Snorky

Portfolio Performance https://www.portfolio-performance.info/en/

Is there anyone who take this course and can share his thoughts in terms of it is worthwhile or not? Thanks in advance

Can anyone give a review here?

Any chance that it will revealed which companys he bought?

Can you give us a review?

Would it be possible that someone PM me the Q4 2017 letter ? I would really appreciate it.

Sharad, Lance and Frommi... thank you very much for your thoughts and insights. Best regards, Snorky

I think of buying PM (and maybe MO and BAT) too. What i dont like, is the payout Ratio, which getting Close to 100%. Whats your opinion on that and what do you like about PM? If you like, u can PM me. I saw a lot of people in here buying MO in the last time. Maybe someone of the buyers is willing to give me an insight about my concerns regarding the payout Ratio issue highlighted the post before, here or as a PM. Warmly, Snorky

I think of buying PM (and maybe MO and BAT) too. What i dont like, is the payout Ratio, which getting Close to 100%. Whats your opinion on that and what do you like about PM? If you like, u can PM me.

Bought a lot GME today.

Is here anyone who get the letter and would PM it to me ?

Hey guys, sorry for the delay, i got the flu the hole last week. Ben send me the letter, but asked me this time, to not publish the letter here on the board and Keep them confidential. For sure i will follow this "request". Sorry for the bad news. My advice to you is, just try to ask Ben yourself. Maybe he send you the letter. There is a not to smalll chance he will do.

Post only if 100% ok with Ben and Allan...otherwise it will be removed and the poster banned. Cheers! Surely i will ask for the "ok" from Ben and post only if they agree.

Ben will send the letter to me, as soon it comes out. I will post it here immediately.

Do you have a link to a thesis or anything like that ?! There's a write-up on VIC that sums up the thesis pretty well. It's a classic bad biz/good biz story with a bunch of noise in the numbers. It's mostly known as a retailer, but the new CEO is a wholesaler with extensive M&A experience, and the biz is increasingly becoming a pureplay wholesaler (thus setting itself up for multiple expansion). The major event was selling most of the retail biz last yeah to delever, but they still have some 200 company owned retail stores that I expect them to get rid of. They also own some 16 distribution centers (RE value in a retail play - where have we heard that before!) post their last acquisition where they'll have a bunch of sale-leaseback options. So basically, it seems like we have a quiet competent CEO in his best years where the market might not appreciate how the biz is transforming. There's always integration risks, but experience is a huge plus, and in wholesale distribution I think it's pretty straightforward. It's trading at around 4 times this years Ebitda guidance or around 6-7 times wholesale Ebitda, but wholesale should grow nicely with their latest acquisition and customers wins (grew some 12 pct. last quarter) and then you have a bunch of value unlocking options. Sometimes it can take ages for management to unlock value, but the CEO seems pretty intent on pulling the right levers. While retail isn't popular right now, privately negotiated asset prices seems priced to perfection most places, so I'd prefer if he acted swiftly before an eventual downturn. Thank you very much. I will dig deeper into it.