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MastersInvest.com Profile picture
@mastersinvest
Sep 14, 2020 • 4 tweets • 2 min read • Read on X
'The patent truth is that we’ve come up short when it comes to conceiving how certain tech businesses develop over 10-20 year periods. Probably the worst errors are those of omission.' Michael Lindsell

Global Fund Letter .... lindselltrain.com/~/media/Files/… Image
'The NASDAQ has risen by 42% [since end March] vs the rise of 24% in the MSCI World & this is understandable. Lockdowns, quarantines & the stay at home priority has accelerated the digitalisation of economies to the almost exclusive benefit of this group of companies' M Lindsdell
'Cos whose whole foundations were built around or on modern tech platforms or devices - has never been a natural area for us to mine for new ideas. The Achilles’ heel in our mind is tech itself. Will it be undermined by new inventions or innovations we cannot foresee or imagine?'
'With tech investments we don’t have the reassurance of
longevity & heritage to rely upon as we generally do with other investments we make. Instead we seek business characteristics we typically associate with longevity: eg repeat sales, high barriers to entry, strong brand posn'

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More from @mastersinvest

MastersInvest.com Profile picture
Sep 23
Constellation Software's Mark Leonard on AI..

"Its difficult to say whether programming is facing a renaissance or a recession."

- 'Artificial Intelligence technologies on software business Call,' Sept 23 2025 Image
'The advantage of using a high discount rate already [when assessing M&A] is that it minimizes the value of the terminal value in your overall assessment of the attractiveness of the investment. So we've got that going for us inherently. We're already discounting the future a lot.'

- Mark Leonard
'I think at a fundamental level, [AI] doesn't change any of the business principles we all apply. We're fundamentally passionate about the customer journey, being very, very close, and it's one of the huge benefits of the decentralized model that we are very, very focused on our markets and our sectors.'

- Christopher Siemiaszko, CSU
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MastersInvest.com Profile picture
Mar 15
“I've never used a stop/loss in 40 years. I think it's the dumbest concept ever, selling something because the price went down, but I will sell at a loss immediately if the reason I own something has changed.”

- Stanley Druckenmiller

Enjoying this… Image
“Because of how I started investing (as a banking chemicals analyst), I've always used bottom-up investing. In fact, my economic forecasts don't come from unemployment rates and stuff like that. They come from information I get on companies from the ground up.”

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“My original mentor was a guy in Pittsburgh named Speros Drelles and I'd say learned most of what I know about the business from him. What I learned from George was very simple. It was about sizing positions.”

- Stanley Druckenmiller
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MastersInvest.com Profile picture
Feb 2
‘Trump’s brutal tariffs far outstrip any he has imposed before. Canada, Mexico and China are going to be made to suffer.’ @TheEconomist

economist.com/finance-and-ec…
‘Mr Trump invoked the International Emergency Economic Powers Act, a law that gives the White House broad authority to impose tariffs so long as it declares there to be a national emergency.

Mr Trump said the flow of illegal migrants and drugs, especially fentanyl, across America’s borders constituted an extraordinary threat, and that the tariffs would be maintained until the crisis is alleviated.

But a trade war is no solution to such complex problems.

Harming Mexico’s economy may make the country less, not more, stable. And just 1% or so of America’s seizures of fentanyl and encounters with illegal migrants are on its northern border, making a mockery of Mr Trump’s complaints about Canada.’ @TheEconomist
‘.. much of the cost of the tariffs will be borne by American consumers and businesses. From avocados to tomatoes and cars to crude oil, Mexico and Canada are major suppliers to America. The prices of these products, and many more, are likely to rise in the coming months.’
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MastersInvest.com Profile picture
Oct 3, 2024
Apollo Investor Day ...

[Chart S&P500 vs PE Firms]Image
Image
Fund Related Earnings [FRE]

d1io3yog0oux5.cloudfront.net/_0ae9c9a0bc57a…
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"One of the lessons your management has learned - and, unfortunately, sometimes re-learned - is the importance of being in businesses where tailwinds prevail rather than headwinds."

- Warren Buffett, 1977. Image
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MastersInvest.com Profile picture
Jun 11, 2024
'When stated in terms of lifetime dollar wealth creation, the best-performing 4% of listed companies explain the net gain for the entire US stock market since 1926, as other stocks collectively matched Treasury bills.'

- Hendrick Bessembinder, 2018

sciencedirect.com/science/articl…
'Most individual US common stocks provide buy-and-hold returns that fall short of those earned on one-month US Treasury bills over the same horizons, implying that the positive mean excess returns observed for broad equity portfolios are attributable to relatively few stocks.'
'The single most frequent outcome (when returns are rounded to the nearest 5%) observed for individual common stocks over their full lifetimes is a loss of 100%.'
Read 5 tweets
MastersInvest.com Profile picture
Feb 28, 2024
"We do not now give any guidance. Some analysts have asked us to give guidance, we prefer not to, however, I have said publicly that our goal is to grow net income 15% to 20% annually compounded. Over the last 30 years to 33 years, I think we have done that, and the actual growth has been somewhere around 18% or 19%."

Laurans Mendelson, HEICO Q1 2024
"But the airlines all recognize that HEICO has been extremely gentle with regard to price increase. And frankly, in areas where we have been more restrictive on price increase, we anticipate significant share gains as well."

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"When you've got really talented people, who are running these businesses, who have really mastered their businesses we find that by giving them autonomy, that's a very intrinsically motivating feature. And that's not something that exists in many companies. If you look at HEICO overall, across all of HEICO, we've got roughly 100 business heads and for a company of our size to have 100 people of talent and skillset, where they performed so well and they really enjoy what they do, because of the way that they're treated, I think that's the real synergy here."

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