Highlighted Tweet by jasonzweigwsj

October 19, 2018 in Twitter

Emérito Quintana sobre Brookfield y la inversión en infraestructuras

October 19, 2018 in Ideas de inversión, MOI Global en Español

NOTA DEL EDITOR: Esta idea de inversión presentada por Emérito Quintana es obtenida de la tercera carta semestral de agosto 2018 a los inversores de Numantia Patrimonio Global.

* * *

También ha sido interesante nuestra investigación sobre África, con la que éramos muy reticentes y durante la cual hemos tenido que eliminar muchos sesgos. Hemos conseguido adquirir un conjunto de infraestructuras (puertos, carreteras, ferrocarriles, logística) que son la columna vertebral de un continente que creemos que será el que más crezca en el siglo XXI, y no sólo comprarlo gratis, sino que nos paguen por ello. Esto es posible gracias a la complejísima estructura de la empresa Bolloré, cuya propiedad circular hace que en realidad la mitad de las acciones en circulación sean autocartera, y al descuento extra de su matriz, ODET, que muchos fondos no pueden comprar debido a su iliquidez, pero que creemos que será donde finalmente aflore el valor.

Continue reading »

Notes from MOI Global Company Visits in London

October 18, 2018 in Diary, Equities, Ideas

On September 21, the day after Latticework London 2018, a group of eight investors from the MOI Global membership community participated in a series of company visits. These were kindly arranged by fellow members.

The meetings provided a win-win proposal for all involved: attendees met with senior management at five London-based public companies: Informa (INF), Metro Bank (MTRO), Petrofac (PFC), Ashmore Group (ASHM), and Dixons Carphone (DC). These firms had passed a series of screens and offered a combination of growth opportunities, catalysts, shareholder focus, and attractive pricing.

The management teams were receptive to the visits as they perceived the group as potential “white knights” — long term-oriented investors who would analyze the firms in depth and, if choosing to become shareholders, would support the management teams’ pursuit of a long-term strategy that is not swayed by short-term market pressures.

As the group traveled together between the meetings, the participants introduced the to-be-visited companies to each other and exchanged views on the businesses and the respective sectors. These discussions enabled the participants to leverage their time with management in order to ask the most impactful questions.

We are pleased to share below notes from three of the five company visits.

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Air Lease: Owner-Operated Aircraft Lessor with Compounder Potential

October 17, 2018 in Equities, Financial, Letters

This article by MOI Global instructor Shreekkanth Viswanathan is excerpted from a letter of SVN Capital, based near Chicago, Illinois.

My objective with SVN Capital is to find “Compounders” — companies that can generate high Return on Capital and re-invest such capital at similar or better rates, run by good management teams that have “skin-in-the-game” and are aligned with their outside shareholders, that are trading at attractive valuation. We need only a handful of companies like this to do very well over time.

One such company, I believe, is Air Lease Corp. (AL).

On September 17, 2018, I had the pleasure of sitting down for dinner with the management team of Air Lease Corp. (AL). I met Steve Udvar-Hazy (Chairman), John Plueger (CEO), and Greg Willis (CFO). This meeting was organized as part of aircraft leasing conference, which I attended the following day, by RBC Capital, an investment bank. This is an outstanding management team.

Below I will provide a high-level business description, major takeaways from the meeting, and why we own it in our portfolio.

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Highlights from European Investing Summit 2018

October 16, 2018 in Diary, Equities, European Investing Summit, European Investing Summit 2018, Featured, Ideas

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors. For the full investment theses, please review the in-depth slide presentations and replay the conference sessions.

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Jean Philippe sobre cometer grandes errores

October 15, 2018 in Miscelánea, MOI Global en Español

NOTA DEL EDITOR: El siguiente texto escrito por Jean Philippe Tissot, miembro de MOI Global, es extraído de la carta anual 2017 de Tissot Ayram Family Partnership.

* * *

En 2017 compré una empresa llamada Gemini Corporation1  y la vendí con una pérdida del 50%. El 100% de este error es mi responsabilidad. Déjenme explicar lo que aprendí de esta experiencia.

Los servicios de Gemini consisten principalmente en construir y mantener instalaciones energéticas e industriales. Los mercados objetivos de la empresa, son: petróleo y gas, arenas bituminosas, instalaciones de tuberías y midstream, procesamiento de hidrocarburos, energía y otros industriales.

Continue reading »