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4 ideas de inversión de EQUAM Capital

November 16, 2018 in Ideas de inversión, MOI Global en Español

NOTA DEL EDITOR: Estas ideas de inversión presentadas por Alejandro Muñoz y José Antonio Larraz, miembros de MOI GLOBAL, son extraídas de una carta de EQUAM Global Value Fund.

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Prosegur Cash [BME:CASH] es la división de transporte de efectivo de Prosegur [BME: PSG] que salió a cotizar a principios de 2017. El negocio genera mucha caja y tiene una estructura oligopolística, porque el que alcanza una cuota de mercado relevante en un mercado, obtiene unas economías de escala que le permiten obtener altas rentabilidades y hacen difícil la entrada de nuevos competidores. Además, a pesar de la opinión generalizada de que el uso de efectivo está cayendo, la realidad es que salvo en algunos países escandinavos, su uso sigue creciendo. El modelo de negocio se presta también al crecimiento por adquisiciones, ya que es posible comprar pequeñas compañías que no tienen escala suficiente a precios atractivos e integrarlas en la red ya existente de Prosegur, generando sinergias considerables.
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Valentum sobre el sector autos

November 12, 2018 in Industrias

NOTA DEL EDITOR: Esta texto es un extracto de la carta a los inversores  de Valentum FI , correspondiente a octubre de 2018.

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Los resultados trimestrales tanto de OEMs como de suministradores del sector han sido, por regla general, muy malos. Los primeros signos de debilidad del sector vinieron en junio con el primer profit warning de Daimler [OTC: DDAIF], que ya avisaba de los dos problemas que ha tenido el sector: los aranceles y el cambio de regulación de emisiones y consumo (WLTP) en Europa. Según se ha ido acercando la temporada de resultados hemos tenido más profit warnings alertando de una peor situación en China.
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Iván Martín sobre Carrefour

November 9, 2018 in Ideas de inversión, MOI Global en Español

NOTA DEL EDITOR: Esta idea de inversión es obtenida de una carta trimestral de Magallanes Value Investors.

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Actualmente tenemos valores en cartera que están sufriendo de forma significativa. Tal es el caso de nuestra reciente compra en Carrefour [FP: CA]. Hace un año, Alexander Bompard, tomaba las riendas de la compañía para poner en marcha un ambicioso plan de transformación, “Carrefour 2022”, que contemplaba importantes reducciones de costes y la venta de divisiones no estratégicas. Desde su nombramiento, las acciones han caído un -40% y las expectativas actuales sobre su futuro no pueden ser más sombrías.
A los precios actuales, creemos que hay mucho valor en Carrefour, aunque la percepción sobre el valor es muy negativa, debido a un formato de hipermercados en Francia que no funciona, junto con la amenaza de competidores de alto descuento, una estructura muy dimensionada con costes elevados, presencia en formatos y países poco rentables, además de la amenaza sempiterna de Amazon [AMZN]. De todos los factores, es precisamente este último, la amenaza online, el que menos nos preocupa, aunque paradójicamente, sea uno de los que más atención capta por pare del público. La propia Amazon no es capaz de desarrollar una estrategia viable en la división de distribución de alimentos por internet, llegando a retirar dicho servicio en nueve estados de los EEUU por baja rentabilidad, después de pocos meses de haberlo lanzado.
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Guy Spier on Compounding Personal Goodwill

November 7, 2018 in Audio, Conversations, Diary, The Frankfurt Conversation 2018

Guy Spier, chief executive officer of Aquamarine Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Guy spoke about a deeply held belief — that it is possible to compound one’s personal goodwill in such a way that unexpected opportunities come one’s way over the long term, creating tremendous value in investing, business, and life.

Guy Spier is a Zurich based investor. In June 2007 he made headlines by bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett. Since 1997 he has managed Aquamarine Fund, an investment partnership inspired by, and styled after the original 1950′s Buffett partnerships. Prior to starting Aquamarine Fund, Spier worked as an investment banker in New York, and as a management consultant in London and Paris. Mr. Spier completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University. Upon graduating, he was co-awarded the George Webb Medley prize for the best performance in that year in Economics. While at Oxford he was a contemporary of David Cameron at Brasenose and attended economics tutorials with him. Spier is the CEO of the Spier family office. He also serves on the advisory board of Horasis, and is a co-host of TEDxZurich. Spier is a member of YPO, EO, Zurich Minds and the Latticework Club. Aquamarine has offices in New York, London and Zurich where Mr. Spier currently resides with his wife Lory and their three children, Eva, Isaac and Sarah.

