On what are you most bullish?

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foodhype
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Re: On what are you most bullish?

Post by foodhype »

Alphabet
AliasDictusTyrant
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Re: On what are you most bullish?

Post by AliasDictusTyrant »

Interesting question, and it is somewhat dependent on the timeline. I would frame it in terms of thematic bets.

Bullish:
- The US. I actually work and invest overseas (mostly Europe). Americans really under-appreciate their cultural advantage when it comes to business execution. Americans will be killing it with their anomalous risk tolerance and bias toward action for a long time. Combined with an English contract system and general wealth, this is the American secret sauce. Asia doesn't have this either.
- Private equity. A growing fraction of the best investments never end up in the public markets. Not very helpful for most people but this has become really apparent as a trend. Many factors are driving private equity to never become public equity. Most of my net worth is in US & UK private equity.
- Residential real estate. The growing overhang in demand versus supply is ridiculous. At this point, it would take a decade to clear out the backlog if we opened up the taps. I also think people are going to start to expect more from real estate, thanks in part to COVID, which will change the inventory mix.

Bearish:
- The EU. It is a sclerotic mess of nepotism, protectionism, and corruption that prevents the highly talented and capable workforce from profiting from their abilities. They don't adequately invest in the ambitions of their young people. I work at the C-level with listed companies there, I am all too familiar with the unfortunate reality. It is what it is.
- Blockchain. The only problem it truly solves is both rare and eminently subject to regulatory action. I'm deeply technical, I understand the theory of it, and I also understand business. It operates in the developed world at the pleasure of the government, which proponents are loath to acknowledge.
- Government Debt. I don't expect bonds and such to be credible as investments for the foreseeable future. At this point, they've become cash-equivalent instruments that are more convenient than actual cash, ironically because the government went to great effort to make cash expensive. There has been a lot of activity in private markets trying to find replacements for fixed income purposes, now that bonds are no longer viable.


The dark horse is ag tech, specifically how it adapts to climate risks (which are already manifest in the supply chain and have been for years). The scale of the opportunity is massive and the market is being disrupted by exogenous factors that can't be regulated away. This will force it to radically change but how is unclear.
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000
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Re: On what are you most bullish?

Post by 000 »

AliasDictusTyrant wrote: Wed Mar 24, 2021 9:52 pm The dark horse is ag tech
Any specific examples?
Nathan Drake
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Re: On what are you most bullish?

Post by Nathan Drake »

AliasDictusTyrant wrote: Wed Mar 24, 2021 9:52 pm Interesting question, and it is somewhat dependent on the timeline. I would frame it in terms of thematic bets.

Bullish:
- The US. I actually work and invest overseas (mostly Europe). Americans really under-appreciate their cultural advantage when it comes to business execution. Americans will be killing it with their anomalous risk tolerance and bias toward action for a long time. Combined with an English contract system and general wealth, this is the American secret sauce. Asia doesn't have this either.

Bearish:
- The EU. It is a sclerotic mess of nepotism, protectionism, and corruption that prevents the highly talented and capable workforce from profiting from their abilities. They don't adequately invest in the ambitions of their young people. I work at the C-level with listed companies there, I am all too familiar with the unfortunate reality. It is what it is.
It sounds like your perspective is somewhat tarnished by your own personal experience. Is that sentiment not already priced in? What makes you think that the same negative aspects of EU companies isn't also a prominent fixture in many US companies? I've personally seen all of the negative aspects you have listed alive and well in corporate america.

I personally believe the price you pay matters, and that nations that have problematic issues tend to solve them over time, and that long-term investors will be rewarded for their patience when those equities look poor (see: US in early 80s and the "death of equities"). The unraveling of the EU debt crisis has been painful, but the US is not immune even though we have taken more drastic measures; certainly the debt situation in the US is concerning and looking to be approaching some of the worst parts of the EU.

Additionally, there are many quality companies in the EU and Asia. While the US exhibits some unique strengths, there's no reason why international companies won't work around their own territorial issues or that their situation is something that cannot be overcome.

Private Equity has been shown to not be nearly as great of an investment as it is marketed as after accounting for various factors, and returns are inflated. Ben Felix touches on this in his most recent video:

https://www.youtube.com/watch?v=pMxYYYZ04nc
AliasDictusTyrant
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Re: On what are you most bullish?

