Estimated reading time: 18 minutes. Click here to read this in PDF Format. When Defense Misfires “Offense wins games. Defense wins championships.” This past quarter, much of my curiosity has been focused on the differences between offense and defense. Given…
This article is the 3rd in a 6-part series examining how the drivers of value creation are the same as sustainability drivers. We will outline these drivers in these 6 posts and show how recent ESG efforts to define business…
We have posted our brief quarterly letter, which you can read by clicking here. Speed Read: Our underperformance this year reflects irrational prices that have become even less rational, particularly with the view we have on the board of our…
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…
We were so pleased to be named a finalist to present at the Ira Sohn conference, and are happy to share our prepared presentation in its proper presented format in youtube. Front-Running the Next Sohn Every idea we've submitted to past…
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…
In a Nutshell: In a matter of one month, traders in shares of Fiat-Chrysler and Ferrari have fully baked-in a full-fledged financial crisis into the stock valuations. EXOR’s discount to NAV has gone from under 20% to over 40% in…
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…