Brand Moats for Oats

26-MAY-17

"The company manufactures South African favourites that are found in most middle income households across the depth and breadth of the country, All Gold, Albany, Tastic, Fatti's and Moni's (did those brothers really exist, like Charles Glass?), Koo, Oros, Black Cat and of course the old favourite, Jungle Oats."


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Tiger Brands 6m numbers - lower volume

26-MAY-17

Tiger Brands reported their half year numbers to March yesterday. I saw the CEO, who is now a year in the job on the box with the CFO, who has done some hard yards at that business. They were talking about how tough it has been to operate, suggesting that much unrest in South Africa has been logistically challenging at times. i.e., if a bakery needs to send their trucks out to deliver and roads are blocked, that means that there is an extra insuring cost to the company and by extension to you the shareholder. And ironically, in trying to recuperate the costs, staples prices would have to go up a little.


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Mediclinic FY numbers - under pressure in UAE

25-MAY-17

Mediclinic released their full year numbers during the course of yesterday. We all had a very solid look at these, this is the first year that the integration is all comparable. Remember that the company reversed into the Al Noor listing and then converted your shares of Mediclinic to Mediclinic international. You will recall that as a shareholder from before, you were bought out at a ratio of around 0.625 new Mediclinic for the older ones that you had, at a conversation Rand price of above 200 Rand a share, regardless of what level you had owned them before.


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Al Moer

25-MAY-17

"Mediclinic released their full year numbers during the course of yesterday. We all had a very solid look at these, this is the first year that the integration is all comparable. Remember that the company reversed into the Al Noor listing and then converted your shares of Mediclinic to Mediclinic international."


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Long-4-Life but avoid construction

24-MAY-17

"Brian Joffe's Long-4-Life is ten times bigger in market capitalisation than Basil Read. In fact, Long-4-Life is bigger than Basil Read and Group5 put together. Eish. L4L (the share code of Long4Life, which you could mistype L$L) added over ten percent yesterday, a follow through on the news that Kevin Hedderwick (of Famous Brands fame) is the new Chief Operating Officer."


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Humanity will Prevail

23-MAY-17

"Capitalism may definitely not be a perfect outcome for everyone, it is better than all of the alternatives turned up thus far. Humanity will prevail, I certainly feel that, each and every time an event disrupts and tears apart lives."


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Electric Shake up

22-MAY-17

"In my view, you needed Musk, whether Tesla is a huge success or not, to shake the industry up. And this he has done, setting consumers up for energy savings that are going to be epic. Whole industries from servicing the combustion engine to the oil industry are going to be under pressure."


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Columbia 1Q numbers - low growth

19-MAY-17

There were numbers out from one of the smaller companies that we follow, Columbia Sportswear Company. It "only" has a market cap of $3.6 billion, annual sales of $2.4 billion and just over 6 000 employees globally. The results were a beat on the low expectations from the market. Sales were up 4% and income was up a more respectable 13%.


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Outdoor Shopping Online

19-MAY-17

"As we spoke about in the Under Armour results, Columbia Sportswear also suffered due to the pressure that wholesalers are under, more so in Columbia's case given that their primary distribution channel to the consumer is via wholesalers"


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Progress will not be Trumped

18-MAY-17

"We plan to hold these shares long enough to see multiple presidents and multiple strides in human progress. The Boeing 787 and the Airbus 380 and the magic of intercontinental flight, the smartphones dished up by Samsung and Apple, driverless technologies in electric cars, processing speeds, internet speeds, agricultural machinery improvement, robotic factories. All these things have advanced at such a pace that we take them for granted. If that is what one decade can do, then I can say with full confidence that I am excited for the next."


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Tencent 1Q numbers - still massive growth

18-MAY-17

Tencent reported numbers in the late morning yesterday. Tencent is difficult for most investors to understand. I don't talk for all investors, perhaps investors spend more time reading than they do partaking in role-player or single shooter games either on their PC or on their mobile phone. Plus, many investors in Naspers/Tencent do not get to experience the entire experience from the company, as it is in a different language and in many respects a closed off internet society, if that makes sense.


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Tencent 1Q numbers - still massive growth

18-MAY-17

Tencent reported numbers in the late morning yesterday. Tencent is difficult for most investors to understand. I don't talk for all investors, perhaps investors spend more time reading than they do partaking in role-player or single shooter games either on their PC or on their mobile phone. Plus, many investors in Naspers/Tencent do not get to experience the entire experience from the company, as it is in a different language and in many respects a closed off internet society, if that makes sense.


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Big but small

17-MAY-17

"For a little perspective, Adidas has annual sales of 19.3 billion Euros (nearly 21 and a half billion Dollars), Nike 32.5 billion Dollars. Under Armour is a small, yet growing business in a space that we think has lots of room to move."


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Under Armour 1Q numbers - back on track

17-MAY-17

Under Armour, the sports apparel and shoes company reported results a number of weeks back. Kevin Plank, the CEO and founder is an interesting guy. He is not without his own set of controversy, making a German football team and Steph Curry (the almost legendary current basketball star) more than a little angry about his supportive Trump comments. At the end of the day, Plank is always going to make his fair share of omelettes (by scrambling the eggs, you know).


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Richemont FY numbers - sales down

16-MAY-17

Richemont, the luxury goods producer, released results for their full year last Friday. Sales had fallen as a result of a tricky operating environment. Asia Pacific was flat, it still constitutes 37 percent of the overall business by sales, Europe is 29 percent, having fallen recently, much of that due to the recovery of the Americas (which is now 17 percent of all sales). There were pockets of strength, Mainland China, Korea and the UK, as well as the US.


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