Fran

I love history, art, travelling and investing.
For a living: marketing at an asset manager. Occasional opinions and business analysis at my Substack below.

[Fran @Fran_G47]

$EL.PA EssilorLuxottica is down ~36% YTD…
Starting to look interesting at 23x

[Fran @Fran_G47]

@chat_SBC @JohnHuber72 @TidefallCapital Well, Alibaba also acquired a bunch of non-core business that were heavily tied to members of the partnership. Billions in impairments since the IPO. And acquisitions included vanity projects too, like buying 50% of a football club.

[Fran @Fran_G47]

@luisangelhern31 Criminal. ¿Cuánto tenían bajo gestión?

[Fran @Fran_G47]

@sidecarcap O'Leary at Ryanair

[Fran @Fran_G47]

@ryan_a_albert Thank you so much for the feedback and your time -much appreciated! Fair point on both. My aim was to provide wide context on the underlying culture. I agree that the qualitative jump in Governance is a plus, but unsure current standards are enough for 'new investors' to SK

[Ryan Albert @ryan_a_albert]

While I think this post is factually correct about corporate culture, disclosures and past actions in Korea, it completely misses the mark on (1) key changes that have been implemented like the 3% rule and (2) the sheer speed of regulatory changes in just the last couple of years. Fewer and fewer egregious acts against minority shareholders and more instances of improving shareholder returns. Going from a Grade F to C is extremely powerful and more powerful than going from a Grade B to A. I agree that there is still a long way to go

@MikeFritzell @douglaskimkorea @smartkarma

[Fran @Fran_G47]

@DeepvalueK Thank you so much!

[Fran @Fran_G47]

A lot of talk about South Korean equities lately given the semi rally and IBKR opening up access... But is Korea really "the next Japan"? Is the 'Korea discount' gone? I'm skeptical.
My latest article on why governance and chaebol culture still matter:
https://t.co/gkfd9ursl4

[Fran @Fran_G47]

@ReturnsJourney was just the scars of a bubble popping and a long crisis... RE prices started to go nuts post-COVID due to 1) lot of liquidity and speculation (RE is here the preferred vehicle to put money into) and 2) demand: population is up >8% in just 6 years due to immigration from LatAm

[Fran @Fran_G47]

@ReturnsJourney This is a bad take and Spain is a pretty bad example... the boom was driven by a huge credit bubble and a lot of speculative overbuilding (including illegal constructions). TFR was up due to the economic boom plus the first big wave of immigration... the housing supply collapse

[Fran @Fran_G47]

@Jave_t23 @MikeFritzell My pleasure. Happy to help and answer any questions on the business if you have them

[Fran @Fran_G47]

@MikeFritzell Thank you! 😁

[Fran @Fran_G47]

It's been Momentum's biggest run since the dot-com bubble, significantly outperforming Quality

(via Montanaro)

[Fran @Fran_G47]

@Jave_t23 @MikeFritzell Hope this can be handy as an intro and quick read before going deeper into the business: https://t.co/9ZJwqvrlAq

[Fran @Fran_G47]

@evfcfaddict They switched Kone with Otis at more or less the same price as today. They had been trimming the position since late 2024 (valuation was richer at the time). Probably has to fund a new position while dealing with lot of redemptions, and sees some cyclical headwinds (as with Kone)

[Fran @Fran_G47]

@AltayCapital Are the low margins in the domestic business a consequence of vending/logistics and the competition dynamics in Japan? To which extent it's structural and where do you see the upside in terms of margins?

[FMV @Find_Me_Value]

Next deck will be Nintendo $NTDOY 7974 JP. Out in a couple of weeks.

(Will edit visual for deck)

[Fran @Fran_G47]

I have written an article on South Korean equities, corporate reform and governance. I'll share it next week. In the meantime, if you want to learn more about music streaming in China:
https://t.co/DY19QMwIRW

[Fran @Fran_G47]

I've re-initiated $TME after a 52% YTD drawdown. 8.5x fwd earnings for a dominant platform with a solid track-record of execution behind it.
Full write-up: https://t.co/Dxp604QdFx
Hope someone finds it useful and interesting!

[Fran @Fran_G47]

@vtyagarr Thank you Vladimir! Glad you found it interesting. What are your views around the company?

[Fran @Fran_G47]

I've re-initiated $TME after a 52% YTD drawdown. 8.5x fwd earnings for a dominant platform with a solid track-record of execution behind it.
Full write-up: https://t.co/Dxp604QdFx
Hope someone finds it useful and interesting!

[Fran @Fran_G47]

"RIP Bloomberg. Claude has made it obsolete, here you have 10 prompts on how I use it"

(he has never used a terminal)