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Coleman

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Everything posted by Coleman

  1. CL is another one that looks quite cheap on a P / Normalised FCF basis. Has struggled for the last 5 or so years, but has new management, a credible turn around plan based on increased brand investment, and reaccelerating organic growth.
  2. Morgan Stanley Global Franchise Fund BBH Partner Fund - International Equity
  3. More recently, they've made a virtue of their streamlining the portfolio and reducing the number of holdings.
  4. I think that that's exactly right. He's also been around long enough to know how to be very discriminating (though I admit, I think Facebook is a mistake). There's no doubt that he and Robins are both talented investors, and they run what I consider to be a first rate fund. I take your point re: not knowing the complete story, though I've seen it asserted by enough people that it's hard for me to escape the conclusion that there was a sleight of hand re: the track record. I'm in sympathy with you re: institutional firms. I hadn't looked at the 'Opportunity' funds; appreciate your pointing them out. You might also find the Brown Brothers Harriman Partner Fund interesting.
  5. Smith never ran the TP pension fund. Cedar Rock did. Smith's involvement was limited to appointing them, and requesting a few stocks be divested (eg: He asked them not to own newspapers). IMO, Smith more or less got religion from Cedar Rock. To my knowledge, there's no real record of him ever talking about quality-growth investing prior to his engagement of Cedar Rock. Cedar Rock was founded by Andy Brown, who used to run the Morgan Stanley Global Brands fund. As an aside, that fund is still around today, and offers a decent look at what this kind of concentrated, low turnover quality-growth investing can look like across several market cycles.
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