Monday Morning Links Week 47
Monday Morning Links Week 47
Global stock-related links
The podcast episode with Jeremy Raper had some good ideas. He thinks the Japanese yen is cheap, with prices out of whack with those in the rest of the world. He’s also finding value in the sub-AU$500 market cap segment in Australia, mentioning Webcentral currently. He’s also constructive on aircraft leasing due to favorable supply & demand and that he “should probably own AerCap”.
Eagle Capital’s post on recent uniform supply company spin-off Vestis also stands out. Its competitor has performed beautifully, with returns on equity above 30%. The P/E of 16.5x is line with the broader market, though note that Vestis does have a fair amount of debt at 4x EBITDA.
Americas:
O’Keefe Stevens becoming sceptical of Nvidia (🇺🇸 NVDA US - US$1.2 trillion)
Undervalued Shares on e-commerce giant Allegro (🇺🇸 AL0 GR - US$7.7 billion)
Secret Sauce on tequila maker Becle (🇲🇽 CUERVO* MM - US$6.2 billion)
Eagle Point Capital on uniform spin-off Vestis (🇺🇸 VSTS US - US$2.2 billion)
Clark Street Value on MRC Global (🇺🇸 MRC US - US$913 million)
Value Don’t Lie: “shorts are wrong about B. Riley” (🇺🇸 RILY US - US$669 million)
Generals & Workouts on Theseus Pharma (🇺🇸 THRX US - US$153 million)
AlmostMongolian on Voxtur Analytics (🇨🇦 VXTR CN - US$63 million)
Europe:
Imperial Brands on Imperial Brands (🇬🇧 IMB LN - US$20 billion)
ToffCap on a spin-off from chemicals firm Solvay (🇧🇪 SOLB BB - US$12 billion)
Librarian Capital on property portal Rightmove (🇺🇸 RMV LN - US$5.0 billion)
Undervalued Shares on Scandinavian Tobacco (🇩🇰 STG DC - US$1.5 billion)
310 Value on travel website eDreams (🇪🇸 EDR SM - US$882 million)
Odyssean on power solutions company XP Power (🇺🇸 XPP LN - US$384 million)
French Hidden Champions on Catering Int’l Services (🇫🇷 CTRG FP - US$81m)
Global Stock Picking on nano-cap OssDesign (🇸🇪 OSSD SS - US$59 million)
Asia-Pacific:
Wolf of Harcourt Street on Sea Limited (🇸🇬 SE US - US$21 billion)
Miles Kuah on holding company First Pacific (🇭🇰 142 HK - US$1.6 billion)
Searching 4 Value on the SOTP of Pasona (🇯🇵 2168 JP - US$537 million)
(estimated reading time)
Bridgewater on the near-term impact of US tightening (10 mins)
Hosking Partners on the Chinese solar panel industry (13 mins)
Alluvial Capital on thrift conversions (6 mins)
Florian Kronawitter on the recent US CPI print (4 mins)
Scott Grannis on the building disinflation he’s seeing in the system (4 mins)
Russell Clark calls TLT the new “widow maker” (2 pages)
Andrew Walker on companies with excess cash on balance sheets (7 mins)
Third Point Capital’s 3Q2023 letter on shorting subprime auto ABS (7 pages)
Tweedy, Browne probably bought Haitian and Teleperformance (13 pages)
Saltlight Capital’s 3Q2023 on Karooooo, MercadoLibre, Sea Ltd (6 pages)
FPA Crescent’s 3Q2023 says they bought more shares in IFF (14 pages)
(listening time)
Equity Mates reviews 16 stocks from the recent Sohn conference (42 mins)
Kerr Neilson providing on what he thinks are secrets to success (22 mins)
Jeff Gundlach believes in a recession in 2024, with rates falling (23 mins)
Guy Keller of Tribeca on the supply & demand for uranium (27 mins)
Troy’s Sebastian Lyon: investing in quality with downside protection (1:08 hours)
Argonaut’s Barry Norris on why he’s shorting renewables stocks (47 mins)
Colin Smith from All Africa Partners on the opportunities in Africa (30 mins)
Bill Bishop & Ben Thompson discussing China politics & semis (1:04 hours)
Blogger Jeremy Raper on past and current special situations (1:51 hours)
Shu Hattori & Andrew Chou on their new Japan serial acquirer (1:12 hours)
Blogger Nelson discussing the Peter Cundill book Routines & Orgies (56 mins)
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