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Daniel Gladis on Lessons Learned from Tesla

November 7, 2018 in Audio, Conversations, Diary, Equities, The Frankfurt Conversation 2018

Daniel Gladis, founder and portfolio manager of Czech Republic-based Vltava Fund, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Daniel spoke about lessons learned while short-selling Tesla (US: TSLA).

Daniel Gladis, based in the Czech Republic, has amassed a market-beating track record since starting VLTAVA Fund in 2004. VLTAVA Fund is a value-oriented, research-driven investment fund focused on investing in good companies run by quality management. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. Daniel is a graduate of VUT Brno and has authored the best-selling books Naučte se investovat (Learn to Invest) and Akciové investice (Stock Investments).

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Majed Hashim on Value Investing in the Middle East

November 7, 2018 in Audio, Conversations, Diary, Equities, Ideas, The Frankfurt Conversation 2018

Majed Hashim A. Hashim, chairman of Dubai-based Saray Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Majed Hashim shared insights into value investing in the Middle East, including his investment thesis on Bank Muscat (London: BKM).

Majed Hashim is one of the founding partners of Saray Capital. He previously established and managed a Holding company. With this Holding Majed achieved robust results by abiding by value investing practices in allocating capital to build a diversified global portfolio across geographies and asset classes, including public equities, private equity, and commercial real estate. Throughout, Majed forged strong relationships with a wide network of global investment firms and advisors.

Majed is a member of the Abdullah Hashim Group. The Group operates two main businesses in Saudi Arabia: Abdullah Hashim Honda, the exclusive dealership for Honda vehicles, as well as Abdullah Hashim Gases (AHG), a private industrial and medical gas suppliers in the country.

Majed graduated from the Prince Mohamed University in the Kingdom of Saudi Arabia with a degree in accounting.

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Nils Herzing on Active Value Investing and Schaltbau

November 7, 2018 in Audio, Conversations, Diary, Equities, Ideas, Special Situations, The Frankfurt Conversation 2018

Nils Herzing, investment professional at Germany-based Active Ownership Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Nils discussed his firm’s active ownership approach to public equity investing, which includes applying private equity principles to improving the operations and increasing the value of public companies.

Nils also outlined his investment thesis on Schaltbau (Germany: SLT).

Nils Herzing has worked as a Manager of a German Family Office and is currently working at Active Ownership Capital. B.A. in Management, Philosophy, Art. MSc in Finance from the EBS Business School and EDHEC Business School. CFA Charterholder as of 2016.

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Yefei Lu on Lessons from Warren Buffett’s Investments

November 7, 2018 in Audio, Case Studies, Conversations, Diary, Equities, Idea Appraisal, Skills, The Frankfurt Conversation 2018

Yefei Lu, portfolio manager at Germany-based Shareholder Value Management, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Yefei shared key lessons from in-depth study of the historical investments of Warren Buffett. Yefei’s research culminated in a book published by Columbia Business School Publishing, Inside the Investments of Warren Buffett: Twenty Cases.

Yefei Lu is a portfolio manager at Shareholder Value Management AG, a value-investment company based in Frankfurt, Germany. Previously, he worked for a single-family investment office in Munich and for McKinsey & Company in Berlin. He holds an MBA from the London Business School and a Bachelor of Science in Economics from Stanford University.

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Hendrik Leber on the New World of Investing

November 7, 2018 in Audio, Commentary, Conversations, Diary, Equities, The Frankfurt Conversation 2018

Dr. Hendrik Leber, managing partner of Germany-based ACATIS Investment, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Dr. Leber shared insights into the evolution of value investing, including the “lollapalooza” currently underway in the investment business. Dr. Leber articulated his strategy and approach toward the “new world of investing”.

Dr. Hendrik Leber entered the world of investment management with an impressive international academic record. His eight years in academia saw him study Finance, Accounting, Banking and Securities Markets at universities in his native Germany and in the USA. He holds an MBA from Syracuse University and a Doctorate from Hochschule St. Gallen and has also studied at the Universität des Saarlandes in Saarbrücken and the University of California at Berkeley. Prior to joining Acatis, Leber cut his teeth with McKinsey and Company and subsequently Metzler Consulting KG. He began managing funds for ACATIS in 1995 and is presently a partner in the firm. Leber is a man of many professional interests. He is a partner in Aalto Fondsvertrieb GmbH, a shareholder in Pricap Venture Partners AG, and holds various supervisory board seats. In spite of these commitments he still manages to find the time to indulge his passion for opera, modern art, photography and running.

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