The Silent Allocator

@NicoperJES ah ok 😂

@silentallocator These are my AI replicants that question my portfolio and decisions and ideas every morning

The first time Charlie almost agreed (they read my Pinetree notes)😊

@sidecarcap This post implicitly suggests that only bad companies decline in price, while the stock price of good companies always goes up. I still think averaging down is a good choice to buy more of what you like.

@Jeffh4547 @sidecarcap So averaging down on a good company is not good? I don’t understand your point. It seems like only bad companies go down, while good companies keep going up indefinitely.

@sidecarcap Averaging down has rarely worked for me. I concur with buying more of a good company, even at a higher price. 💯

@Gubben89 I’d buy more but I feel it a bit overvalued. What’s your thought?

@silentallocator Strong… will depend on how Rivett use the float and how prudent underwriting is.. will take 3-5y to judge.

$WI.V slowly moving in the shadows.. Far away for the AI noise.. up 36% YTD.. just the start I hope.

@BrettKPG @Ausproperty95 It seems that the blackout period lasts all year.

@silentallocator @Ausproperty95 Blackout period.

@Ausproperty95 @BrettKPG Or he could buy some shares himself, but he doesn’t even do that.

@BrettKPG If you’re so undervalued, why not just buyback your own stock just like the great compounders in Outsiders? Mr Market is giving you a great opportunity no? Empire building can wait given the opportunity.

@aakash_vn @bowtiedstocks Do you think this is a reasonable valuation at the moment, or are you considering buying again at these levels?

@bowtiedstocks No. We reduced around there due to opportunity cost. What do you think intrinsic value / share has compounded at over the long term?

$KPG.AX Kelly Partners - I can't find any institutional ownership on the register Are there any professional investors holding this one ? If not, why is that ?

@pedroleongarci2 you own or are you buying also?

I liked the call a lot: + Subsidiaries buying bolt on acquisitions + Much bigger bank credit if needed + Iran conflict not affecting much + Problems like governance and in the past now I guess it will be crowded again when multiples expand Discl: We own shares

Market reaction on $TEQ is crazy. 29 people on the call, soon it will be crowded again and it will be too late. + Great margin (best ever for Q1) + Good organic EBITA growth +13% + "Best pipeline" for acquisitions ever + Buying companies at 4-5 times EBIT with 20+% margin + Cheap

@SwissKnifeInv @leevalueroach could you elaborate on that? I am a shareholder btw :)

@leevalueroach I want to buy something for $0.02 and sell it for $1.00. Reysas Logistics at 2% liquidation value. Hold it for 7-years and capture the 100-bagger.

I don’t want to be rich. Not yacht-in-Monaco rich. Not VC-on-a-podcast rich. I want to be 0.3x book value rich. I want to wake up at 10:47am, open my brokerage, and see a company trading below NET CASH like it committed a crime. I want auditors confused. I want management confused. I want the MARKET confused. I want to buy businesses where the inventory alone could pay for my kid’s college twice and the stock is still down 8% that day because nobody read the filing. I want to be rich enough to pull up to a dinner and explain to my friends that the company I just bought has a negative enterprise value and they slowly stop inviting me out. Rich enough to read 400 pages of footnotes on a Friday night and feel something. Rich enough to look at a stock down 70% and think, “finally, it’s getting interesting.” Rich enough that when someone says “growth” I physically recoil. Rich enough to own companies that haven’t had a conference call since 2009 and the CEO answers emails from an AOL address. Rich enough that my biggest flex is buying $1 for $0.42 and waiting. Not for months. Not for years. For as long as it takes. That’s my version of rich.

@BerkelKip because the leitmotif of these times around these compounders is that many exceptional companies have always traded at high multiples. But hindsight makes everyone a genius. I believe the only defensible approach is to buy exceptional companies at low prices.

Why is it every pitch I see for Chapter’s Group $CHG.DE never mentions valuation? E.g. moneyweek.com/investments/st…

@BerkelKip Ok with this. But he didn't answer about his margin call situation. On the one hand, he says the company is severely undervalued and that everyone should buy it; on the other, he's selling shares and pledging them off like crazy. I'd like to see this more clearly, honestly.

I’ve seen a lot of CEOs respond to criticism/short sellers. Imho this is one of the better responses - not emotional/personal and fact & history-based. $KPG.AX

@sidecarcap Not everyone agrees with you: Buffett used to say: "invest in a business that even an idiot can run."

I don’t understand the common practice of evaluating a company’s moat and management separately. Who builds the moat? Who expands or weakens it? Over time, the trajectory of the business will rise or fall with the quality of management.

@eclecticinvest5 concise, no fuss, no self promotional, lean and executive.

Paul Rivett’s first letter to $WI.V shareholders

@Gubben89 very concise and direct. I like one page letter :))

$WI.V first letter from Rivett

@david_katunaric But it seems the valuation doesn't give a chance to buy now..

Now imagine how strong it looks once people realize it is lapping a period when 🇫🇷 had not yet been divested and once they adjust the full-year figures to isolate H2 2025. 🤌🇮🇹

@sidecarcap I’d argue that the trajectory is already embedded in the very concept of a moat.

Simple framework for battleground stocks: Moat is overrated. Moat trajectory is everything. This has saved me more times than I can count.

@TIP_Network The question is also why the CEO and founder is selling his shares.

The next 50-bagger rarely looks obvious. Kelly Partners Group is a serial acquirer with a proven playbook, now down 50% from its highs. Sentiment has flipped. The model has not. The question is whether the market is missing something.

@BrettKPG @runrobotrun_ @Redeye_ not just the best investors, even for insiders, we see..

@runrobotrun_ @Redeye_ Investing against the market herd is hard even for the best investors.

A real privilege for $KPG.ax to be invited to present in Stockholm, Sweden at the serial acquirer conference hosted by @Redeye_ Some presented slides