Monday 13 November 2023 Source: FT, “Its better to be stupid now than sorry later” Here are the main points: 1. Uday Kotak started the business offering bill discounting, its now India’s 3rd largest private lender. 2. His 26% stake of Kotak Mahindra is worth more than $13bn 3. Share price has underperformed after heContinue reading “The Indian billionaire that founded India’s third-largest lender”
Category Archives: Company
BUY Nolato – the glo concerns are wrong
April 2019 In April 2019, while working for StockViews, I wrote up a BUY note on Nolato, the Swedish specialist plastics manufacturer. The stock had fallen 50% in 9 months on the back of concerns the key revenue driver was faltering; the manufacture and sale of Vaporiser Heating Product (VHP) smoking devices to BAT. InContinue reading “BUY Nolato – the glo concerns are wrong”
Why I’m selling out of ATVI
Tuesday 28 March 2023 The risk-reward potential owning Activision Blizzard shares at $85 per share, in anticipation of the closing of the Microsoft acquisition at $95, are no longer compelling. The EU’s competition authorities and the UK’s Competition and Markets Authority are due to provide their decisions on the merger on the 25th and 26thContinue reading “Why I’m selling out of ATVI”
Thoughts on Balfour Beatty
Friday 10 Feb 2023 Balfour Beatty (LSE: BBY) has been a zero growth infrastructure builder, financier and maintainer for a decade; with sales more or less flat at £7bn over the period. What’s more, the business is barely profitable. Operating margins hit a high of 1.5% in FY ’19, albeit up steadily from a lowContinue reading “Thoughts on Balfour Beatty”
What are the key concerns the UK’s CMA is raising about the ATVI-MSFT merger?
Thursday 9 Feb 2023 In a statement released on Wed 8 February, the UK’s Competition and Market’s Authority provisionally concluded that: Microsoft’s proposed acquisition of Activision could result in higher prices, fewer choices, or less innovation for UK gamers. UK CMA Provisional Conclusion, 8 Feb 2023 A key concern was that the merger would makeContinue reading “What are the key concerns the UK’s CMA is raising about the ATVI-MSFT merger?”
Buy ATVI? Heads I win, Tails I win?
Sunday 22nd January 2023 Thesis BUY Activision Blizzard (ATVI) shares for $75 in anticipation of Microsoft (MSFT) acquiring them for $95 in September 2023, after the likely approval by US, UK and EU competition committees. If successful, it returns 27% in 8 months, representing a 36% annualised rate of return. If the deal doesn’t goContinue reading “Buy ATVI? Heads I win, Tails I win?”
The key headwind Wayfair has faced may well be online demand returning to past norms
Saturday 21st January 2023 Since hitting its peak valuation of $33bn, or $330 per share in the Summer of 2021, Wayfair has: It is unsurprising shares fell ~90% to $33 over the period. My analysis of St. Louis Fed Economic data in conjunction with relevant quarterly segment sales data of the main US home goodsContinue reading “The key headwind Wayfair has faced may well be online demand returning to past norms”
eXp World Holdings – a valuable pyramid scheme for US estate agents?
Friday 20th January 2023 I recently read a write-up on eXp World Holding (NasdaqGM:EXPI), an online real-estate brokerage firm in the US on Value Investors’ Club, here. The “pyramid scheme” nature of acquiring and retaining real-estate agents, combined with the revenue-share nature of paying them, may well provide a durable moat for this business, enablingContinue reading “eXp World Holdings – a valuable pyramid scheme for US estate agents?”
Why does Buffett have 40% of his portfolio invested in Apple?
Wednesday 4th January 2023 As of November 2022, Berkshire Hathaway owned 895m shares in Apple (APPL). This position was valued at $124bn, roughly 40% of the $296bn in marketable securities managed by Warren Buffett and his portfolio managers: Todd Combs and Ted Weschler. Why does one of the greatest investors of all time have soContinue reading “Why does Buffett have 40% of his portfolio invested in Apple?”
Thoughts on the investment question Buffett asks daily and the three questions he considers each week
In November 2022, the 32nd Annual Graham and Dodd Breakfast featured Todd Combs, one of the two portfolio managers allocating capital for Warren Buffett. Source: Instagram @heilbrunncenter In it, Combs explained how one question is constantly asked, usually daily, and that is: “Is the moat wider or narrower on any of their businesses?” Furthermore, heContinue reading “Thoughts on the investment question Buffett asks daily and the three questions he considers each week”
The Equity Analyst 