DOGE when his work is complete. https://t.co/oFifLaUEMr
BREAKING: President Trump has reportedly told his inner circle that Elon Musk will be "stepping back in the coming weeks from his current role," per Politico.
Tesla stock, $TSLA, is up sharply on the news. https://t.co/J9OH8BSNUv tweet
Offshore
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The Kobeissi Letter
US technology stocks are struggling:
The share of technology sector stocks trading above their 200-day moving average has fallen to 20%, the lowest since November 2022.
This percentage is down ~45 points over the last 6 weeks.
This is almost as sharp of a drop as during the beginning of the 2022 bear market and the 2020 pandemic sell-off.
Furthermore, the S&P 500 Information Technology sector has led the recent weakness, down -+12% YTD.
At the same time, the Magnificent 7 stocks are down -15%, more than triple the S&P 500’s decline.
Tech stocks have lost their popularity.
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US technology stocks are struggling:
The share of technology sector stocks trading above their 200-day moving average has fallen to 20%, the lowest since November 2022.
This percentage is down ~45 points over the last 6 weeks.
This is almost as sharp of a drop as during the beginning of the 2022 bear market and the 2020 pandemic sell-off.
Furthermore, the S&P 500 Information Technology sector has led the recent weakness, down -+12% YTD.
At the same time, the Magnificent 7 stocks are down -15%, more than triple the S&P 500’s decline.
Tech stocks have lost their popularity.
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Offshore
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Finding Compounders
Highly Recommend
Jim Simons lecture : Mathematics, Common Sense and Good Luck https://t.co/KrH04Zz0kl
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Highly Recommend
Jim Simons lecture : Mathematics, Common Sense and Good Luck https://t.co/KrH04Zz0kl
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Offshore
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Value Spotlight (Andrew Sather)
The fact that Meta has retained a FLAT ROIC, with the following growth rates in Invested Capital (of course burning $69B, nice, in Reality Labs along the way)
2024: 42%
2023: 42%
2022: 24%
🤯 https://t.co/GosPsKCFcZ
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The fact that Meta has retained a FLAT ROIC, with the following growth rates in Invested Capital (of course burning $69B, nice, in Reality Labs along the way)
2024: 42%
2023: 42%
2022: 24%
🤯 https://t.co/GosPsKCFcZ
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AkhenOsiris
This guy never seen a Ghibli movie
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This guy never seen a Ghibli movie
While speaking at the Jefferies Datacenter Conference, $META's Head of Power Paul Kelly said the company has an edge with a built-in end-user base, unlike competitors like $MSFT who may be overbuilding without clear downstream use cases. - Wall St Enginetweet
AkhenOsiris
Congratulations are in order for @munster_gene 🎉
He's joined the likes of Sawyer Merritt, Gary Black, and countless others with endless hot air Tesla takes that spin utterly trash #s as positive.
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Congratulations are in order for @munster_gene 🎉
He's joined the likes of Sawyer Merritt, Gary Black, and countless others with endless hot air Tesla takes that spin utterly trash #s as positive.
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AkhenOsiris
Ladies and Gents….Gene “comps” Munster…comps has been his thesis for 2+ yrs
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Ladies and Gents….Gene “comps” Munster…comps has been his thesis for 2+ yrs
For $TSLA's long-term autonomous vision to become a reality, deliveries need to reaccelerate. That should start next year. - Gene Munstertweet