⁠iinvested
1Q'24 Baron Asset Fund on $PCOR, $SPOT

https://t.co/eBg2qukfu9

More fund letters here:
https://t.co/HhAAZQRRKy https://t.co/DTagKpn2Vl
tweet

⁠Hidden Value Gems
A good chart on historical and future Capex of $MSFT $GOOG $META

I wish they put as a share of Sales too.

$MSFT has become the biggest spender 👇🏼 https://t.co/t66tI7Ahvl

A great post by @JohnHuber72 on the rising capital intensity of the Big Tech and the implications for earnings quality and future returns.

1/ Capex [of Big 4 Tech companies] is now over 3 times depreciation expense.

2/ This spending hasn’t yet hit the income statement, but it will in the next few years as depreciation expenses are set to triple in the coming years as D&A catches up with today’s capex spending.

3/ If the returns on these investments are good, then sales growth will be able to absorb these much higher expenses. But this is not a sure thing.

4/ While the P/E ratios range from 25 to 35, the P/FCF ranges from 40-50.

5/ “I’m not predicting a poor result, but I’m mindful of how difficult it will be given how different the companies are today.”

6/ They used to grow with very little capital invested, but now they have a mountain of capital to deploy, which is obviously much harder at 7 times the size. - Hidden Value Gems
tweet

⁠Hidden Value Gems
An interesting read about $RACE and its strategy to grow in luxury goods segment. Apparently more challenging than the company might have thought.

“Ferrari has hundreds of millions of fans around the world and we are settling on a 1 per cent slice.”

“Ferrari’s merchandise prices have also increased significantly, with caps that once sold for €8 now priced at €80.”
tweet

⁠Hidden Value Gems
So little attention to $BABA these days. I almost missed that they are reporting later today. https://t.co/mGKRPly6Pj
tweet

⁠The Long Investor
Welcome all future Long Term Investors

It didn’t work out for you in 2021 but you are back now

You’ll learn one more difficult lesson this time and decide that Long Term Investing is better than gambling.
tweet

⁠The Long Investor
Today's gambler is tomorrow's Investor.

Take your time and take the lesson.
tweet

⁠Antonio Linares
There's something everyone seems to have not seen in the $PLTR Q1 earnings report.
tweet

⁠Giuliano
What are the most import books in psychology and biology?

I read Darwin and Freud, but don’t know how to proceed.
tweet

⁠The Long Investor
RT @earnings_guy: $BABA (Alibaba) #earnings are out: https://t.co/ozyQ7GP09m
tweet

⁠The Long Investor
$BABA take advantage of pull backs

$BABA earnings tomorrow morning

It has run aggressively leading up to earnings so any pull back will be an opportunity to add

Either way, this moves back up to the mean reversion zone as shown below - The Long Investor
tweet