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
Yes, I hear people are excited, the price is up 12% since then Well, that’s one way of putting it The other is that Apple’s market cap has risen by $325bn in a few days,more than the combined market cap of food giants Nestle ($280bn) + KraftHeinz ($40bn) or Bank of America ($312bn) So I … Read on
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
A quick Mag 7 recap before Meta -Tesla is down 36% ytd, 61% off its 2021 high-Netflix is down 21% below its 2021 high-On Friday Nvidia fell 22% below its high but is hanging in after a two-day bounce-Apple is down 15%-Alphabet, Amazon and Microsoft look safe, for now So let’s go with “Fabulous Five” … Read on
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
Many London Business School students and listeners of my Stacy Havener interview know I enjoy teaching, and if I were lecturing today, I’d say, “Be increasingly creative and resilient in this competitive world” Let me explain Almost daily I receive LinkedIn messages like this: “Hi, I’ve heard about Ranmore and I know you’re busy but … Read on
The common thinking is the Mark Twain argument, that – “in a gold rush it’s a good time to be in the picks & shovels business” And since Nvidia’s chips and Microsoft’s OpenAI are deemed the AI “picks and shovels”, that’s how investors are getting exposure BUT we think this only holds true, if: a) you’re … Read on
A friend quotes Mark Twain “During the gold rush it’s a good time to be in the pick and shovel business’ Wait, Cisco make all the gear that directs Internet traffic – internet “picks and shovels”! You download Cisco’s 1999 10k titled, “Capture the Momentum” Perfect! You read, “Cisco is the worldwide leader in networking … Read on
Well I’m no great golfer so I only play with those people, ONCE Because even great golfers hit bad shots, it’s guaranteed! David Duval, who won 13 PGA events, once shot 9 over par on ONE HOLE in the 2019 Britsh Open It was the WORST score, on ANY hole, in ANY major, in 28 … Read on
There’s no such thing as a dead cert in investing. Let asymmetry be your friend… ‘How can we be certain that we’re at the beginning of a value to growth rotation?’ a client asked recently. Truth is, we can’t – no one can ever be certain of the future. That’s why successful investing is all about … Read on
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