Price matters. Compounded returns are significantly affected by starting valuations. Chuck Akre Tencent’s Wide Moat – Presentation by John Huber (Saber Capital) at the Manual of Ideas Wide Moat Investing Summithttp://sabercapitalmgt.com/wp-content/uploads/2013/03/Tencents-Wide-Moat-Manual-of-Ideas-2017.pdf The Difference Between Intelligent Fanatics and Outsiders by Ian Casselhttp://bit.ly/30ptwTj BMW Takes on VW and Tesla With $36,400 Electric Mini Cooperhttps://bloom.bg/2NGoTml Doc-lite: The New […]
Bits & Pieces – Anatomy of a 350 Bagger (See Below)
The speed at which a business’s success is recognized, furthermore, is not that important as long as the company’s intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price. Warren Buffett But, […]
Bits & Pieces
“Indeed if you aren’t certain that you understand and can value your business far better than Mr. Market, you don’t belong in the game. As they say in poker, “If you’ve been in the game 30 minutes and you don’t know who the patsy is, you’re the patsy.” Warren Buffett “Generally speaking, I think if […]
How I incorporate macro factors in my investing strategy
What’s the fuss with macro? I am certainly not an advocate of market timing and I agree with the notion that trying to profit from timing market peaks and bottoms is a fool’s errand. As Buffett says Macro is important but unknowable so focus on the knowable i.e. focus on company fundamentals for the businesses […]
About Me
Hi. My name is Imran Siddiqui and I am Chief Investment Officer at Mosaic Capital Management. Investing has always been my passion. I bought my first stock as a teenager almost 30 years ago. I manage an investment partnership in which a significant portion of my net worth is invested alongside others. I have been […]
It’s probably nothing
And so our weakening US / Global growth outlook playbook hums along. Another piece of the jigsaw fell into place this morning with the reported plunge in US retail sales in December 2018 vs the prior month the worst in nine years. The headline number declined in almost every category on record. Overall retail sales […]
Early warning signs in the consumer credit market?
According to the latest quarterly report on household credit by the New York Fed the total household debt rose to a new record of $13.54 trillion. It was the 18th consecutive quarter with an increase and the total is now $869 billion higher than the previous peak of $12.68 billion in the third quarter of 2008. […]
S&P 500 earnings expectations
Let’s start with something that certainly made me chuckle before we get to the more dire stuff: Following on from my earlier post about a potential earnings recession on the horizon, according to Michael Wilson, Head of US equity strategy at Morgan Stanley: “Earnings revisions have been some of the worst we’ve ever observed in […]
QE in perpetuity?
Could it be Japan all over again? Or Europe? Japan and the BoJ have been at it for nearly three decades and yet the economy and the deflationary forces at work (debt, demographics, globalization and technology inflections) haven’t budged at all. More recently we have seen the same thing in Europe where the ECB has […]
An earnings recession in the US on the cards
As David Rosenberg from Gluskin Sheff tweeted this morning: The earnings recession has started. At the end of Sept, the consensus was +6.7% for YoY EPS. By end-2018, that estimate was down to +3.3%. And now -0.8%, with six of the eleven sectors in negative terrain. — David Rosenberg (@EconguyRosie) February 11, 2019 It’s the […]