Drinking Less, Drinking Better

Madeline Wright

What does it really mean to say that consumers are “drinking less, but drinking better”? It is an important observation for us, given we have a number of our investments in premium alcoholic beverage brand owners.

Scope 3 Under The Microscope

Madeline Wright

One of the advantages of running portfolios as concentrated and long-term focused as ours is that we are able to dedicate a great deal of time to in-depth research on individual companies.

Rational numbers

James Bullock

At the tail-end of the 19th century, a small-town Carolinas chemist named Caleb Bradham hit upon an exciting new formulation. A marvellous tonic that served as both a refreshing pick-me-up and a remedy for indigestion, an affliction more formally known as dyspepsia.

Lost in the Supermarket

Madeline Wright

In February 2019 something seismic occurred in the world of packaged food – Kraft Heinz took an eyewatering writedown of $15bn on its Kraft and Oscar Mayer franchises, two iconic American brands that have appeared on the tables of families for decades.

Quantifying Quality

James Bullock

Quality is seductive. Few would complain if you labelled their business or strategy as ‘quality’. But as Mr Drucker (the father of modern management theory) points out it’s also elusive and ambiguous.

Are You Experienced?

Madeline Wright

I recently listened to a podcast in which a retail industry consultant, Doug Stephens, argued that "retail is no longer a distribution mechanism for product but a customer acquisition strategy".

Valuation Challenge

James Bullock

Valuations are challenging. Achieving precision is of course impossible, but even the roughest of estimates can be extremely hard to derive without resorting to conjecture.

Reflections on Liquidity and Capacity

Michael Lindsell

Since the beginning of the year the LF Lindsell Train UK Equity Fund and the Lindsell Train Global Equity Fund have continued to grow in size, thanks largely to continued net subscriptions... As the funds grow it is important that we ensure that the size itself does not provide any impediment to the integrity of our approach...

Bags of Potential

Madeline Wright

Here at Lindsell Train we don’t think of ourselves as having a great deal in common with 50 Cent, but we do share an unashamed enthusiasm for luxury brands and a liking for Burberry too!

Miami Vice

Madeline Wright

I’ve just returned from the annual Consumer Analyst of New York (CAGNY) conference in Boca Raton, near Miami, where I’ve heard a wide range of consumer goods companies from the USA and beyond present over the course of the week.

Great Expectations

James Bullock

At Lindsell Train we spend a lot of time reading. Company reports, broker notes, media commentary, academic papers, business and investment texts; anything that we think might supplement our own analysis with external insight. To this end, I have, on occasion found myself reaching for a book on management strategy - a much maligned but rather prolific branch of nonfiction.

What Makes Us Think and What We're Thinking About

Nick Train

I received an interesting letter from an investor last year. In it he shared with us a quotation from a speech given by Fidelity's Peter Lynch.