Must read - "over the past 15 years, a mere five investments have generated 90 percent of Sovereign's gains."…
"By going into uncharted territory where most investors don't dare to tread, the Chandler brothers have, in the space of 20 years, grown a family fortune of $10 million into a cool $5 billion -- and they're still in their mid-40s."
"Sovereign traditionally buys stocks at P/E ratios of 3 or less, although in light of current valuations and the fund's focus on hot Asian markets, it must sometimes pay far more."

Avg P/E of <3 - be interested in performance over last decade given growth outperformance...
"Favor large-cap stocks in big countries. "If you are invested in big companies in big countries, that means there is a ready audience of benchmark-following investors who must buy the asset," says Richard."
"Most fund managers are focused on what can go wrong rather than on what can go right and were too afraid to make that call," says Richard. "We were not."

Agree 100%.
"we specifically avoided visiting Japan while we made up our minds, since the despair and despondency of the place could have distorted our long-term view, even though that kind of distance is conventionally considered foolhardy."
"Sovereign's debt has averaged less than 1 percent of assets ....that enables the Chandlers to take a long-term view of risky markets, their key competitive advantage at a time when many investors, particularly highly leveraged hedge funds, invest with a short-term horizon."
"The ultimate irony is that after two decades of blazing trails in emerging markets and out-of-favor sectors, and becoming fabulously wealthy in the process, the Chandlers now find themselves heavily invested in some of the most fashionable markets on earth."

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More from @MissCompound

14 Jan
Very strong HY performance from $GAW
> Sales +26%
> PBT +55%
> Incremental PBT margin +91%

Key highlights from the half 👇👇👇
Increasingly optimistic on North American opportunity 🇺🇸

"Delighted to report that we have performed particularly well in North America, a territory where we have increased our investment and efforts."
Brand / franchise value continues to strengthen..

"July saw the release of the latest version of Warhammer 40,000 which has proved our most successful launch to date"
Read 8 tweets
3 Jun 20
INCREDIBLE post from @brettbivens on @Spotify and the long-term opportunity in audio.

My "few key points" that I wanted to share ended up being half the article, there's just so much goodness. Forgive me!

Would love to hear from @eldsjal 🤞🙏

"...the consumer devices reaching scale today are largely audio-first and elevate the medium in a way that will unlock previously unforeseen use cases and business models..."

Strongly agree, this is self-evident with the explosive growth of smart speakers, AirPods, etc.
I'd add to this is the importance of being "platform agnostic."

A consumer will likely have multiple audio devices (smart speaker, AirPods, car) from multiple different providers (Amazon, Apple, Tesla) so it's important to have a service (Spotify) that is suitable for all.
Read 19 tweets

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