⁠Librarian Capital
Spirax $SPX P&L resilience through downturns

Revenue and Adjusted EBIT rose in £ every year in 2001-10, even through the Global Financial Crisis

(Ex-FX, revenue fell 7% and Adj. EBIT fell 12% in 2009) https://t.co/d5olzXQmg7
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⁠Librarian Capital
"You should never buy any company that makes anything out of metal"
- Leonard Licht (former vice chair, Mercury AM)
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⁠Librarian Capital
Rightmove $RMV vs. Spirax $SPX: Which company's products are more mission-critical to customers?
- Rightmove
- Spirax
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⁠Ahmad Jivraj
Interesting strategy

Finding Beaten Down Multibaggers

This is the screen I've used to find some big winners in the past. From 2009 to 2021 I had ~80% CAGR using this in part to find big winners. - Hidden Small Caps (Mike)
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⁠Capital Employed
International valuations... 🌎

South America and Hong Kong/China still looking cheap.

Everywhere else getting more expensive.

India/US the most expensive. https://t.co/ImmT8ATXwB
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⁠Capital Employed
Q3 2024 Fund Letters Round-up has just been published to subscribers. ✍️

More letters to be added as they come.

Some great performances this year.

https://t.co/z8VTurKKQI https://t.co/evmO9KsQE3
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⁠Capital Employed
Interesting read from Seraya Investment letter.

'The great China rally of late September – still underway – may well become one of the great ‘positioning unwinds’ of the decade.'

https://t.co/2asJO9a2Qh?
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⁠Librarian Capital
Spirax $SPX has grown EBIT more than Rightmove $RMV over the past 8 years, though ~½ the difference materialized in 2016 when GBP fell (after EU referendum), and the gap will narrow further in 2024

(We hold both, with more SPX than RMV) https://t.co/CFEniuqA93

Rightmove $RMV vs. Spirax $SPX: Which company's products are more mission-critical to customers?
- Rightmove
- Spirax - Librarian Capital
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⁠Hidden Value Gems
What do you think about Vistry?

$VTY.L
- A one-off, buy
- A serious issue, sell
- Not involved
- Still doing work
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⁠Hidden Value Gems
Interesting analysis: Price hikes was the key driver for like-for-like growth at Luxury Goods post COVID.

But now high prices have become a headwind with many brands introducing cheaper products, driving average price down.

"Q2 saw a 3% decline in the average selling price of luxury products and a 6% decline in the price of handbags, according to Bernstein."

"Not all brands will be equally affected. Hermès, which combined restraint with desirability, managed to push through an 8 to 9% increase in the first two months of the year."
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⁠Capital Employed
Interesting idea from @RohanSoor on Boat Rocker Media $TSX.BRMI

Trades below net cash with valuable B/S assets despite historical profitability, a lower-risk content strategy going forward, and potential buybacks.

Full write-up here 👇

https://t.co/jXeHNDvac9
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