Ensemble Capital

@IntrinsicInv

Ensemble Capital: focused, fundamental-driven portfolios for private & institutional clients. Blog: . Disclosure:

Burlingame, CA
Vrijeme pridruživanja: prosinac 2015.

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  1. Prikvačeni tweet
    18. ruj 2019.

    We're excited to share a diagram of Ensemble Capital's investment philosophy. This is at the heart of everything we do in our portfolio and everything we talk about on our blog and here on Twitter.

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  2. proslijedio/la je Tweet
    13. sij
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  3. proslijedio/la je Tweet
    1. velj

    Regulation *almost* always works to the benefit of large companies by creating barriers to entry. Good discussion of the “AI lock in loop” that drives competitive advantage for large internet co’s and why scale matters much more online than offline.

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  4. proslijedio/la je Tweet
    1. velj
    Odgovor korisnicima

    My point is simple: a “stakeholder” viewpoint is entirely consistent (id even say required) with a “maximize shareholder” viewpoint.

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  5. 1. velj

    A Marriott executive put it well in a recent interview about the key to their success: “Business is about relationships. We are into long-term relationships.” “Stakeholders” is just the word we use to refer to the people who a company has relationships with.

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  6. 1. velj
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  7. 1. velj

    This is a very practical, common sense take from Third Point on the lack of conflict between shareholder vs stakeholder centric corporate responsibility.

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  8. proslijedio/la je Tweet
    31. sij

    If you want to follow industry specific news, I follow: Banking Fashion/retail Autos Manufacturing Shipping Aviation 1/2

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  9. proslijedio/la je Tweet
    30. sij

    Observation...very few analysts I meet with care what a business is worth. Typically their pitches are based on some if>then statement relative to some change in the busienss that then involves a multiple justified by some relative analysis against a peer group.

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  10. 30. sij

    We started blogging back in 2016, but we had no readers! So here's a post from the past in which we explained why we rarely call ourselves value investors and why we value stocks based on what we would pay if we could never sell them.

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  11. proslijedio/la je Tweet
    29. sij

    4/A big part of the story is the massive shift in the form of investment, from tangible to intangible. This means analysts have to go back to basics and figure out the *magnitude of investment* and the *return on investment,* whether on the IS or BS

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  12. 28. sij

    This old photo of Chuck Schwab is so epic. Amazing to think that in our lifetime we'll look back at photos of today's high tech entrepreneurs and all their technology will look so incredibly old fashioned!

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  13. 28. sij

    We took this photo in early 2016 of a billboard along the freeway that connects San Francisco to Silicon Valley. At the time it sure seemed like a textbook sign of a top. Boy is it hard to assess market wide sentiment in a way that is useful to investors!

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  14. proslijedio/la je Tweet
    Odgovor korisnicima

    all in housing we're still way behind:

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  15. proslijedio/la je Tweet
    18. velj 2019.

    Traditional value investors understand the role of price mitigating left tail risks. Traditional growth investors understand the ability of the right tail to be longer than traditional value investors appreciate. The marriage of the two concepts is nirvana. Also hard to do.

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  16. proslijedio/la je Tweet
    27. sij

    Have been asked to give a lecture at a university. What are things you wished you'd known about investing or your finance career at 18 years old?

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  17. proslijedio/la je Tweet
    27. sij

    Rising CAC from being greedy is only universally bad if you’re still an upstart. If you’ve been around a while and have built your own list at lower prices, rising CAC can add defensibility to your business by using your lower cost list to subsidize ad spend.

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  18. 27. sij

    Broadridge's wealth management group continues to grow in importance along with its status as a standalone division being more and more defined. They'll break this out into new reporting segment at some point.

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  19. 27. sij

    We recently dug deeper into our thesis in this video presentation for 's Best Ideas 2020 conference. Always happy to answer questions.

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  20. proslijedio/la je Tweet
    26. sij

    “Wonderful Companies at Fair Prices” by Polen Capital Great paper that highlights the importance of outweighing the understanding of a business over its valuation, and how a good earnings power analysis may overcome the consequences of a bad valuation

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  21. proslijedio/la je Tweet
    25. sij

    Best CEOs of the US publicly traded companies in 2019 according to Glassdoor ranking. This ranking can be manipulated by companies so take it with a grain of salt

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