Your favorite investor

@DutchInvestors None

What Unilever brands do you use regularly?

@DavidMiz282 @ohcapideas Do you think a merger would benefit Exor and the Agnelli family?

@ohcapideas Maybe Exor itself gets merged with another investment firm that isn't public currently. Then as Stellantis recovers in North America with shareprice recover ...make another run at GM.

Taken a few days to get around to it, but $EXO.AS released annual results recently as well as John Elkanns annual letter. A few thoughts as well as why I think the discount persists at such a wide margin.

@ohcapideas Thank you for the thread. – What is your take on Lingotto? Could you image a situation where they just sell there stack in $STLA without changing anything at the company level?

I hugely admire John Elkann. Not many could have done what he has at Exor already. But in my humble opinion, he’s got to make some tough, bigger divestments and better explain what Exor’s identity is and why they remain positioned to provide durable returns. Otherwise, the wide discount could persist.

@fiscal_ai less

24% of Lululemon's stores are now in China, compared to just 8% in 2020. How much of Lululemon's business will come from China in 5 years? $LULU

@AJButton2 While the U.S. is bogged down in a 'strategic detour' in the Middle East, China is reaping the rewards: weakening Pacific deterrence, accelerating the 'Petroyuan,' and positioning itself as the stable leader. It's a classic case of a rival profiting from a vacuum.

FINANCIAL TIMES: "The Iran War will cement China's superpower status." Do you agree?

@allen_drewe @rubicon59 Apple’s "asset-lightness" is brilliant for profit, but it makes it vulnerable. An asset-heavy business like Alphabet or TSMC is fundamentally harder to replicate. You can’t "disrupt" a $100B+ network of global data centers or a 2nm sub-surface lithography plant.

@rubicon59 This is just Apple dying in front of everyone. As soon as the iPhone loses its market dominance this revenue chart gets real ugly real fast. It’s the only thing they have to twist for asset-less revenue. They are miles behind on AI and have zero interesting products in pipeline.

The curse of becoming asset-heavy?

@poezhao0605 Are the robots not more like a luxury product? To show off to friends and use as status symbol?

China’s humanoid robot companies are competing on production speed. Agibot at 10,000. Unitree over 5,500 shipped in 2025. Ubtech targeting 10,000 this year. XPeng building a dedicated factory. Volume is impressive. But Unitree’s prospectus reveals something the others have not disclosed: who is actually paying for these robots and what they do with them.

@GSpier thank you :)

@InvestFavorite Probably. But equal weighted is better.

Excellent article by Levin Stamm

@AJButton2 @AKJay59396046 Dont forget, Chinese firms never return cash 🥴 – Great mgm team. Great future

@AKJay59396046 Long $TCEHY

$TCEHY buying back shares again. You know what to do. not financial advice

@Cole_Smead on point. To stay relevant you need to reflect on yourself, learn and improve. – Just following your gurus is not helping – especially if you just follow there work and not question what made them do it

I pray that God heals Guy and will continue to pray for that. That aside, I don’t agree with this take for multiple reasons. Have heard this from a lot of older guys in the recent years. Heads up reason is that my dad and I are living in 2026 where this isn’t the impossible task claimed to be. Pragmatism is the trait that I think typifies what is needed. Often investors say “never this” or “never that.” Never tech or never energy as examples. They can’t predict the future and should never say never. We are ending a mania and we will see how people feel about this discussion in a couple years. We will also see who still is left honing their craft.

@BobGrayson15 @JohnHuber72 @Cole_Smead Too be fair to $AXP. AXP beat the market in the last five years

@JohnHuber72 @Cole_Smead 4/ about doubled the SP500 since 2000. And stocks like $AXP and $MA are hardly cheap, as are any other high ROE type stocks with large capitalization in an over heated market. I see this in a lot of "value managers" that would more accurately label themselves as "safe growth"

@KIAktienDE @memyselfandi006 @Abilitato_de Wo wird diese Werbung geschaltet?

@memyselfandi006 @Abilitato_de Ich sehe eher das zukünftige Werbegeschäft als Margentreiber. PayPal wird auch das PayPal+ Programm was aktuell in England verfügbar ist weiter ausrollen und so neue Anreize setzen es häufiger und intensiver zu nutzen.

Paypal Aktie: Die Firma hat ihren Burggraben verloren – ein Gastbeitrag von ValueandOpportunity (@memyselfandi006) Vor wenigen Tagen haben wir einen ausführlichen Beitrag zur PayPal Aktie veröffentlicht. Darin kommen wir zu dem Ergebnis, dass es sich um eine spannende Sondersituation mit einer begrenzten Anlagedauer von 1-2 Jahren handelt. Das zentrale Argument: Über 400 Mio. Konsumenten nutzten PayPal bereits seit vielen Jahren und werden das auch weiterhin tun. Folglich gehen wir davon aus, dass die Firma erst einmal sehr cashgenerierend bleibt. Das sollte dazu führen, dass sich der aktuell sehr hohe Bewertungsabschlag etwas reduziert. In diesem Gastartikel bringen wir eine weitere Perspektive ein: Wie steht es um die mittel- und langfristigen Zukunftsaussichten des Unternehmens? Die zentrale These: Die Firma hat ihren Burggraben verloren. Jetzt lesen: abilitato.de/paypal-aktie-d…

@MusingsofAwe Not a real suprise. Why stop with ecom with consumer products?

Chinese manufacturing is INSANE. They are selling mini oil refineries for $45k on Alibaba.

@david_katunaric @lundeen_ne It is more easy to talk about work then doing the work.

@lundeen_ne Yeah sounds like a classic case of someone looking for justification for poor performance and a lack of focus/rock-flipping. The first sentence of the article already makes it clear he was more of a marketer than a "superinvestor."

Spier may be a great person generally & it’s very sad regarding his health. But every cumulative return range outside of 24, 25 & 26 underperformed. He explicitly told LPs he could try harder but wasn’t. He underperformed for two+ decades. Hard to blame value investing or AI.

@Hollandpar91513 @lundeen_ne which is totally fine but then do not pretend you are some sort of super investor and plain the market that you dont have an edge. The problem is the hubris.

@lundeen_ne Who cares he still ended up with a NAV 10x more than most

@deepvalueco I dont see the edge for them in the US. What is there USP? Much of the efficiency comes from there network in Europe I would assume. Expanding inside EU is more easy. Also what about the risk of an entry by a Chinese player (with deep pockets).

@InvestFavorite I suppose that the US doesn't work and they eventually run out of growth runway. Perhaps that they expand too quickly and dilute the culture that made them so successful. New competition?

Action $III.L - High growth - Room to grow in Europe - Entering US - Lowest price - Sub 1 year payback

@myvaluepicks And he is clearly the first type of person.

“The person who just learned to follow orders or to follow a process, they are no longer needed anymore because the AI does it better. But the original thinking about how to solve a problem, you’re not going to find that from the AI.” — Guy Spier

@F_Compounders The problem is a lack of effort.

Thoughts?