Our second quarter letter explores the primary driver of our recent performance: large gaps between trading consensus and reality. We have continued to refine this ranking framework, and we explain further in our short 3.5-page letter. Click here to read…
Click here to read our fourth quarter letter which, at this inflection point in our growth, reviews where we've been and where we're going. Speed Read: We had a decent year (+27.0%), the performance of which was broad-based. We outline…
Click here to read our second quarter letter. Results have been good, but we want them to be great. Speed Read: Through active portfolio management, we've managed to keep our portfolio's ratio of reward-to-risk at 38.3x, which is marginally better than…
Take a quick holiday with two patriots in Roma, as we review the investment case for Piaggio (PIA IM). Not only did the Vespa begin the scooter revolution, but it set people free and democratized personal mobility. Seven decades later,…
Europe is the world’s consensus short. One need not look too hard to find news stories about the instability of governments all over the continent, rising populist movements and “stagnant,” economies. This view has been well honed by economists, thought…
What better day to discuss the power of price incentives on a business than Black Friday? There is none, and so let’s dive right in with our thesis: temporary price incentives undermine the quality of the demand for a company’s…
Before the Eurozone currency was formed, Germany was nicknamed the "sick man of Europe." It had persistently high unemployment as it was a manufacturing-dominated economy with a continuously strong Deutsche Mark. Not a great scenario when the wages of the Germany…
Speed Read: UK economy primed for recession regardless of Brexit vote Property prices peaked in Q1 and have already started to decline Consumer confidence already weakening - this will accelerate post Brexit Unemployment 30 bps away from all-time lows, further…
Speed Read: The Italian economy is recovering quickly and leading economic indicators are accelerating Yet, it has been the second-worst performing index in the world so far this year, opening up tremendous opportunities for global investors Finmeccanica has been thrown…