Post by AliasDictusTyrant »

000 wrote: Wed Mar 24, 2021 9:54 pm
AliasDictusTyrant wrote: Wed Mar 24, 2021 9:52 pm The dark horse is ag tech
Any specific examples?
I wish I had some. I've spent more time than I care to admit studying how to invest in this. The traditional ag tech companies have been investing billions in this because they recognize the inevitability but it isn't clear that they've actually hit the mark or executed well enough to be ready for it.

The core dynamic is that predictable yield variance and therefore price volatility is increasing, while demand is inexorably growing with population. Recent history has shown that substitutability (e.g. rice with potatoes) is far less than people imagine and the ramifications are geopolitical, which factors in as well. The big money is in reducing practical or effective yield variance but *how* you do that is wildly open-ended. Completely orthogonal approaches could all address it in theory but at this point it is completely speculative so it is difficult to ascertain which method, or mix of methods, will make sense long term. The company that cleans up that market may not even exist yet.

I love that market in theory but I am not confident that I could get a good return. As an alternative, I've been looking at long-term yield and risk models for agricultural output based on geography, so that I could invest regionally (e.g. agricultural land). In these models, the projected ranges of future outcomes vary significantly. In the US, California looks dire in virtually all projections, whereas regions like the Palouse are expected to improve yields with minimal effort in virtually all projections! Of course, I'm not the only person studying this.

We know something will necessarily change but we don't know what it is in sufficient detail to place investment bets that we can be sure will have a good return. Uncertainty is very high.
AliasDictusTyrant
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Re: On what are you most bullish?

Post by AliasDictusTyrant »

Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm It sounds like your perspective is somewhat tarnished by your own personal experience. Is that sentiment not already priced in? What makes you think that the same negative aspects of EU companies isn't also a prominent fixture in many US companies? I've personally seen all of the negative aspects you have listed alive and well in corporate america.
I am an American and have worked in corporate America longer than I worked in Europe. I also worked at a few non-US multinationals where I was managing business units all over the world. The cross-section of business I've seen is pretty diverse and I still do work with US companies. I also started a few companies (not always in the US).

Outside of a few exceptions, everyone in the management class in Europe recognizes that they are being systematically outcompeted in almost everything by both the Americans and Chinese. My role in Europe these days, and I do this because I enjoy it and want to see them succeed, is to transform their organizations into something competitive. I truly believe Europe has the raw ingredients, they just demonstrably fail severely at execution.
Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm Additionally, there are many quality companies in the EU and Asia. While the US exhibits some unique strengths, there's no reason why international companies won't work around their own territorial issues or that their situation is something that cannot be overcome.
The best companies in the EU are not public. If you don't have access to that private equity deal flow you'll never get into them. I didn't say there weren't great investments in Europe, just that they ones that exist are not in the public markets. I work for listed companies there but I take that comp in cash; I also work for private companies and I take that comp in equity, even when there is a liquid secondary market. Unlike the US, which still has excellent public investments, all the best investments in Europe are private. There are a lot of reasons how this came to be that won't fit in the margin of this post. :)

One of the unique qualities of US investments is that, relatively, they are very transparent. Similar levels of transparency simply aren't a thing in most of Asia. This adds a substantial risk premium to every investment.
Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm Private Equity has been shown to not be nearly as great of an investment as it is marketed as after accounting for various factors, and returns are inflated.
That's nice but I've been doing it for 20+ years. I don't invest in private equity funds, I literally directly invest in private equity. Stuff I know. The private equity has greatly outperformed my public market portfolios. And my public market portfolios have averaged around 20-25% annualized returns over the same period. Which is pretty good, though not remotely as good as some prop funds.

The threshold for knowing what you are doing in any class of investment is very high. I know nothing about real estate investment, I wouldn't even try, but I have old friends that have gotten ridiculous returns in that market for decades. If I did it, I'd just have terrible returns to show for it. I know equities and risk capital, so I invest in that.

I like to diversify but I prefer not to throw spaghetti against the wall when investing if I can avoid it.
Nathan Drake
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Re: On what are you most bullish?

