Author: Sean Peche

A stock answer on why we shun the Mag 7

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Their true numbers are blurred by huge share awards to employees. Finance theory says a company is worth the present value of its future cash flows to shareholders. But that’s not how it works in practice sometimes. Accountants focus on earnings, not cash flow and while you’d think it’s only due to timing differences that … Read on

Why are some asset managers so bad at allocating capital?

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Given all their in-house talent, they should be much better at this. Asset management businesses should have a deep understanding of capital allocation. It is literally their day job. We know from investing in companies that management teams who are good capital allocators create considerable value,  whereas poor capital allocators can reduce great businesses to mediocrity. But … Read on

Beware of paying too much for consumer brands

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Many investors love brands – but often they don’t deliver value in any sense of the word, argues the manager of the Ranmore Global Equity fund. From Burberry handbags to Heinz tomato ketchup, the story goes that consumers will stick with a brand they love through thick and thin, and pay a premium for the … Read on

I had breakfast with a European equities analyst this week

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How have you done? I asked We were top quartile over many periods, it’s a pity they closed our $300m fund What? Your company closed a top-performing European equity fund now? Here? At this point? Yes, we couldn’t raise assets Well surely you replace the sales team, or all take a salary cut, or sell … Read on

UK Investors

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