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Patient Capital Profile picture
Patient Capital
@patient_capital
equity fund | posting opinions, no advice. fund letters: https://t.co/VYU3K7qkJl Imprint: https://t.co/n5cfVa06wa
Apr 26, 2023 • 9 tweets • 2 min read
1/9
 $MSFT $ATVI appealing to the CAT means they will have to demonstrate how the CMA today acted irrationally, illegally or with procedural impropriety. Image 2/9
 The CAT (UK's Competition Appeal Tribunal) is a different judicial body than the CMA. Appeal cases are heard before 3 CAT members: the President or Chairman plus 2 ordinary members, who can be experts in law, business, accounting, economics or other related fields.
Feb 17, 2023 • 14 tweets • 5 min read
1/14 A lot to unpack regarding the result of FEMSA's strategic review. $FMX stock gained +9% (~$3 bn.) yesterday and now trades at 52W high.

FMX will divest its 14.8% stake in Heineken worth ~$7.9 bn pre tax (23% of market cap) and return excess cash to shareholders over 2-3yrs. 2/ The divestment plan doesn't stop with $HEIA. To "materially simplify corporate structure", FMX will seek strategic alternatives for Envoy (Logistics & Distribution) and its minority investments like Jetro (Cash & Carry).

Parts of Solistica will be integrated as cost centers.
Jan 17, 2023 • 26 tweets • 14 min read
1/25 Uncommon Facts about $GOOG Common Stock

Google apps with 1 bn+ users:

1 bn: Photos
1 bn: Maps
2 bn: Gmail
2 bn: YouTube
3 bn: Play
3 bn: Android
3 bn: Workspace
3 bn: Chrome
4 bn: Search

I talk about Search, YouTube, Cloud and Waymo here: patient-capital.de/s/Investor-Let… 2/
Back in 97 Sergey Brin & Larry Page faced a dilemma: pursue Stanford PhDs or focus on BackRub (later: Google)

They opt to sell BR for $1.6m to Excite

As the deal fell through, they changed priorities and ran Google themselves. One early backer (25% of 1m round)? Jeff Bezos!
Aug 30, 2022 • 26 tweets • 14 min read
/ Thread: $FMX Deep Dive

100 pg. slide deck here 👉🏼 patient-capital.de/s/FMX.pdf

In this thread I'll walk you through my assumptions why FEMSA owns one of the best retail assets in LatAm with sizable growth potential.

The deck has eight chapters, starting with "FMX AT A GLANCE". 2/
$FMX owns c-store chain OXXO: the clear market leader in Mexico with 20k stores and an 85% share of the formal market.

OXXO has a 10x lead vs. #2 $SVNDY (7-Eleven) in Mexico and >13m people shop at its stores every day. It's the #2 domestic retailer by revenue after $WALMEX
Feb 1, 2022 • 25 tweets • 13 min read
1/ Thread: $SPOT Deep Dive

80 pg. slide deck here 👉🏼 patient-capital.de/s/SPOT.pdf

In this thread I'll walk you through my assumptions for the bear, base and bull case for Spotify.

The deck has seven chapters, starting with "SPOT AT A GLANCE". 2/
With 172m paid subs and 381m MAUs $SPOT is the clear leader in music streaming (35% ms). SPOT is 2x the size of its nearest competitor $AAPL in terms of paid subs and has 2x the user engagement.

But so far SPOT never turned a full year profit + the stock dropped sharply TTM.