Post by Nathan Drake »

AliasDictusTyrant wrote: Wed Mar 24, 2021 11:01 pm
Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm It sounds like your perspective is somewhat tarnished by your own personal experience. Is that sentiment not already priced in? What makes you think that the same negative aspects of EU companies isn't also a prominent fixture in many US companies? I've personally seen all of the negative aspects you have listed alive and well in corporate america.
I am an American and have worked in corporate America longer than I worked in Europe. I also worked at a few non-US multinationals where I was managing business units all over the world. The cross-section of business I've seen is pretty diverse and I still do work with US companies. I also started a few companies (not always in the US).

Outside of a few exceptions, everyone in the management class in Europe recognizes that they are being systematically outcompeted in almost everything by both the Americans and Chinese. My role in Europe these days, and I do this because I enjoy it and want to see them succeed, is to transform their organizations into something competitive. I truly believe Europe has the raw ingredients, they just demonstrably fail severely at execution.
Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm Additionally, there are many quality companies in the EU and Asia. While the US exhibits some unique strengths, there's no reason why international companies won't work around their own territorial issues or that their situation is something that cannot be overcome.
The best companies in the EU are not public. If you don't have access to that private equity deal flow you'll never get into them. I didn't say there weren't great investments in Europe, just that they ones that exist are not in the public markets. I work for listed companies there but I take that comp in cash; I also work for private companies and I take that comp in equity, even when there is a liquid secondary market. Unlike the US, which still has excellent public investments, all the best investments in Europe are private. There are a lot of reasons how this came to be that won't fit in the margin of this post. :)

One of the unique qualities of US investments is that, relatively, they are very transparent. Similar levels of transparency simply aren't a thing in most of Asia. This adds a substantial risk premium to every investment.
Nathan Drake wrote: Wed Mar 24, 2021 10:15 pm Private Equity has been shown to not be nearly as great of an investment as it is marketed as after accounting for various factors, and returns are inflated.
That's nice but I've been doing it for 20+ years. I don't invest in private equity funds, I literally directly invest in private equity. Stuff I know. The private equity has greatly outperformed my public market portfolios. And my public market portfolios have averaged around 20-25% annualized returns over the same period. Which is pretty good, though not remotely as good as some prop funds.

The threshold for knowing what you are doing in any class of investment is very high. I know nothing about real estate investment, I wouldn't even try, but I have old friends that have gotten ridiculous returns in that market for decades. If I did it, I'd just have terrible returns to show for it. I know equities and risk capital, so I invest in that.

I like to diversify but I prefer not to throw spaghetti against the wall when investing if I can avoid it.
That’s nice, but not really actionable. I don’t know the breadth of your exposure to all these companies but it’s likely a fraction of the total public markets. Not every company is the same, and many of the biggest companies located in the EU operate on a global basis. Is Shell a worse company than Chevron? Nestle worse than Kraft? I don’t really buy the argument that local politics has that much of an outsized effect on the operations of huge multi nationals that dominate a fund like VTIAX.

Congrats on your success and experience, but you’re right that few people here have the ability to directly invest in private equity. It sounds like you’ve had quite a bit of luck, which certainly can happen. No different than someone getting lucky with Tesla, but yet it doesn’t mean that you should be bullish on all equities just because you had success in a concentrated portion. If so, those funds would have a better historical record.

Btw, what public funds have performed 25% annualized over a greater than 20 year period?
AliasDictusTyrant
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Re: On what are you most bullish?

Post by AliasDictusTyrant »

Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm That’s nice, but not really actionable. I don’t know the breadth of your exposure to all these companies but it’s likely a fraction of the total public markets. Not every company is the same, and many of the biggest companies located in the EU operate on a global basis. Is Shell a worse company than Chevron? Nestle worse than Kraft? I don’t really buy the argument that local politics has that much of an outsized effect on the operations of huge multi nationals that dominate a fund like VTIAX.
I don't see most of the EU market, only sectors I have a lot of contact with. And like I stated, I don't have much belief in the listed EU companies relative to their US counterparts as investments. I've seen a lot of sausage factories.

Don't conflate politics with culture. Culture is extraordinarily important to the effectiveness and competitiveness of companies. Many prominent EU companies essentially operate as fixed income investments for socio-political reasons, which adversely impacts business culture. They are extremely risk averse to the point of paralysis while foreign companies blow by them. However, some private European companies are ambitious and willing to do what it takes to be successful in a global market. I am happy to invest in those companies because they have some legitimate advantages.

