Due to popular demand, I am going to share videos of meetings that show the principles in action in my company, Bridgewater. They come in a free app called Principles in Action that combines the complete text of my book, Principles: Life & Work, with… (1/4) pic.twitter.com/53LGejsQME
— Ray Dalio (@RayDalio) April 17, 2019
Thread of great @mjmauboussin research
Introduces MEROI https://t.co/St2BcfBvNo
Reversion to the meanhttps://t.co/hYasvh2UjM
Luck vs. Skillhttps://t.co/NCOKv30kvC
Measuring Moatshttps://t.co/d5AyNa7zAN
Base Rateshttps://t.co/wD26H3OZHM
— Ryan Reeves (@investing_city) April 17, 2019
Guessing game time. Check out this "cash burner". Can you guess what company it is? It is super well known. Note the dates on the chart. pic.twitter.com/3r2NGuER8L
— Ensemble Capital (@IntrinsicInv) April 17, 2019
This video shows Warren Buffett & Charlie Munger at their best. Warren explains that a Graham Strategy only works with small capital amounts, some of the time &turnover is inverse to business quality. Charlie gives an example of when Phil Fisher went wronghttps://t.co/TJum9Li9WZ
— Alex Gilchrist (@alexjg888) April 17, 2019
Warren Buffett’s First Television Interview – Discussing Timeless Investment Principleshttps://t.co/DQeq0EghQ5
— Venkatesh Jayaraman (@VenkateshJayar2) April 16, 2019
This post is excerpted from a letter by MOI Global instructor Jim Roumell, partner and portfolio manager of Roumell Asset Management, based in Chevy Chase, Maryland.
For the third consecutive quarter, Rubicon surprised to the upside on all fronts: revenue, take-rates and profitability. RUBI’s revenue grew over 30% and the company’s take-rate (commission earned on the advertising spend occurring on its marketplace) approached 14%, up from 11.3% eighteen months ago. The result was profitability for the first time in nearly two years as RUBI generated $10 million in EBITDA in the fourth quarter.
The consensus view just eighteen months ago was that RUBI was a legacy ad-tech firm destined to join the dust-heap of history. At that time, the company’s shares traded at a negative enterprise value and RAM loaded-up. Today, ad agencies and publishers (digital properties selling advertisements), are increasingly turning to RUBI to monetize their advertising inventory. To wit, RUBI’s APS (amount paid to sellers) was $867 million in 2018, up over 25% YOY and the largest in the company’s history.
How did RUBI do it? Two years ago, the company made a particularly savvy acquisition in nToggle, a high-powered algorithm technology curating advertisements in a way that eliminates low-value impressions and funnels high-value ones for buyers. Second, the company hired Michael Barrett as CEO. Michael boldly eliminated buyers-fees (the take-rate used to be driven by a fee to both buyers and sellers), setting a new industry-standard for transparency. In fact, RUBI has become a highly trusted partner in an industry marred by a lack of transparency. Its management team and board deserve great credit in executing a fabulous turnaround.
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The specific securities identified and described do not represent all of the securities purchased, sold, or recommended and the reader should not assume that investments in the securities identified and discussed were or will be profitable.
NOTA DEL EDITOR: Estas ideas de inversión son obtenidas de una carta trimestral a los accionistas de True Value FI.
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El índice de pequeñas compañías de Francia ha caído con fuerza siendo uno de los más castigados de Europa. Desde máximos de 2018 a mínimos de Diciembre de 2018 el índice cayó un 33% y a pesar de haber rebotado acumula pérdida del 27%. Cuando suceden caídas de este calibre es buen caldo de cultivo para la inversión en valor. Desde el inicio del fondo siempre nos han gustado mucho estas pequeñas empresas francesas ya que se pueden encontrar buenos negocios, con poca o nula deuda, con un dueño de referencia y bien gestionadas. De hecho el índice small cap de Francia ha proporcionado un retorno del doble que su homólogo de grandes empresas el CAC 40 en los últimos 25 años.
How brilliant is this? @manualofideas ???????? pic.twitter.com/oZ1iTc2bMQ
— Madhusudan (@myinvestingedge) April 13, 2019
GMA Networks: Leading Free-to-Air Broadcaster in Duopolistic Market
April 13, 2019 in Asia, Asian Investing Summit 2019, Audio, Equities, Ideas, Small CapAyaz Motiwala of Amala Emerging Asia Fund presented his in-depth investment thesis on GMA Networks (Philippines: GMAP) at Asian Investing Summit 2019.
Thesis summary:
GMA Networks is the No.1 Free to Air TV broadcast network with a 49% market share in a duopolistic market structure. The industry has clearly put behind the phase of aggressive competition during 2010-2014. Ayaz, however, thinks the market has been slow to recognise the sharp change in fundamentals. GMAP doubled its profits in CY 15 and Ayaz expects its CY 18 profit would report 3.2x its profit made in CY 14. Business profitability returned with the company making 18-20% ROE in the last 3 years. With limited capital commitments, the company has been paying out 85% of its profits as dividend.
This further demonstrates the quality of the turnaround and the associated cash flows. The stock trades at an attractive 9 P/E, with a nearly 9% dividend yield and a 10% FCF yield. Another notable company news is its recent tie up with PLDT (largest telecom and mobile operator) to offer its channels via a digital access. The founders who own a majority have indicated in the last few years their desire to sell their stake at an appropriate valuation. Ayaz feels this is another soft catalyst built into this investment thesis.
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About the instructor:
Ayaz Motiwala is an investment professional with two decades years of experience. He manages the Amala Emerging Asia Fund as part of Hong Kong investment firm Nivalis Partners. Previously, he served as an advisor to Motiwala Capital, a registered investment advisor founded by his brother Adib Motiwala in Dallas, Texas. Ayaz? previous experience includes roles with Samena Capital, a special situations fund based in Hong Kong, as well as Highbridge Capital, where he ran a portfolio for India and ASEAN markets while also contributing ideas to the Asia Opportunities Fund.
Mental Model: The Non-Linear Nature of Velocity
April 13, 2019 in Asia, Asian Investing Summit 2019, Audio, Equities, IdeasRohith Potti, a private investor based in India, discussed the “non-linear nature of velocity” at Asian Investing Summit 2019.
Listen to this session:
slide presentation audio recording
About the instructor:
Rohith Potti is based out of India and began his journey into the world of investing under Prof Sanjay Bakshi at MDI. He spent around three-and-a-half years at JP Morgan as a Credit Analyst before quitting to do investing full-time in 2016. He currently manages his family money and is also part of https://intelligentfanatics.com/ where he contributes articles on Indian entrepreneurs.