Are you looking for some holiday reading?

In this thread, just like last year, we will share 15 book recommendations handpicked by our team. 1. The Gambling Man: The Wild Ride of Japan's Masayoshi Son

Former Financial Times editor @lionelbarber tells the story of one of the most unique persons in business and perhaps the greatest visionary of them all, Masayoshi Son.

John Elkann runs one of the largest family businesses in the world: Exor.

They control companies such as Ferrari, Stellantis, CNH Industrial, and The Economist.

Lessons from Elkann on building businesses for generations ahead 🧵 "Family businesses generally tend to be more courageous in investing because they have longer time horizon: that makes the difference over time."

The Volkswagen short squeeze of 2008 is one of the most dramatic events in financial history.

This is the story of how the Porsche family seized control of Europe's largest automaker $VOW 🧵 In 2005, the family holding company Porsche SE began quietly acquiring Volkswagen shares.

Their goal? Gain full control of Volkswagen.

We searched for keywords such as "ROIC" and "FCF" in Quartr Pro's slide database to find companies focusing on these key metrics instead of adjusted EBITDA.

Let's take a look at some of our findings 🧵

1. $TXN beautifully illustrates its FCF per share growth: 2. Serial acquirer $LIFCO demonstrating strong FCF per share development:

$CELH has dropped by ~30% in just a few weeks.

Here are several quotes from yesterday's conference that partly explain why 🧵

1. $CELH estimates that $PEP's inventory optimization could impact revenues by $20 million to $30 million in the quarter: 2. The energy drink category has been slowing, but management is optimistic for a good summer:

How does @BillAckman structure a stock pitch?

Given his recent sale of 10% of Pershing Square and the rumors of an IPO, we decided to go through Ackman's pitch for what might be the most profitable hedge fund trade of all time.

From 34 cents to $31 a share: 1. A concise breakdown of the business and the factors making it high-quality:

We decided to examine the consensus estimates and multiples for the 10 largest luxury fashion companies by market cap 🧵

1. Despite trading near all-time high, $LVMH trades at EV/EBIT ~16x 2025E: 2. The world's largest single-brand luxury company, $RMS, is as usual trading at the highest multiples in the space:

$CSU, known as one of the best quality compounders out there, has returned 200x in just 18 years as a public company (ex. dividends and spin-offs).

Here are our favorite quotes from Mark Leonard at the recent AGM 🧵

1. Reflections on $BRK's use of leverage (or the lack of it): "I think the intelligent use of leverage, particularly when it's tax deductible, makes tremendous sense."

2. More reflections on leverage and $BRK:

You don't have to chase the "next big thing" to achieve great returns.

Let's look at 10 hidden industrial compounders with impressive track records 👇

1. $NIBE is a leading heating solutions manufacturer and probably one of the most impressive companies you've never heard of: 2. $BUFAB is a full-service partner for C-parts, simplifying logistics management and addressing other challenges within supply chains.

Fun fact: Those handy IKEA bags filled with screws, nuts, and plugs are products supplied by Bufab:

Yesterday's $TSLA earnings call was wild.

@elonmusk once again credited ARK Invest and stated that non-autonomous gasoline cars will soon be obsolete like horses.

Here are all the highlights 🧵

1. According to Elon, this could be the greatest asset value increase in history: 2. $TSLA released a brand-new slide explaining its ecosystem:

Five of us from Quartr went on a very special trip this week.

We headed off to Paris – the luxury capital of the world – to attend $LVMH's 2024 annual general meeting.

Here's a thread about our experience 🧵

The AGM was held at the Louvre and visited by thousands of shareholders.

On the way out, everyone received a bottle of Veuve Clicquot – one of the group’s oldest champagne houses.

Since the AGM was in French, our mobile app's live-transcribed translation came in very handy.

Brunello Cucinelli, known as the King of Cashmere, runs his Italian luxury design house $BC.MI in a very fascinating way.

We have in this tread compiled a few key concepts from a decade of shareholder letters, interviews, and earnings call transcripts 🧵 Luxury Is Independent Of Time

In his first shareholder letter published in English, Brunello writes about the luxury pyramid, and $BC.MI's positioning:

Peter Lynch's 25 Golden Rules for Investing.

Sourced from his successful 13-year tenure at Fidelity's Magellan Fund, these rules serve as an excellent guide for investors of all sizes and levels of expertise who are seeking to return to the basics of investing.

Let's dive in 🧵 Investing can be dangerous if you don't put in the work and merely rely on the advice of experts:

Several semiconductor companies are trading at all-time highs, so we decided to examine the analysts' expectations.

Here are the consensus estimates and multiples for 10 of the most important semi names 🧵

1. $NVDA's brutal momentum is expected to continue:

2. The world's largest semi manufacturing equipment supplier (by revenue), $AMAT, is expected to grow by ~10%:

Management's choice of success metrics reveals a lot about a company.

Using Quartr Pro's keyword alerts, we track companies mentioning "FCF per share" in its earnings reports, transcripts, and slide decks.

Here are 10 recent examples🧵

1. $TPL on maximizing shareholder value: 2. Another FCF per share advocate is $GDDY:

We've just updated our extensive semiconductor industry company list, which we'll share in this thread.

It now covers 150+ names across seven categories, spanning from raw materials to design tools.

1. Manufacturing/assembly equipment suppliers such as $ASML, $KLAC, and $AMAT: 2. Fabless chip designers

The fabless way of developing chips is very asset-light (hence $NVDA's >60% margins), since the manufacturing is outsourced to foundries like $TSM.

$NVDA once again defies gravity following yesterday's blow-out Q4, inching closer to a staggering $2 trillion market cap.

Here are 10 key quotes from the earnings call 🧵

1. Jensen equaling NVIDIA's GPUs to the power generation plants of the industrial revolution: 2. $NVDA's conditions for continued growth next year are "excellent":

Almost a decade before he became a household name, a young Michael Burry put his strategy into words on an online forum.

In this thread, we will share the full post including our own highlights 🧵

1. "I try to buy shares of unpopular companies when they look like road kill": "I care little about the level of the general market and put few restrictions on potential investments"

2. Michael's valuation metric of choice? EV/FCF:

$META is surging 20% today following yesterday's Q4 earnings release – reaching a $1.2T market cap 👀

In this thread, we have gathered the 10 most important quotes from the earnings call.

1. 2023, Meta's "year of efficiency": 2. $META grew its revenue 25% in Q4 while delivering an incredible 41% EBIT margin:

$LVMH's Q4 earnings report is sending positive shockwaves all over the world today, affecting both luxury and spirits companies.

As per tradition, we have gathered the most important Bernard Arnault quotes from the earnings call 🧵

1. 2023 ended on a high note for LVMH: "Sephora has managed to exceed all our forecasts"

2. Bernard shares some highlights from the year and reminds us about the breadth and quality of $LVMH's brand portfolio:

Our friends over at REQ Capital recently published an insane 300+ page must-read research study on serial acquirers.

Here are 10 of our favorite sections 🧵

1. Illustrating 20 years of outperformance + two long lists covering >100 names from REQ's global company universe:





2. The Sources of Extraordinary Performance:

- Capital Allocation
- Decentralization
- People