While I know it isn't orthodox, I limit my International exposure to US multinationals and foreign private equity. This allows me to skim off the best of both. That strategy has worked out pretty well.
Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm Congrats on your success and experience, but you’re right that few people here have the ability to directly invest in private equity. It sounds like you’ve had quite a bit of luck, which certainly can happen. No different than someone getting lucky with Tesla, but yet it doesn’t mean that you should be bullish on all equities just because you had success in a concentrated portion. If so, those funds would have a better historical record.
You are not wrong. There is a lot of garbage in private equity. My point was mostly that it isn't a wasteland and a savvy investor can consistently do very well. The people that are going to get cleaned out are those jumping on the bandwagon without understanding the nature of the investment. Except for early-stage venture capital, I only invest in PE where I am already a subject matter expert. That massively reduces risk. (Early stage VC you are investing in people, the business doesn't matter.)

As an example, there is a hilarious amount of true garbage getting shoveled into SPACs. Companies where I know many details of the business internals. That's the new bubble.
Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm Btw, what public funds have performed 25% annualized over a greater than 20 year period?
No public funds have performed that well that I know of. In my case, that is just a concentrated position of US large caps.

I don't pick winners, that isn't my portfolio strategy. I model revenue growth risk, which isn't trivial. I built a portfolio based solely on maximizing risk-adjusted revenue growth, under the hypothesis that price roughly tracks revenue, without much regard for the details of the business beyond the risk model. Turns out that model produces consistently outsized returns. I do some hedging but if I am honest that doesn't explain the pattern of returns.

I learned risk minimization as an investment strategy from venture capital. Turns out, most outsized returns for a company are not explained by brilliant strategy or insights. Instead, most outsized returns are explained by being remarkably good at not dying. Which isn't as sexy but is an amazingly effective hypothesis in most investment markets.
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HanSolo
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Re: On what are you most bullish?

Post by HanSolo »

AliasDictusTyrant wrote: Wed Mar 24, 2021 9:52 pm Bearish:
...
- Government Debt. I don't expect bonds and such to be credible as investments for the foreseeable future. At this point, they've become cash-equivalent instruments that are more convenient than actual cash, ironically because the government went to great effort to make cash expensive. There has been a lot of activity in private markets trying to find replacements for fixed income purposes, now that bonds are no longer viable.
I recall something like the above being said 20 years ago ("bonds have had a 20-year bull market, now they have nowhere to go"), and 10 years ago ("bonds have had a 30-year bull market, now they have nowhere to go"). Yet bonds have continued to deliver decent returns (even during most of the years with interest rate increases).

So your view is, now that bonds have had a 40-year bull market, they have nowhere to go?

What did we not understand about bonds 10 or 20 years ago that's now better understood?
AliasDictusTyrant wrote: Thu Mar 25, 2021 12:19 am I learned risk minimization as an investment strategy from venture capital.
Given your stance on bonds, are you saying that bonds are no longer a good choice for risk mitigation in a balanced portfolio?
Last edited by HanSolo on Thu Mar 25, 2021 6:00 am, edited 1 time in total.
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HanSolo
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Re: On what are you most bullish?

Post by HanSolo »

AliasDictusTyrant wrote: Wed Mar 24, 2021 9:52 pm Bullish:
- The US. I actually work and invest overseas (mostly Europe). Americans really under-appreciate their cultural advantage when it comes to business execution. Americans will be killing it with their anomalous risk tolerance and bias toward action for a long time. Combined with an English contract system and general wealth, this is the American secret sauce. Asia doesn't have this either.
Found this in the "stocks continue to soar" thread:

Chinese economy to overtake US 'by 2028' due to Covid
https://www.bbc.com/news/world-asia-china-55454146

Whatever Asia isn't doing right, it doesn't seem to be slowing them down.

I think we should also question what's in the American "secret sauce" (as you put it) that causes "the decoupling of extreme wealth from overall economic prosperity":
https://www.reuters.com/article/us-weal ... SKBN2BH0J7

If the above is really the case, then I can only guess that being bullish on the US presupposes that one finds a way to be "in on the game" rather than having one's personal fortunes tied to overall economic prosperity.

