giofranchi
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Everything posted by giofranchi
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I find that it is extremely difficult to value platform cos which have reached huge scale and are still growing their networks very rapidly. I also think they are among the highest quality cos today, and are led by some of the smartest businessmen. Therefore, I hold a basket of them that I have put together at much lower prices. They have outperformed for many years, and it is very likely that they will slow down, at least in the short term. Cheers, Gio
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I have started reading “WTF - What’s The Future And Why It’s Up To Us” by Tim O’Reilly. Here you can find some interesting excerpts: Cheers, Gio
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I have started reading “Machine Platform Crowd” by Andrew McAfee & Erik Brynjolfsson. Here you can find some interesting excerpts: Cheers, Gio
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I have read “The Inner Game of Tennis - The Classic Guide to the Mental Side of Peak Performance” by W. Timothy Gallwey. Here you may find some interesting excerpts: Cheers, Gio
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The equity of my company was up +16.85% in 2017. 10% from retained earnings + 6.85% from investments. The EUR ended the year up +13.5% against the USD, therefore my investments have performed roughly in line with the general market. This of course is irrelevant and I must acknowledge another year of poor performance. In 2018 I expect the operations of my company to perform in line with 2017, while I don’t know what to expect from my investments. The market is clearly overheated, a correction of 20% or more is plausible, I don’t short, I don’t hold investments that are uncorrelated with the general market... If I had to guess, 2018 is very much shaping like another year of disappointment. Cheers, Gio
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Six Billion Shoppers: Winning the Global E-Commerce Boom - Porter Erisman
giofranchi replied to Liberty's topic in Books
I am reading it too and enjoying it so far. Here you can find some excerpts I have found to be of interest: Cheers, Gio -
I have started reading “This Will Make You Smarter” by John Brockman. Here you can find some interesting excerpts: Cheers, Gio
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Six Billion Shoppers: Winning the Global E-Commerce Boom - Porter Erisman
giofranchi replied to Liberty's topic in Books
Thank you, Liberty! It should make for an interesting read. Cheers, Gio -
Yes, well... Of course I might be wrong, but I still don't like Cattolica and the fact Buffett invested 0,04% of BRK's equity in that company doesn't strike me as a very reliable vote of confidence... But the market seems to think differently and has received the news with much enthusiasm! Good for Cattolica's shareholders, and I wish them the best of luck. Cheers, Gio
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I have started reading "The Industries of the Future" by Alec Ross. Here you can find the most interesting excerpts imo: Cheers, Gio
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I have started reading "Data Strategy" by Bernard Marr. Here you can find the most interesting excerpts imo: Cheers, Gio
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I've started reading "The Science of Fear" by Dan Gardner. Here you can find the most interesting excerpts imo: Cheers, Gio
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I have started reading "Modern Monopolies" by Alex Moazed & Nicholas L. Johnson. Here you can find the most interesting excerpt imo: Cheers, Gio
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Thank you, I'll surely check it out! Cheers, Gio
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"The Inevitable - Understanding the 12 Technological Forces that Will Shape Our Future" by Kevin Kelly: I am not yet half through it, but this book is already one of the most interesting and useful I have read recently. Here you find some excerpts so far: Cheers, Gio
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Here you can find what I think are the most interesting excerpts: Cheers, Gio
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I am reading "Blockchain Revolution" by Don Tapscott, and I find it to be quite fascinating so far. Here you can find the most interesting excerpts: Cheers, Gio
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+1 Once agian high general market valuations and political/macro uncertainties are not allowed to get in Berkshire's way when a smart buy becomes available. Cheers, Gio
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Yes, I guess that might be approximately correct. Right now I prefer to hold a diversified portfolio of stocks and etfs. But for many years I was much more concentrated, basically because at times FFH was 30%-35% of my portfolio. And that’s why when FFH traded close to 1.4xBVPS I probably sold more than 20%-30% of my position. Sometimes FFH has gone from 35% of my portfolio to 15%, which means I have sold more than 50% of my position. On the other hand, at a minimum of 15% FFH has always remained a meaningful position in my portfolio during the last 5-7 years. Of course, results have not been spectacular, but I would say they have been satisfactory enough. Right now my position in FFH is much smaller than 15%: as I have said, it is not because I think their business prospects have deteriorated, but because I don’t want to let any position of mine influence the overall results of my portfolio too much. Cheers, Gio
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+1 Cheers, Gio
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True. On the other hand, during the last 5 years I have made good money in FFH, increasing my position while it was trading near 1.1xBVPS and lightening my position up while it was trading near 1.4xBVPS. If something similar happens in the future, buying at current levels might turn out to be quite profitable. Cheers, Gio
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+1 Cheers, Gio