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Librarian Capital
There are differences between "The Snowball" editions
In recent weeks I have searched multiple times in vain for a passage* I thought I read
It turns out that 2 paragraphs have been edited out between the 2008 hardback I read and the 2018 kindle edition I bought for reference https://t.co/jyYfmjfsWf
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There are differences between "The Snowball" editions
In recent weeks I have searched multiple times in vain for a passage* I thought I read
It turns out that 2 paragraphs have been edited out between the 2008 hardback I read and the 2018 kindle edition I bought for reference https://t.co/jyYfmjfsWf
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Stock Analysis Compilation
Clearbridge on Siemens Energy $ENR GY
Thesis: Siemens Energy’s crucial role in global energy grid upgrades positions it for sustained growth in the green energy transition
(Extract from their Q2 letter) https://t.co/ucSmXs9Cdv
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Clearbridge on Siemens Energy $ENR GY
Thesis: Siemens Energy’s crucial role in global energy grid upgrades positions it for sustained growth in the green energy transition
(Extract from their Q2 letter) https://t.co/ucSmXs9Cdv
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Hidden Value Gems
RT @HiddenValueGems: I am excited to announce the launch of the third Investment Masterclass. I will share:
➡️How you can apply my investment method in practice to generate solid 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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RT @HiddenValueGems: I am excited to announce the launch of the third Investment Masterclass. I will share:
➡️How you can apply my investment method in practice to generate solid 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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Librarian Capital
~6 years ago: "Johnnie Walker unveils White Walker Scotch whisky"
"Bottled at 41.7% abv, the expression contains liquid from single malt distilleries Cardhu and Clynelish ... (and has) notes of caramelised sugar and vanilla, and fresh red berries with a touch of orchard fruit" https://t.co/TmFlYH2qmb
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~6 years ago: "Johnnie Walker unveils White Walker Scotch whisky"
"Bottled at 41.7% abv, the expression contains liquid from single malt distilleries Cardhu and Clynelish ... (and has) notes of caramelised sugar and vanilla, and fresh red berries with a touch of orchard fruit" https://t.co/TmFlYH2qmb
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Librarian Capital
Bill Ackman calls for US/Israeli strike on Iran
"Now is the time for the US to partner with Israel and eliminate Iran’s nuclear threat before it is too late"
Is $PSH short the market? https://t.co/TljxTBW1fy
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Bill Ackman calls for US/Israeli strike on Iran
"Now is the time for the US to partner with Israel and eliminate Iran’s nuclear threat before it is too late"
Is $PSH short the market? https://t.co/TljxTBW1fy
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Hidden Value Gems
Q3 Oakmark's portfolio changes:
Sold $AXP $MO $GOOG
Purchased $DGE.L $RI.PA $GPC $MKKGY $AKZA.AS $AZE.BR
Summary of Buy theses 🧵👇🏽
1⃣ Diageo & Pernod Ricard
1/4 https://t.co/7tSE6LlprV
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Q3 Oakmark's portfolio changes:
Sold $AXP $MO $GOOG
Purchased $DGE.L $RI.PA $GPC $MKKGY $AKZA.AS $AZE.BR
Summary of Buy theses 🧵👇🏽
1⃣ Diageo & Pernod Ricard
1/4 https://t.co/7tSE6LlprV
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Librarian Capital
"Buffett Cuts Bank of America $BAC Stake Below 10%" (Bloomberg)
$10.5bn of proceeds from 15 rounds of sales
Remaining stake still worth ~$31bn
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"Buffett Cuts Bank of America $BAC Stake Below 10%" (Bloomberg)
$10.5bn of proceeds from 15 rounds of sales
Remaining stake still worth ~$31bn
Warren Buffett can take his time to reveal trades in Bank of America stock now that his conglomerate’s stake has been trimmed below a 10% regulatory threshold requiring rapid disclosure. https://t.co/f6mV7HyASD tweet
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Librarian Capital
$JPM 24Q3 ROTCE 19%
Q3 Total revenue +6% y/y (managed basis)
Non-interest expense +4%
Pre-provision profit +10% (+$1.8bn)
Credit costs $3.1bn (Q2: $3.1bn; PY: $1.4bn)
Net income -2% y/y
NII +3% both y/y and q/q (reported basis)
Non-Interest Income +12% y/y
Raises FY outlook https://t.co/TXOGt24hHK
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$JPM 24Q3 ROTCE 19%
Q3 Total revenue +6% y/y (managed basis)
Non-interest expense +4%
Pre-provision profit +10% (+$1.8bn)
Credit costs $3.1bn (Q2: $3.1bn; PY: $1.4bn)
Net income -2% y/y
NII +3% both y/y and q/q (reported basis)
Non-Interest Income +12% y/y
Raises FY outlook https://t.co/TXOGt24hHK
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Startup Archive
Wealthfront CEO Andy Rachleff on why advertising spend makes it harder to find product/market fit
Andy believes paid user acquisition can be a distraction for startups:
“The way that you know you have product/market fit is if you have exponential organic growth. That’s not an easy thing to do, and advertising can make you think you’re doing well because you’re buying customers when in fact you’re not. The only way you drive exponential organic growth is through word of mouth.”
He recalls a Japanese saying in manufacturing: “You can’t see the rocks until you drain the water.”
“By getting rid of the advertising, we could actually see if we were driving exponential organic growth… The great companies were all built through word of mouth and through great products.”
Instead of marketing, Andy has chosen to invest most in building a product that delights customers because, as he puts it, “delight is the greatest form of virality.”
Video source: @Fintechnexus (2018)
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Wealthfront CEO Andy Rachleff on why advertising spend makes it harder to find product/market fit
Andy believes paid user acquisition can be a distraction for startups:
“The way that you know you have product/market fit is if you have exponential organic growth. That’s not an easy thing to do, and advertising can make you think you’re doing well because you’re buying customers when in fact you’re not. The only way you drive exponential organic growth is through word of mouth.”
He recalls a Japanese saying in manufacturing: “You can’t see the rocks until you drain the water.”
“By getting rid of the advertising, we could actually see if we were driving exponential organic growth… The great companies were all built through word of mouth and through great products.”
Instead of marketing, Andy has chosen to invest most in building a product that delights customers because, as he puts it, “delight is the greatest form of virality.”
Video source: @Fintechnexus (2018)
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