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Fran

@Fran_G47

I love history, art, travelling and investing. For a living: marketing at an asset manager. Occasional opinions and business analysis at my Substack below.

 Madrid
riddermarkcapital.substack.com/
Joined July 2020
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  • Followers161
31Media
Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)Photo by Fran (@Fran_G47)
Is Bakkafrost (salmon aquaculture) the most photogenic company out there? $BAKKA
Image from Fran (@Fran_G47)
Image from Fran (@Fran_G47)
Image from Fran (@Fran_G47)
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The Faroe Islands are simply magical. 100% recommended! This is a viewpoint with just one review on Google Maps.
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My latest article on Substack. Fundsmith: When a tree falls, everyone runs to it with their axe. open.substack.com/pub/ridder…
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$EL.PA EssilorLuxottica is down ~36% YTD… Starting to look interesting at 23x
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While I think this post is factually correct about corporate culture, disclosures and past actions in Korea, it completely misses the mark on (1) key changes that have been implemented like the 3% rule and (2) the sheer speed of regulatory changes in just the last couple of years. Fewer and fewer egregious acts against minority shareholders and more instances of improving shareholder returns. Going from a Grade F to C is extremely powerful and more powerful than going from a Grade B to A. I agree that there is still a long way to go @MikeFritzell @douglaskimkorea @smartkarma
Fran (@Fran_G47) profile pictureFran@Fran_G47Jun 4
A lot of talk about South Korean equities lately given the semi rally and IBKR opening up access... But is Korea really "the next Japan"? Is the 'Korea discount' gone? I'm skeptical. My latest article on why governance and chaebol culture still matter: open.substack.com/pub/ridder…
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A lot of talk about South Korean equities lately given the semi rally and IBKR opening up access... But is Korea really "the next Japan"? Is the 'Korea discount' gone? I'm skeptical. My latest article on why governance and chaebol culture still matter: open.substack.com/pub/ridder…
Image from Fran (@Fran_G47)
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It's been Momentum's biggest run since the dot-com bubble, significantly outperforming Quality (via Montanaro)
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Next deck will be Nintendo $NTDOY 7974 JP. Out in a couple of weeks. (Will edit visual for deck)
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I have written an article on South Korean equities, corporate reform and governance. I'll share it next week. In the meantime, if you want to learn more about music streaming in China: teapaw.org/Fran_G47/status/205568…
Fran (@Fran_G47) profile pictureFran@Fran_G47May 16
I've re-initiated $TME after a 52% YTD drawdown. 8.5x fwd earnings for a dominant platform with a solid track-record of execution behind it. Full write-up: open.substack.com/pub/ridder… Hope someone finds it useful and interesting!
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"RIP Bloomberg. Claude has made it obsolete, here you have 10 prompts on how I use it" (he has never used a terminal)
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I've re-initiated $TME after a 52% YTD drawdown. 8.5x fwd earnings for a dominant platform with a solid track-record of execution behind it. Full write-up: open.substack.com/pub/ridder… Hope someone finds it useful and interesting!
Image from Fran (@Fran_G47)
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Worth a read bailliegifford.com/en/uk/ind…
AI isn’t coming for your job. It’s coming for your mind

AI isn’t coming for your job. It’s coming for your mind

AI is reshaping human cognition at unprecedented speed. What does that mean for workers, companies and society?

bailliegifford.com
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Averaging Up

Averaging Up

Article · @sidecarcap
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My wife @DCrittenden1 in weekend @WSJ on the torment of the electronic afterlife. (Gift article.) wsj.com/lifestyle/relationsh…
My Daughter Died at 32. My Devices Won’t Let Me Rest.

My Daughter Died at 32. My Devices Won’t Let Me Rest.

The cruel irony of death in the digital age is that there’s the data that haunts us—and the data the companies don’t want to give us.

wsj.com
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Thoughts on $MORN here?
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Just checked $SABR after a while... Brutal. Down 92% over 5 years (-96% since January 2020)... 400m market cap, but an EV of $3.9bn (with 11% interest swallowing any earnings). A case study in why you avoid capital structures left behind by PE.
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Still trying to figure out why $SSON (Fundsmith's Smithson) bought $SABR and still owns it. Always seemed to me as an odd decision given the capital structure.
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I believe it’s only a matter of time until Sabre is bought by PE (again). What's left is the GDS business, which doesn’t really scream structural tailwinds or growth...
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Amadeus $AMS.MC down 22% YTD. A toll on travel trading at 16x earnings...
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Lowest multiple since covid and the Spanish crisis over a decade ago (and the business is now more resilient and diversified). A solid long-term opportunity imho
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