PSG is an investment holdco consisting of underlying investments that operate across a range of South African industries. The group is run by highly entrepreneurial management.
I would like to reiterate our investment approach with you and talk about the recent market sell-off, which according to Deutsche Bank Global Research, was the fastest in recorded history.
We have long warned of an expensive stock market. Due to the lack of compelling valuations, we have been maintaining a defensive portfolio posture with elevated cash balances.
The last few weeks have been anything but calm. We keep on learning more about the coronavirus spread around the world, and the decisions made to address it.
Beyond the traditional choice of our investment style between categories such as value or growth, fundamental or technical, trading or buy-and-hold, we have tried to abide by two precepts.
“Investing is dealing with imprecise assumptions tainted by an imperfect world haunted by uncertainty” – that’s how I described it in my 2015 book.
If we take that timeframe back to 1900 instead of post-WWII, bear markets happen far more frequently — once every 3.5 years.
If you base your understanding of South Africa primarily on the media’s newsfeed, it is very easy to be negative on the country. Much positive is happening…
A great investor prefers the intellectual honesty of “I don’t know” over smart pretention. A great investor does the work, applies rationality, and acknowledges that she cannot know everything.
Our investment holdings may from time to time be controversial and divide opinion. A very long-term horizon is most valuable when others are throwing in the towel.
I first became interested in Elastic at the time of its October 2018 IPO. Intuitively, because search is so mission-critical, there should be monetization opportunities.
If I were going to pick a place in the world to operate a home builder, it would not be South Africa. However, if I could only buy one home builder, it might be Balwin Properties.
Greenhaven Road Capital’s top five positions represent more than 50% of the fund, and the fund’s top ten positions represent more than 75% of capital.
Is this accelerated investment offensive or defensive? We think both. The decision to lean in at this time rather than harvest maintenance profits was determined…
SurveyMonkey, has ample runway and appears ready for liftoff. The management team has guided to 17-20% annual revenue growth for the next four years.
At this moment in time, we do not own a single stock in the S&P 500. Last year, more than 90% of the S&P 500’s gains were driven not by earnings growth, but by “multiple expansion.”
WSFG is a Hong Kong-based financial PR firm. It is the clear market leader in the world’s largest IPO market, consistently assisting 70-90% of the largest firms listing.
The ideas and commentary that I published on this topic last year created an intriguing response. Several investors, executives, and board members reached out…
Our enthusiasm for the prospects of TRIP’s hotels business has waned. We were the proverbial boiling frog in recognising the escalating challenges faced in the core meta business.
Just like in the late-1990s, those investors who have the patience, conviction, and emotional intelligence to own what is currently out of favor should be handsomely rewarded in time.
Schwab is a business I have long admired, and a brief window in October offered the chance to invest at prices I viewed as attractive.
WANdisco has a 4,900 petabyte, $1.5 billion annual recurring revenue opportunity, and this is not priced into the stock which only has a ~£200 million market capitalization.
Our three airline investments remain a significant part of the portfolio and I remain optimistic about our prospects. Several factors have made U.S.-based airlines far better businesses…
Providing mission critical services at a low-cost point in a business-to-business environment is one of our favorite dynamics. It creates a structural competitive advantage…
In his talk “The Art of Stock Picking”, Charlie Munger said the best investors “bet very seldom”. This remains the best piece of advice I’ve ever come across…
Armstrong (AWI) remains our largest investment, a position it has occupied for almost four years. We made our initial purchases in late 2015 and early 2016…
At the time of Far View’s purchase, the stock was undervalued as a result of depressed short-term earnings from the company’s investments in growing its sales force…
By relying on the results of the business we can ignore the market-level debate, and a disagreement between the results and the stock price can be an opportunity instead of a threat.
This article is excerpted from a letter by Peter Mantas and Matthew Castel, general partners of Logos LP, based in Toronto, Canada….
This article is authored by MOI Global instructor Sean Stannard-Stockton, president and chief investment officer of Ensemble Capital Management, based in Burlingame,…