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Librarian Capital
L'Oréal buys 10% stake in Galderma for partnership
"To work towards a strategic scientific partnership"
"Will not seek to be represented at Galderma’s Board"
"Off-market block trade with the EQT-led consortium"
Price "non-disclosed", funded by existing cash/credit
$OR $GALD https://t.co/7Mjei0d7hQ
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L'Oréal buys 10% stake in Galderma for partnership
"To work towards a strategic scientific partnership"
"Will not seek to be represented at Galderma’s Board"
"Off-market block trade with the EQT-led consortium"
Price "non-disclosed", funded by existing cash/credit
$OR $GALD https://t.co/7Mjei0d7hQ
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Hidden Value Gems
The Mag7 stocks are down 15% in a month, still up 31% year-to-date. https://t.co/lkAxIRlQrm
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The Mag7 stocks are down 15% in a month, still up 31% year-to-date. https://t.co/lkAxIRlQrm
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Hidden Value Gems
$OCI.AS seems to be on track with its break-up plan. A good deal selling a ‘blue’ ammonia plant in Texas to Woodside for $2.35B. This is 44% of OCI mkt cap.
“Sawiris has already struck deals to sell other parts of OCI. Last December, the group agreed to offload two fertiliser holdings for about $3.6bn apiece, to Adnoc and Koch Industries.”
“In its end-of-year earnings for 2023, OCI said it would distribute at least $3bn to shareholders this year.”
via @FT
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$OCI.AS seems to be on track with its break-up plan. A good deal selling a ‘blue’ ammonia plant in Texas to Woodside for $2.35B. This is 44% of OCI mkt cap.
“Sawiris has already struck deals to sell other parts of OCI. Last December, the group agreed to offload two fertiliser holdings for about $3.6bn apiece, to Adnoc and Koch Industries.”
“In its end-of-year earnings for 2023, OCI said it would distribute at least $3bn to shareholders this year.”
via @FT
Never looked at $OCI in detail. Looks like an activist shareholder and the controlling family are aligned to unlock the value through asset sales and potential dividends?
A story in the @FT https://t.co/l3hNKyrYwI tweet
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Invest In Assets 📈
RT @InvestInAssets: Terry Smith is considered the Warren Buffett of Britain.
In 2010 Terry founded "Fundsmith" which has beaten the index by a substantial amount with a CAGR of 15.6%
Studying his investing strategy is more valuable than a degree in Finance
Let's break it down: https://t.co/s6w42nkpP5
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RT @InvestInAssets: Terry Smith is considered the Warren Buffett of Britain.
In 2010 Terry founded "Fundsmith" which has beaten the index by a substantial amount with a CAGR of 15.6%
Studying his investing strategy is more valuable than a degree in Finance
Let's break it down: https://t.co/s6w42nkpP5
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Hidden Value Gems
RT @HiddenValueGems: $BRK.A Q2 highlights:
✅ Buffett sells half of $AAPL stake, worth c $88B. Probably expects less upside in Apple and higher taxes in the future. Not sure a big strategic acquisition is on the cards…
✅ Cash pile at $277B, almost 30% of the Mkt Cap. A great position if we enter tough times.
✅ Insurance float at $169B.
✅ After-tax operating profit rose 15% to $11.6B, driven by higher insurance underwriting profits and increased income on the company’s large cash holdings.
✅ Bought back just $345M of stock in the period, one of the lowest quarterly totals in several years. That compares with $2.6B in Q1 2024 and $2.2B in Q4 2023.
✅ Book value per share rose to a record $419,000 per class A share from $398,000 on March 31, 2024. The gain in book value was driven by operating profits and the rise in value of Berkshire’s equity portfolio, which totaled $285B. Berkshire’s stock now trades for about 1.5x the book value.
✅ Geico’s combined ratio was 83% in the second quarter, down from 95% a year earlier.
✅ Profit at Burlington Northern Santa Fe, the railroad business, was down slightly to $1.2B after taxes in the second quarter from $1.3B a year earlier, and profit at Berkshire’s utility operations (Berkshire Hathaway Energy) declined to $655M from $785M a year earlier.
$BRK.A $BRK.B #BRK
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RT @HiddenValueGems: $BRK.A Q2 highlights:
✅ Buffett sells half of $AAPL stake, worth c $88B. Probably expects less upside in Apple and higher taxes in the future. Not sure a big strategic acquisition is on the cards…
✅ Cash pile at $277B, almost 30% of the Mkt Cap. A great position if we enter tough times.
✅ Insurance float at $169B.
✅ After-tax operating profit rose 15% to $11.6B, driven by higher insurance underwriting profits and increased income on the company’s large cash holdings.
✅ Bought back just $345M of stock in the period, one of the lowest quarterly totals in several years. That compares with $2.6B in Q1 2024 and $2.2B in Q4 2023.
✅ Book value per share rose to a record $419,000 per class A share from $398,000 on March 31, 2024. The gain in book value was driven by operating profits and the rise in value of Berkshire’s equity portfolio, which totaled $285B. Berkshire’s stock now trades for about 1.5x the book value.
✅ Geico’s combined ratio was 83% in the second quarter, down from 95% a year earlier.
✅ Profit at Burlington Northern Santa Fe, the railroad business, was down slightly to $1.2B after taxes in the second quarter from $1.3B a year earlier, and profit at Berkshire’s utility operations (Berkshire Hathaway Energy) declined to $655M from $785M a year earlier.
$BRK.A $BRK.B #BRK
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Librarian Capital
"UK motor premiums fall for 1st time in 2 years" (ABI)
24Q2 average motor premium -2% q/q (Q1: +1% q/q)
At £622, avg. premium is +21% y/y (23Q2: £511)
24Q2 avg. claim costs +0.4% q/q (Q1: +8% q/q)
$ADM shares -2.4% today, +24.3% LTM https://t.co/aCaYTZPIYT
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"UK motor premiums fall for 1st time in 2 years" (ABI)
24Q2 average motor premium -2% q/q (Q1: +1% q/q)
At £622, avg. premium is +21% y/y (23Q2: £511)
24Q2 avg. claim costs +0.4% q/q (Q1: +8% q/q)
$ADM shares -2.4% today, +24.3% LTM https://t.co/aCaYTZPIYT
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Librarian Capital
If we were to get a 1987-style crash, it would be deeply ironic for the people at Ruffer, having publicly predicted one in April and then (quietly) reversed their view in May
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If we were to get a 1987-style crash, it would be deeply ironic for the people at Ruffer, having publicly predicted one in April and then (quietly) reversed their view in May
Remember this from April? "Risk of 1987-Style Meltdown Sparks Ruffer’s Record Cash Bet"
Ruffer manager: "It could be within the next 3 months"
2 months later: "Acknowledging ... the passing of several risk events ... We added about 5% to our equity exposure" (May factsheet) https://t.co/tXsxAolMUv tweet