Or what?
lostdog
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Re: On what are you most bullish?

Post by lostdog »

SlowMovingInvestor wrote: Wed Mar 24, 2021 6:12 pm
fwellimort wrote: Fri Mar 19, 2021 2:29 am Microsoft.

I love Visual Studio Code. And Visual Studio is pretty damn neat.
And the coming Terminal is a game changer in the Computer Science world: one of main reasons developers purchase Macs is cause of the unix terminal. Once Microsoft comes with a terminal that natively supports unix commands (through Ubuntu, etc.), then the incentive for Macs diminishes quite quick for many developers.
Think of the future generation. That change with terminal is a game changer in tech (and Microsoft already owns Github on top!).
Microsoft has had Linux Subsystem for nearly 2 years now. And a full Linux kernel, including the major distros for several months. WSL2 is actually quite good.

That being said, I'm bullish on MSFT too. I think MSFT has a lot of strong business lines. People may not live/love it's products the way they do Apple's, and it may not be no 1. in many fields, but it's very strong overall:

-- Windows franchise, still a cash cow (even if declining)
-- Office franchise, another cash cow, both hosted and desktop
-- No 2 in Cloud
-- XBox
-- LinkedIn, Github, Skype
-- Bing
Maybe later this decade Microsoft Windows will be switching to a Linux kernel instead of the old NT kernel.
60% VTI+VXUS | 40% BNDW | 21x Expenses
Nowizard
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Re: On what are you most bullish?

Post by Nowizard »

That the recent downturn in bonds and bond funds is at least partially based on more recent returns changing views of many. Rather than looking at bonds as portfolio protection, many have begun to look at them essentially as equites in terms of returns. The gnashing of teeth over current returns will turn out to be more costly for those who are overly concerned than for those who stay the course with, perhaps, minor corrections away from Total Bond Indexes. Not exciting or "bullish" in a typical sense.

Tim
Nathan Drake
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Re: On what are you most bullish?

Post by Nathan Drake »

AliasDictusTyrant wrote: Thu Mar 25, 2021 12:19 am
Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm That’s nice, but not really actionable. I don’t know the breadth of your exposure to all these companies but it’s likely a fraction of the total public markets. Not every company is the same, and many of the biggest companies located in the EU operate on a global basis. Is Shell a worse company than Chevron? Nestle worse than Kraft? I don’t really buy the argument that local politics has that much of an outsized effect on the operations of huge multi nationals that dominate a fund like VTIAX.
I don't see most of the EU market, only sectors I have a lot of contact with. And like I stated, I don't have much belief in the listed EU companies relative to their US counterparts as investments. I've seen a lot of sausage factories.

Don't conflate politics with culture. Culture is extraordinarily important to the effectiveness and competitiveness of companies. Many prominent EU companies essentially operate as fixed income investments for socio-political reasons, which adversely impacts business culture. They are extremely risk averse to the point of paralysis while foreign companies blow by them. However, some private European companies are ambitious and willing to do what it takes to be successful in a global market. I am happy to invest in those companies because they have some legitimate advantages.

While I know it isn't orthodox, I limit my International exposure to US multinationals and foreign private equity. This allows me to skim off the best of both. That strategy has worked out pretty well.
Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm Congrats on your success and experience, but you’re right that few people here have the ability to directly invest in private equity. It sounds like you’ve had quite a bit of luck, which certainly can happen. No different than someone getting lucky with Tesla, but yet it doesn’t mean that you should be bullish on all equities just because you had success in a concentrated portion. If so, those funds would have a better historical record.
You are not wrong. There is a lot of garbage in private equity. My point was mostly that it isn't a wasteland and a savvy investor can consistently do very well. The people that are going to get cleaned out are those jumping on the bandwagon without understanding the nature of the investment. Except for early-stage venture capital, I only invest in PE where I am already a subject matter expert. That massively reduces risk. (Early stage VC you are investing in people, the business doesn't matter.)

As an example, there is a hilarious amount of true garbage getting shoveled into SPACs. Companies where I know many details of the business internals. That's the new bubble.
Nathan Drake wrote: Wed Mar 24, 2021 11:21 pm Btw, what public funds have performed 25% annualized over a greater than 20 year period?
No public funds have performed that well that I know of. In my case, that is just a concentrated position of US large caps.

