Evaluating Valuations

James Bullock

Other investors persistently underestimate quality, resulting in unduly low market valuations for the very best companies.
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Why GDP Doesn't Adequately Measure Prosperity

Michael Lindsell

Last December, following the announcement early in the month of the Japanese GDP statistics for quarter ending September, the market promptly fell in response by 3% in a day.
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Retail Therapy

Madeline Wright

The way we shop is changing. The advent of the internet has had an undeniable impact on global retail, with digital and community spaces increasingly interacting with traditional and new shopping channels.
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Size Doesn't Matter (Very Much)

Nick Train

The biggest company by London-listed market value in our UK equity portfolios is Diageo, with a current capitalisation of £46bn.
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Save The Data!

Michael Lindsell

A question that we have been asking ourselves recently is: how valuable is the data that our portfolio companies amass and have available at their disposal in the general course of what they do?
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A Little Of What You Fancy

Madeline Wright

As holders of Diageo and Brown-Forman, we believe that premium spirits (broadly defined by the drinks industry as litre bottles retailing at over $15) hold a uniquely valuable place in the global spirits market.
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Men More Frequently Require to be Reminded Than Taught

Nick Train

Dr Samuel Johnson is a great hero of mine and this report is inspired by one of his many memorable flashes of wisdom.
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Kings of Content

James Bullock

Several of the companies in our portfolios own and create unique intellectual property, be it in TV and movies (Disney and WWE), video games (Nintendo) or sports (Juventus, Celtic and International Speedway).
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Aristocratic Dividends

James Bullock

Dividends are a crucial component of any long term equity strategy and, simply put, might be the only tangible return earned by the permanent owner of an equity asset.
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A New Nifty Fifty? Bring It On!

Nick Train

I hope Crispin Odey – one of the real heroes of the active investment community – won’t object if I begin this discussion with a typically stimulating idea I heard attributed to him recently.
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What Goes Up Must Come Down: Must It Not?

Nick Train

I’ve just read Howard Marks’ book – “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”. Marks is chairman and co-founder of Oaktree Capital, a recently-listed $6bn market cap US investment management company.
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Indian Takeaway

Michael Lindsell

I have recently been on holiday to India - in Rajistan visiting forts, temples, villages and crowded cities but in the process learned a lot more about the country. My interest was more than idle curiosity for it posed two important investment questions, both pertinent to our global portfolio.
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