Investment Insights

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.

Dragon Quest

James Bullock

Whilst on his death bed, the 13th century Italian explorer Marco Polo was given the opportunity to retract some of the more fantastical observations from his book detailing his visit to China. Instead he responded with the famous last words "I have not told half of what I saw".

Digesting Digital Disruption

Madeline Wright

Perhaps the single most important thing we think about is the potential for technology to disrupt industries and erode moats, not just within the technology industry itself but across all the sectors we invest in.

Just What The Doctor Ordered

Madeline Wright

Early on in Lindsell Train's history Nick and Michael looked seriously at investing in leading pharmaceutical companies, but came to the conclusion at that time they were materially overvalued.

Confounding Compounding

James Bullock

All long-term investors need optimism, even to achieve their most basic aim, to preserve and grow the real value of their assets.

The Growing Appetite for Brands

Madeline Wright

Lindsell Train has never invested directly in emerging market listed companies, but nevertheless accessing emerging markets is an important part of our strategy.

Success Breeds Complacency

Nick Train

"Success breeds complacency. Complacency breeds failure. Only the paranoid survive." Andy Grove

Who Wants to be a Billionaire?

Nick Train

What are we to make of the Forbes Billionaires List? This is the magazine’s guide to the, currently, 1810 billionaires of the world – average personal net worth of $3.6bn. The list, which updates in real time, puts us face-to-face with these worthies.

Re-evaluating Valuations: Exceptional Companies Deserve Exceptional Multiples

James Bullock

Those familiar with Lindsell Train's approach will recognise a key tenet of our philosophy; that other investors undervalue the best companies.

Impending Global Profit Boom

Nick Train

According to the Bloomberg M&A tracker 2015 was the biggest year ever for global deal-making.