Fred McBill
18.1K posts
@ToddWenning @TSOH_Investing are you trying to say Campari increased their dividend for the wrong reasons?
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One of the downsides of multi-generational family ownership is the 3rd, 4th generation is far removed from the founding spirit and just wants to maintain the lifestyles they've grown accustomed to. That said, I think the bigger issue with $BF.B is that the Bourbon capital cycle peaked out and it will take a long time to unwind.
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Terry Smith (Fundsmith) on selling Brown-Forman: "We hoped family ownership would lead them to perhaps find a course through all of this that a company subject to the influence of quarterly earnings wouldn't be able to do, but it's not so. I think the family is very focused on getting its dividend rather than doing something."
Alex Morris (TSOH Investment Research)@TSOH_Investing
From today's TSOH Investment Research "Brown-Forman: The American Spirit"
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Fred McBill retweetledi
@viggy_krishnan @JerryCap if things like this didn't happen, we wouldn't have The Apprentice, and then we wouldn't have....
GIF
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@fmcbill i got the kit qualifying for the under 17s athletics rep team
things got away from me after leaving school
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You need to pay at least $1.5M USD to buy a house anywhere in this picture.
Would you?
Wander Aesthetic@NatureRoot88
Sydney Harbour, Australia 🇦🇺
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$FOUR has more growth runway than Adyen, grows more in a recession, and this would be a double.
We don't need 17x.
Celeritas Research@CeleritasRe
$ADYEN at ~17x 2027 p/e ex net cash (excluding float cash) is sadly a nail in the coffin for anyone arguing for a big exit multiple on $GPN or $FOUR.
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Few DMs about regulation hurting $ABNB. I was part of a team that got a niche OTA to some decent scale in Aus + NZ. Two pieces of regulation completely fucked us, that Airbnb helped the regulators write in AUS. The worst one was the Victorian Short Stay Tax. One of the least well conceived pieces of regulation I have ever seen.
The Victorian revenue office dropped this on non-hotel accommodation platforms with a 3 month compliance period. It involved the government collecting tax a 7% tax on all room nights unless you were exempted. We tried to call the vic gov on many occasions to get clarity on who payed the tax (platform or operator), and if it came out of the gross booking amount or if it were to be applied on top of it. They directed us to Airbnb! Luckily some lawyer at Airbnb was able to help us with our Victorian tax compliance. Absolute scenes.
Buyback Capital@Larryjamieson_
[Research] Yet Another Airbnb $ABNB Take Link: buybackcapital.substack.com/p/research-yet…
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Adyen management share count development over the years.
$ADYEN.AS $ADYEN
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One can only hope the test flight ends badly with Trev at the controls.
James Chanos@RealJimChanos
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@88888sAccount you would too if Woolworths delivered your fruit and veg.
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