I don't pick winners, that isn't my portfolio strategy. I model revenue growth risk, which isn't trivial. I built a portfolio based solely on maximizing risk-adjusted revenue growth, under the hypothesis that price roughly tracks revenue, without much regard for the details of the business beyond the risk model. Turns out that model produces consistently outsized returns. I do some hedging but if I am honest that doesn't explain the pattern of returns.

I learned risk minimization as an investment strategy from venture capital. Turns out, most outsized returns for a company are not explained by brilliant strategy or insights. Instead, most outsized returns are explained by being remarkably good at not dying. Which isn't as sexy but is an amazingly effective hypothesis in most investment markets.
I just want to point out that the vast majority of US outperformance has nothing to do with superior profitability, but largely changes in valuation (speculation).

Investing in companies aggressively growing revenue (I.e., “growth stocks”) has done well this decade. Will it continue to persist?

I wouldn’t put all my eggs in that basket.
AliasDictusTyrant
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Re: On what are you most bullish?

Post by AliasDictusTyrant »

Nathan Drake wrote: Thu Mar 25, 2021 8:52 am I just want to point out that the vast majority of US outperformance has nothing to do with superior profitability, but largely changes in valuation (speculation).

Investing in companies aggressively growing revenue (I.e., “growth stocks”) has done well this decade. Will it continue to persist?
US outperformance is driven by superior revenue growth at some companies. Profitability largely doesn't matter if revenue is growing and the cashflow looks right, investors understand that financial math and why it makes sense. I think US equities attract more capital than they can often absorb, but that is more a consequence of there being no alternative that doesn't look worse. This doesn't look to change.

To reiterate something I stated previously, I don't invest in revenue growth. I invest in revenue growth risk. It is a distinction with a difference, and captures the distribution of how revenue growth may change in the future. Risk modeling reflects the outcomes you are worried about.
rockstar
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Re: On what are you most bullish?

Post by rockstar »

Funeral homes. Lots of boomers will be visiting them soon.
Nathan Drake
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Re: On what are you most bullish?

Post by Nathan Drake »

AliasDictusTyrant wrote: Wed Apr 07, 2021 9:57 pm
Nathan Drake wrote: Thu Mar 25, 2021 8:52 am I just want to point out that the vast majority of US outperformance has nothing to do with superior profitability, but largely changes in valuation (speculation).

Investing in companies aggressively growing revenue (I.e., “growth stocks”) has done well this decade. Will it continue to persist?
US outperformance is driven by superior revenue growth at some companies. Profitability largely doesn't matter if revenue is growing and the cashflow looks right, investors understand that financial math and why it makes sense. I think US equities attract more capital than they can often absorb, but that is more a consequence of there being no alternative that doesn't look worse. This doesn't look to change.

To reiterate something I stated previously, I don't invest in revenue growth. I invest in revenue growth risk. It is a distinction with a difference, and captures the distribution of how revenue growth may change in the future. Risk modeling reflects the outcomes you are worried about.
Profitability always matters over the long term, and eventually some of these perpetual growth machine companies will see a stark decline in what they've witnessed the past decade. Can't really time it, but the investors that diamond hand these particular companies may not be happy with the end results.

But I'd be happy to hear what exactly you mean by investing in revenue growth risk.
EmperorPenguin
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Re: On what are you most bullish?

Post by EmperorPenguin »

To add to a point AliasDictusTyrant brought up (would love to have a private conversation on European PE with you, think we could have an interesting exchange), agriculture in general. Somewhat late in the game, but agricultural land in Ukraine is still top notch and available at competitive prices. China and other foreign players are massively active there, but this only goes to show there is still a lot to gain.

Otherwise, I see so so so much activity in the German small cap (non-listed) world. A company I am acquainted with is helping foreign investors take over / buy substantial share in the huge non-listed manufacturing sector over here. It feels like everybody in China, Russia and India wants a piece of this cake, both high net worth individuals and companies looking to expand their portfolio. It's a bit sad to see the country being picked apart, but again it just shows how much value there is - especially in old industries like foundries, specialty machine parts etc.
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