Please click here to read our short quarterly letter reviewing our year, and how we’re thinking about the beginning of 2016 - which has of course been full of fireworks! Summary: Prior to the year, we already trimmed or eliminated some illiquid and…
We're starting to get excited about owning shares of Ferrari (RACE) in a few short weeks. Ahead of the anticipated spin-off of shares from Fiat-Chrysler (FCAU) we talked with Yahoo! Finance's Nicole Sinclair about the incredibly unique dynamics of Ferrari's business.…
Our third quarter letter reviews our process and its increasing ability to predict future returns. Every time our portfolio's risk-adjusted return has hit high levels, subsequent performance has been strong. It remains above 20x, and above the previous record-high from…
We've posted a new note in The Grove updating our research on Ferrari. Given disclosures made by the company over the last month, we've upgraded our near-term earnings profile of Ferrari. We now expect EBIT to double in the next 12 months, and…
In anticipation of Ferrari's (RACE) IPO, we're posting our research on the company for our investors. Our One Pager is available to all, and feel free to request a report if you're keen on the subject. In a Nutshell: Ferrari N.V.…
While we love to shy away from talking macro, the Italian economy has undeniably turned the corner with its foot on the gas. We’re very well positioned for the renaissance. Speed Read: We’re Italian Bulls: early cycle industries are improving…
Summary: We’ve had a lot of back & forth with our friends and investors about the VW diesel scandal and the implications for the auto industry. As it happens, we have an engineer that specializes in cooling and controlling NOx…
In an effort to help our investors save time, trees and brain cells, we frequently boil our research down into short videos. We've compressed nearly 20 pages of recent research on Fiat-Chrysler (FCA IM) into this 5-minute clip. Stay up to…
Good thing we have our seat-belts on. Sergio Marchionne has his management team in North America firing on all cylinders. Just as the new Alfa Romeo Giulia accelerates faster than any car in its class (it goes from 0 to 60 mph…
We are pleased to update our original research on Fiat-Chrysler Automobiles (FCA IM). Click here to access the PDF version of our note. Summarizing our thesis briefly: In a Nutshell: The gift that keeps on giving. When you take a company…