lunedì 23 novembre 2015

"What I have learnt at Fundsmith in the past five years"

Assolutamente da leggere: "What I have learnt at Fundsmith in the past five years"

Stock picking
"One thing I have observed is the obsession of market commentators, investors and advisers with macroeconomics, interest rates, quantitative easing, asset allocation, regional geographic allocation, currencies, developed markets versus emerging markets — whereas they almost never talk about investing in good companies."
"A more active trading strategy also has its drawbacks. Apart from the drag on performance from trading costs, it is evident from the performance of most funds that very few active managers are sufficiently skilled to buy shares in poor companies when their performance and share prices are depressed, and then sell them close to their cyclical peak."
Esposizione valutaria
"This makes little or no sense. A company’s currency exposure is not determined by where it is headquartered, listed or which currency it denominates its accounts in. Yet this does not seem to stop people assuming that it does and making statements about the exposure of our fund to the US dollar, based on where the companies are listed."
"Nor could we understand the reasoning of the commentators who wrote that our holding in Nestlé had benefited from the rise in the Swiss franc. How? Ninety-eight per cent of Nestlé’s revenues are outside Switzerland. It may be headquartered and listed in Switzerland and report in Swiss francs, but the fact is that a company’s currency exposure is mainly determined by where it does business. In Nestlé’s case the Indian rupee is a bigger exposure than the Swiss franc."
Leggere i bilanci e controllare le fonti
"I have also discovered that hardly anyone reads company accounts any more. Instead they rely upon management presentations of figures which often present “underlying”, “core” or “adjusted” numbers. Not coincidentally, the adjustments to get to the core or underlying numbers almost always seem to remove negative items. Reading the actual accounts bypasses this accounting legerdemain."

Nessun commento:

Posta un commento