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iinvested
2Q'24 Baron Small Cap Fund on $IBTA, $LOAR
https://t.co/WZ0Lb8qTvV
More fund letters here:
https://t.co/WRGkdL2eBG https://t.co/WWGaxISVyM
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2Q'24 Baron Small Cap Fund on $IBTA, $LOAR
https://t.co/WZ0Lb8qTvV
More fund letters here:
https://t.co/WRGkdL2eBG https://t.co/WWGaxISVyM
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Hidden Value Gems
Joe Tsai bought 1.45 million shares of $BABA over the past 4 months based on his new holding of 276.75 million (1.44% stake in the company).
Positive but not a huge increase - about 181K ADRs (c $15 million). https://t.co/9y3VYtd6lz
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Joe Tsai bought 1.45 million shares of $BABA over the past 4 months based on his new holding of 276.75 million (1.44% stake in the company).
Positive but not a huge increase - about 181K ADRs (c $15 million). https://t.co/9y3VYtd6lz
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Hidden Value Gems
Jeremy Grantham keynote address at Columbia University:
“In my opinion, this is the major inefficiency in the stock market. There are many inefficiencies, perhaps hundreds. It is a very inefficient enterprise, but by far the biggest inefficiency is momentum. It exists in every asset class that we can study or have ever studied.”
https://t.co/tQGVQW0ZL2
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Jeremy Grantham keynote address at Columbia University:
“In my opinion, this is the major inefficiency in the stock market. There are many inefficiencies, perhaps hundreds. It is a very inefficient enterprise, but by far the biggest inefficiency is momentum. It exists in every asset class that we can study or have ever studied.”
https://t.co/tQGVQW0ZL2
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Stock Analysis Compilation
Baron Capital on SRF Limited $SRF IN
Thesis: SRF is poised for strong growth as it leverages its R&D leadership and dominance in eco-friendly refrigerants to capitalize on global sustainability trends.
(Extract from their Q2 letter) https://t.co/gGo3eVIiaV
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Baron Capital on SRF Limited $SRF IN
Thesis: SRF is poised for strong growth as it leverages its R&D leadership and dominance in eco-friendly refrigerants to capitalize on global sustainability trends.
(Extract from their Q2 letter) https://t.co/gGo3eVIiaV
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Librarian Capital
FeverTree $FEVR: Gin is less important outside UK
Non-Tonics are 28% of UK sales (24H1)
Non-Tonics are 42% of group sales (LTM)
-> Non-Tonics are ~50% of non-UK sales
FeverTree growth in US and Europe has always required more efforts outside gin in the first place https://t.co/eDvBPUXKjV
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FeverTree $FEVR: Gin is less important outside UK
Non-Tonics are 28% of UK sales (24H1)
Non-Tonics are 42% of group sales (LTM)
-> Non-Tonics are ~50% of non-UK sales
FeverTree growth in US and Europe has always required more efforts outside gin in the first place https://t.co/eDvBPUXKjV
"FeverTree: H1 Showed Costs are On Track, Even if Growth is Not (Yet)"
$FEVR shares fell 12% after results and are lowest since 2016, but key parts of our thesis were validated.
https://t.co/uqjaYJE1qt https://t.co/KLbdWFjeUW tweet
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Librarian Capital
Michael Lindsell on how China has become a headwind for Japanese consumer companies
Shiseido
29% of sales from China; success pre 2020
14% travel retail (highest margin)
Weakness in both channels
May miss 2024 ~5% EBIT margin target
1.4x EV/Sales vs. 5x for $OR and 2.5x for $EL https://t.co/yIUkB7Meo8
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Michael Lindsell on how China has become a headwind for Japanese consumer companies
Shiseido
29% of sales from China; success pre 2020
14% travel retail (highest margin)
Weakness in both channels
May miss 2024 ~5% EBIT margin target
1.4x EV/Sales vs. 5x for $OR and 2.5x for $EL https://t.co/yIUkB7Meo8
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Librarian Capital
"UK home asking prices rise sharply in September" (FT)
The relationship between UK house prices and Rightmove revenues is not linear - people spend less on marketing products if demand is already high - but in general it's good for $RMV to see estate agents making more money
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"UK home asking prices rise sharply in September" (FT)
The relationship between UK house prices and Rightmove revenues is not linear - people spend less on marketing products if demand is already high - but in general it's good for $RMV to see estate agents making more money
Asking prices for UK homes rise sharply in September https://t.co/HNL40Hc8Og tweet
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Librarian Capital
Multi-manager hedge fund returns (Aug-24 YTD)
Via the FT, from "people who have seen the numbers"
https://t.co/8ij6li2JwQ https://t.co/osJQZuW4PM
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Multi-manager hedge fund returns (Aug-24 YTD)
Via the FT, from "people who have seen the numbers"
https://t.co/8ij6li2JwQ https://t.co/osJQZuW4PM
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