tag:blogger.com,1999:blog-4815867514277794362.post5798657246075852936..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Self assessment Monday: an old letter to a client...John Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4815867514277794362.post-14290325827918022602013-06-19T06:52:58.986+10:002013-06-19T06:52:58.986+10:00Congratulations on the success of your predictions...Congratulations on the success of your predictions of 2011.<br /><br />Our best investment of the last half dozen years has been a Physical Silver ETF. Trouble is, I have not the faintest idea of when to sell it, or what to replace it with. <br /><br />Everything seems too expensive to me.<br />deariemenoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-64389434126764168162013-06-19T04:43:49.136+10:002013-06-19T04:43:49.136+10:00Are you still long Europe, with emphasis on German...Are you still long Europe, with emphasis on Germany and France? I tend to think Spanish companies are best on a purely valuation basis nowadays...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-88076056835478702892013-06-18T18:36:44.129+10:002013-06-18T18:36:44.129+10:00The Clearwire piece was published in a letter to c...The Clearwire piece was published in a letter to clients - we were inclined to describe it as our favorite - although riskiest long.<br /><br />It worked very well - and yes - we held some all the way - and indeed increased positions at the right time.<br /><br />I only wish they all worked like that.<br /><br />JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-15750267497290697702013-06-18T14:43:34.957+10:002013-06-18T14:43:34.957+10:00Its the end of the line for Walmart's business...Its the end of the line for Walmart's business model (big box stores). They can't even keep items in stock, now:<br /><br />http://www.businessweek.com/articles/2013-03-28/walmart-faces-the-cost-of-cost-cutting-empty-shelves<br /><br />And their demographic is increasingly enfeebled, with the % of US population on food stamps increasing to 16% (and growing).<br /><br />About five years back, I read a v interesting comparison of retail between the US and Finland: the former had 90X as many square feet of retail space as the latter.<br /><br />With Amazon providing free shipping > $25, expect to see much more of legacy retail business migrating to this channel.<br /><br />BestBuy's already carked, JC Penney and Sears are pawing at the ground, eager to be interred.<br /><br />Whither the big box stores? One 'rebirth opportunity': suburban data centres.CrocodileChuckhttps://www.blogger.com/profile/10762442097044797842noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-91439578771266256302013-06-18T12:33:19.197+10:002013-06-18T12:33:19.197+10:00thanks for the postthanks for the postAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-17548894380190799992013-06-18T11:29:26.688+10:002013-06-18T11:29:26.688+10:00Hi John,
Am a little concerned, recessions are cy...Hi John,<br /><br />Am a little concerned, recessions are cycles but I fear the innovation will not lift the gloom.<br /><br />Candidly the scary bit is that not only are company accounts on more frequent occasions proven to be fraudulent, the institutions we hope to safeguard us are too...<br /><br />DDangerousDavenoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-5331581965714468342013-06-18T11:28:31.743+10:002013-06-18T11:28:31.743+10:00I've been consoling myself on FMCN that it wen...I've been consoling myself on FMCN that it went up less than the market. At least there was some "alpha" even though the absolute return wasn't there. And they undeniably had fake accounts. Still a risk-reward I'd take all day long.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-1172192406076226322013-06-18T10:48:08.670+10:002013-06-18T10:48:08.670+10:00John,
I recall a while back you had a piece on ...John, <br /><br />I recall a while back you had a piece on Clearwire (CLWR)that has turned out to be a fantastic call. It definitely deserves a notable mention in your self-assesment (especially if you hung on till it was in play). <br /><br />ps<br /><br />I can't find the original piece and would very much appreciate if you could tell us the month it was published.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-29433315892522717562013-06-18T10:12:08.674+10:002013-06-18T10:12:08.674+10:00How did you as an Australian manager of money miss...How did you as an Australian manager of money miss the largest slam dunk short of a lifetime? One that was more suspect than any Chinese company you had sold short.<br /><br />BBG - BIllabong.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9162209828137771932013-06-18T01:48:50.511+10:002013-06-18T01:48:50.511+10:00Can you share more of your thoughts on Tesco? So m...Can you share more of your thoughts on Tesco? So many value guys seems to have got this one wrong. You call it a dud, but would it still be a dud over a longer investment horizon? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-84879769992900772152013-06-18T01:36:48.531+10:002013-06-18T01:36:48.531+10:00For more on Tesco see on a recent Robert Peston po...For more on Tesco see on a recent Robert Peston post. Click on 'Your Comments' then select 'Highest' to get the overall flavour of their standing.Gordonhttps://www.blogger.com/profile/09261797893125328161noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-25293172125876123502013-06-17T19:26:27.504+10:002013-06-17T19:26:27.504+10:00My theory on FMCN is real company fake accounts - ...My theory on FMCN is real company fake accounts - and if the earnings were half real then the buyout still worked.<br /><br />I am having a hard time reconciling real company fake accounts - but have found a few.<br /><br />I still do not now entirely how I defend...<br /><br />JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-53997726095519523272013-06-17T16:47:52.571+10:002013-06-17T16:47:52.571+10:00What is your theory on what happened with FMCN? Ho...What is your theory on what happened with FMCN? How will you protect against this going forward?<br /><br />Loving your work btw.Anonymousnoreply@blogger.com