In case anyone has been hunting around for “Common Stocks as Long Term Investments” after Buffett name dropped it in his letter this weekend. https://t.co/UTjqWW32Pj
— Scuttlebutt Investor (@Scuttlebutt_Inv)
Feb 24, 2020
On investment ideas, the only thing that matters is the quality of the idea, not the novelty. In many areas of life, there is a direct link between originality and quality, but in investing, the two have a random relationship.
— John Huber (@JohnHuber72)
Feb 19, 2020
Here are my slides from my presentation at @manualofideas Ideaweek 2020. You’ll have to use your imagination to fill in the spaces covered w/ the talk as opposed to the visuals, but at least it gives a sense of where I’m coming from: https://t.co/Q0TrRVTKlh
— Elliot Turner (@ElliotTurn)
Feb 13, 2020
Here is a talk I recently gave at Ideaweek in St. Moritz:
The Four Pillars of the Good Life: Health, Wealth, Love, and Happiness https://t.co/GB9bSmAkU6 https://t.co/gFiYhfFnbm— Remo Uherek (@remouherek)
Feb 13, 2020
The students of Columbia Business School just released the Winter 2020 Edition of Graham & Doddsville (Japonica Partners, Heron Foundation, Student Pitches on $NUAN, $PTON, $ETSY, $RR.L) – https://t.co/1W57FVxGOV
— GrahamAndDoddsville (@GnDsville)
Feb 10, 2020
We started blogging back in 2016, but we had no readers! So here’s a post from the past in which we explained why we rarely call ourselves value investors and why we value stocks based on what we would pay if we could never sell them. https://t.co/795Y1P7tNU
— Ensemble Capital (@IntrinsicInv)
Jan 30, 2020
Going back in the archives this morning with @mjmauboussin
Link to Ruminations on Risk
https://t.co/rsmca2NaK3 https://t.co/l6f8mXFhOZ— Sean DeLaney (@SeanDeLaney23)
Jan 27, 2020
“Capital Allocation” addresses how companies spend money but also has broader lesons: https://t.co/F7mP9Hy7lC https://t.co/CgvcYykDtA
— Michael Mauboussin (@mjmauboussin)
Jan 18, 2020
Amrest: Owner-Operated, Growing European Fast Food Operator
October 14, 2021 in Audio, Diary, Equities, Europe, European Investing Summit 2021, IdeasJean-Pascal Rolandez of The L.T. Funds presented his investment thesis on Amrest Holdings (Poland: EAT) at European Investing Summit 2021.
Thesis summary:
Amrest, as in “American Retail System”, is an extraordinary success, which paradoxically is not a well-known European mid-cap for many reasons. Yet, it is one of its fastest-growing mid-cap companies.
From a strong Central European base, Amrest was derailed by COVID in the race to become one of the leading restaurant operators in Europe. After a near-bankruptcy experience in mid-2020, Amrest is now recovering strongly and is much stronger.
With a market cap of EUR 1.5 billion and a free float of 28%, Amrest should post EUR 2.1 billion in sales in 2022 (higher than in 2019), healthy profitability, a firm financial footing, and fast top-line growth.
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About the instructor:
Jean-Pascal Rolandez is the manager of The L.T. Funds, a Geneva-based investment firm focused on a buy and hold strategy based on a limited number of European stocks with a 5+ year investment horizon. Jean-Pascal has more than 25 years of equity investment experience and has founded the first investment club at the leading French business school ESSEC. Prior to establishing The L.T. Funds, Jean-Pascal held various executive positions at BNP Paribas for 22 years, including as Paribas’ French equity strategist.
Ubisoft: Founder-Led Turnaround in Attractive Video Gaming Business
October 14, 2021 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2021, European Investing Summit 2021 Featured, Ideas, Member Podcasts, TranscriptsPieter Hundersmarck of Flagship Asset Management presented his thesis on Ubisoft Entertainment (France: UEN) at European Investing Summit 2021.
Thesis summary:
Ubisoft is a founder-led video gaming business founded in France in 1986 by the five Guillemot brothers. Yves Guillemot (CEO) still leads the business.
Ubisoft is facing three major headwinds, which provide a profit-making opportunity. The first is a dramatic change in its game development strategy, with a focus on live games and mobile games, which has resulted in delays to some its largest franchises. The second is inefficiency in its operations, with too little “subscription” or recurring revenue from in-game sales versus one-off game purchase revenue, leading to choppy revenue, as well as a boated cost base from in-sourcing all of its own game development, which holds back profitability. Third, the company is grappling with various allegations of discrimination and harassment across its workplaces.
The investment case for Ubisoft is a turnaround, with limited downside and high potential upside. The company should earn EUR 2.40 per share in March 2022, putting it on 20x earnings, a deep discount to the sector and its own history. On a price-to-sales multiple, the company screens cheaply as a buyout target.
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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:
About the instructor:
Pieter Hundersmarck is the global portfolio manager for Flagship Asset Management, a specialist global investment management boutique based in Cape Town, South Africa. Flagship (est. 2001) is one of South Africa’s most awarded boutique asset managers, with deep experience across asset classes in developed and emerging markets. Pieter has been investing internationally for over 15 years. Prior to Flagship, he worked at Coronation Fund Managers for 10 years, and also co-managed a global equities boutique at Old Mutual Investment Group. Pieter holds a BCom (Economics) from Stellenbosch University and an MSc Finance from Nyenrode Universiteit in the Netherlands.
Read a recent article by Pieter, entitled “Six Reasons Why Boutique Investment Managers Outperform”.