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Hidden Value Gems
Missed this @WSJ article on BNSF hiring Ed Harris, the 74-year old railroad veteran who is best known for precision scheduling.
“The strategy aims to cut costs in part by running trains on tighter schedules, removing excess equipment, and trying to get more cargo on a return trip rather than having a train return empty.”
The main conclusion is that BNSF has room for improvement as it keeps underperforming: ‘23 operating earnings down 14% vs 8% decline at $UNP
$BRK.B
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Missed this @WSJ article on BNSF hiring Ed Harris, the 74-year old railroad veteran who is best known for precision scheduling.
“The strategy aims to cut costs in part by running trains on tighter schedules, removing excess equipment, and trying to get more cargo on a return trip rather than having a train return empty.”
The main conclusion is that BNSF has room for improvement as it keeps underperforming: ‘23 operating earnings down 14% vs 8% decline at $UNP
$BRK.B
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Hidden Value Gems
Great piece by @paulg on whether you should follow your passion: “When To Do What You Love”
🧵👇🏼
1️⃣ “If your main goal is to make money, you can't usually afford to work on what interests you the most. People pay you for doing what they want, not what you want. But there's an obvious exception: when you both want the same thing. For example, if you love football, and you're good enough at it, you can get paid a lot to play it.”
1/6
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Great piece by @paulg on whether you should follow your passion: “When To Do What You Love”
🧵👇🏼
1️⃣ “If your main goal is to make money, you can't usually afford to work on what interests you the most. People pay you for doing what they want, not what you want. But there's an obvious exception: when you both want the same thing. For example, if you love football, and you're good enough at it, you can get paid a lot to play it.”
1/6
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Offshore
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Hidden Value Gems
$GKP.L to pay $20m interim dividend and launch $10m buyback, around 8% total shareholder returns. This comes on top of $15m interim dividend in July and $10m buyback earlier this year. https://t.co/0rz9fZ1tOj
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$GKP.L to pay $20m interim dividend and launch $10m buyback, around 8% total shareholder returns. This comes on top of $15m interim dividend in July and $10m buyback earlier this year. https://t.co/0rz9fZ1tOj
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Librarian Capital
"China Slaps Levy on European Brandy" (Bloomberg)
"Importers will have to pay a deposit of as much as 39% of the value of brandy ... The document specifically mentioned European spirits makers controlled by Remy Cointreau SA and Pernod Ricard SA"
$RCO -7%, $RI -3.5%
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"China Slaps Levy on European Brandy" (Bloomberg)
"Importers will have to pay a deposit of as much as 39% of the value of brandy ... The document specifically mentioned European spirits makers controlled by Remy Cointreau SA and Pernod Ricard SA"
$RCO -7%, $RI -3.5%
China imposed a levy on brandy from the European Union, escalating a trade dispute days after the bloc’s decision to boost tariffs on Chinese electric vehicles https://t.co/4Eb5zraS2G tweet
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Offshore
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Librarian Capital
Imperial Brands $IMB FY24 pre-close
"Trading in line with expectations"
Tobacco & NGP revenue growth "strengthened" ex-FX
Gained share in US; lost in Germany, UK
FY25 capital return £2.8bn (FY24: £2.4bn)
£1.25bn buybacks
£1.5bn dividends (40.08p x 2)
Quarterly payments in FY26 https://t.co/GFzJ7w1YNk
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Imperial Brands $IMB FY24 pre-close
"Trading in line with expectations"
Tobacco & NGP revenue growth "strengthened" ex-FX
Gained share in US; lost in Germany, UK
FY25 capital return £2.8bn (FY24: £2.4bn)
£1.25bn buybacks
£1.5bn dividends (40.08p x 2)
Quarterly payments in FY26 https://t.co/GFzJ7w1YNk
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Offshore
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Librarian Capital
Spirax $SPX price & valuation snapshots (Evenlode)
"Significant valuation de-rating (from 45x to 23x)"
"Operational headwinds" include "Covid-related destocking at Watson-Marlow’s biopharmaceutical customers, and the global downturn in industrial production demand" https://t.co/J1TfRon8AO
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Spirax $SPX price & valuation snapshots (Evenlode)
"Significant valuation de-rating (from 45x to 23x)"
"Operational headwinds" include "Covid-related destocking at Watson-Marlow’s biopharmaceutical customers, and the global downturn in industrial production demand" https://t.co/J1TfRon8AO
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Offshore
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Librarian Capital
Vistry $VTY vs. inflation:
"Within our Partnerships model we have fixed revenue agreements ... We pass an element of cost risk to our subcontractors, including a sensible level of cost contingency and / or fixed price allowances to cover some level of inflation" (2023 annual) https://t.co/Eo49uvNZKM
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Vistry $VTY vs. inflation:
"Within our Partnerships model we have fixed revenue agreements ... We pass an element of cost risk to our subcontractors, including a sensible level of cost contingency and / or fixed price allowances to cover some level of inflation" (2023 annual) https://t.co/Eo49uvNZKM
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Offshore
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Librarian Capital
How to use headlines to frame an issue, FT and political donations edition
Unite gave £573.9k to 88 Labour MPs
FT headline: "Unite gives more than £500,000 to Labour MPs"
Arden gave £46.8k to 39 Labour MPs*
FT headline: "Arden funded 1 in 10 Labour MPs"
* as candidates https://t.co/G0Oaw3p6hf
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How to use headlines to frame an issue, FT and political donations edition
Unite gave £573.9k to 88 Labour MPs
FT headline: "Unite gives more than £500,000 to Labour MPs"
Arden gave £46.8k to 39 Labour MPs*
FT headline: "Arden funded 1 in 10 Labour MPs"
* as candidates https://t.co/G0Oaw3p6hf
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Offshore
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Hidden Value Gems
I am excited to announce the launch of the third Investment Masterclass. I will share:
➡️How I apply my unique investment method in practice to generate above-average returns
➡️Where to find new investment ideas
➡️Practical application of critical valuation tools and methods
➡️Portfolio management (position weights, taking profits and dealing with losers)
➡️How to avoid typical investment mistakes
Participants will receive a complimentary Investment Analysis package (proprietary Excel templates for valuation and financial analysis and an Investment Checklist).
Register today to secure your place and receive an early-bird discount 👇🏽
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I am excited to announce the launch of the third Investment Masterclass. I will share:
➡️How I apply my unique investment method in practice to generate above-average returns
➡️Where to find new investment ideas
➡️Practical application of critical valuation tools and methods
➡️Portfolio management (position weights, taking profits and dealing with losers)
➡️How to avoid typical investment mistakes
Participants will receive a complimentary Investment Analysis package (proprietary Excel templates for valuation and financial analysis and an Investment Checklist).
Register today to secure your place and receive an early-bird discount 👇🏽
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