These guys have incredibly deep relationships across Silicon Valley, but still seem to have missed both the scale of the AI boom and also which companies would be the beneficiaries. The #NeverSell mentality makes it really hard to switch horses.
I’m still holding out for GME to shoot to the moon #diamondhands #neversell
A few months have passed but the hatred is still strong! At ILTM Cannes the booth was always empty. #NeverSell
Me and Haaland. 4-Ever. #NeverSell #FPL
Diageo $DGE has been long-time holding at Lindsell Train; also at Fundsmith until they sold in Aug-24
During COVID, EPS c. halved in FY20, before rebounding from FY21 onwards
EPS was 130.1p in FY19, peaked at 164.4p in FY23
Shares at 4,036p at 2021YE, 31x FY19 EPS
#NeverSell?
Rémy Cointreau $RCO at €214 at 2021YE
This gave market cap. of ~€11bn
Recurring Net Profit:
FY21 (ending 31-Mar): €144.6m
FY22 : €228.1m
FY23: €296.6m (record, arguably bubble)
FY24: €194.8m (€136.7m ex. temp. savings)
2021YE share price = 37x FY23 earnings
#neversell
AG Barr returned +2.5% p.a. since 2014 for a reason
Between FY13/14 and FY23/24:
EPS grew just 2.5% p.a. (28% in 10 years)
Turnover did rise 57%
But EBIT margin fell from ~15% to ~12%
#NeverSell needs "always grows" to work
$BAG
Nick Train on AG Barr $BAG (~4% of $LTIT)
Returned +2.5% p.a. since 2014
But ~13% p.a. since 2021 entry vs. NASDAQ ~10%
"Might outperform the currently frothy NASDAQ again for a period of time"
LTIT has gained +2.3% p.a. L5Y, but +15.1% p.a. L10Y
#NeverSell?
It's nice when stocks bounce back but always hard to look back on your "disciplined" trimming when they were much much lower. #neversell?
