Intrinsic Investing

1/2 We are thrilled to announce that Ensemble Capital has been acquired. Due to our acquisition, we are retiring both the Intrinsic Investing blog and our Twitter presence.

2/2 We had so much fun getting to know you all over the last decade and we benefited tremendously from being part of the FinTwit community. We wish you all the best in your investing.

1/2 We are thrilled to announce that Ensemble Capital has been acquired. Due to our acquisition, we are retiring both the Intrinsic Investing blog and our Twitter presence.

@dalibali2 Early Bird is an excellent book on investing for teenagers. It was written by a teenager and it focuses on Buffett style investment principles. Very accessible introduction to investing. Author is @findingmoats. a.co/d/75ECQhL

Dumb question but does anyone know if there's some resource to read as a basic primer to equity investing? Think someone's HS kids level.

Here's the replay of our Q1 client webinar. In addition to discussing the economy and financial markets, we profiled our investments in Ferrari $RACE, IDEX $IEX and Perimeter Solutions $PRM. ensemblecapital.com/event/first-qu…

@Chariot_Invest On or about 4/15.

@IntrinsicInv When will the replay be posted? Thanks

Join us today at 1:30pm pacific time for our quarter market and economic update. We'll be profiling our investments in Ferrari $RACE, IDEX $IEX and Perimeter Solutions $PRM. intrinsicinvesting.com/2024/04/04/ens…

Join us on Monday for our quarterly client webinar. We'll be discussing markets and the economy, as well as our portfolio holdings Ferrari $RACE, IDEX $IEX, and Perimeter Solutions $PRM. intrinsicinvesting.com/2024/04/04/ens…

Join us on Monday, 4/8 at 1:30pm pacific time for our quarterly client webinar. We'll be reviewing financial markets and the economy, and discussing our investments in Ferrari $RACE and IDEX $IEX. ensemblecapital.zoom.us/webinar/regist…

@ValueStockGeek @PrefShares Mostly agree with @ValueStockGeek. But if pressed to pick it would be index FCF yield plus your guess of forward index earnings growth (5% likely best guess other than during/just after corporate earnings drawdowns).

What are the best methods for forecasting 10Y forward equity returns?

@PythiaR And remember that during recoveries from significant drawdowns, the rally often feels "too far, too fast". Markets don't typically get stupid shortly after major negative macro shocks. But maybe it's different this time.

Serious thoughts: Markets can be stupid for a long time. We’re maybe a 6/10. 2021 was like an 8? We’re probably due for a 5-10% pullback. That doesn’t mean the market can’t make new highs in stupid after. We’ve dealt with a lot of shit since 2020. COVID, whiplashes etc 1/2

I keep seeing data that shows mid/small cap businesses are trading at significant discounts to large caps and I get interested. Then I go look at actual mid/small cap businesses and I often get less excited. Most are not great businesses. Any recommendations for quality businesses to study in this space trading at lower valuations than “large caps?”

@TSOH_Investing At 1/3 of total mix, growing at a high teens rate, and in the context of them being under penetrated, it could lead to total room night growth being elevated for longer than expected/longer than guidance. Will be key area to watch for sure.

@IntrinsicInv Very impressive results! I would be curious on the regional mix / contribution, as well as a clearer understanding of what they're including inside of alternative accommodations - but none of that would change the fact that the overall numbers are clearly very strong.

$BKNG CFO on alternative accommodations (December 2023)

@mithridatistcap We wrote about this issue in this post. It also links to a @businessbrewpod interview we did in early 2022 while our strategy was enduring its worst underperformance in its two decade history. Good luck! You're asking the right questions. intrinsicinvesting.com/2023/01/18/the…

@rowancheung This appears to be AI being able to do original reporting, not just summarizing/regurgitating the reporting of others. Is that correct or is it actually doing something else?

1. Breaking down + understanding a long video I uploaded the entire NBA dunk contest from last night and asked which dunk had the highest score. Gemini 1.5 was incredibly able to find the specific perfect 50 dunk and details from just its long context video understanding!

Gemini 1.5 Pro's 1,000,000+ token context length is incredible. I got early access and spent my Saturday night running tests. Here are 6 impressive capabilities I found:

Short and sweet summary of the "Google won't be disrupted" thesis.

@long_equity Why do you prioritize high margins? ROIC captures the blended impact of both, so why double down on margins?

Here’s my mental model for understanding - growth - return on capital - margins - valuation

Great l/s fund on the west coast is looking for an analyst (0-3y experience). Preferably some experience on short side but all good if not. DM if interested and I will connect

In December we began the Gemini Era, and we’ve continued to make relentless progress since. Today we’re thrilled to introduce the next generation: Gemini 1.5 - hugely enhanced performance, highly efficient architecture & long-context length breakthrough blog.google/technology/ai/…

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