Dan Brocklebank

UK Director of Orbis Investments and @OrbisInvestUK. Views are my own though.

[Martin Lewis @MartinSLewis]

Please share this with young people age 15 to 23 (or their parents). Many are missing out on a lost lump of serious cash

[Dan Brocklebank @OrbisDanB]

"For investors, soaring over a low bar is far more rewarding than knocking over a high one."

👆 is something that is way too often overlooked.

Great explanation from Rob Perrone here

https://t.co/ka7aoDLBpb

[Bryan Lawrence @brl11]

The idea that solar is the cheapest way to generate electricity rests on “levelized cost of energy” (LCOE) calculations widely and wrongly accepted by politicians and journalists.

LCOE is a tool that has been used by utilities to compare the cost of adding incremental power amounts of generating capacity. The problem with LCOE is that it does not account for system wide costs created by solar power’s intermittency.

The April 2025 blackout in Spain is an example of what happens when a country has installed too much solar without batteries and extra transmission lines to balance the system. The solar developers who justified their projects based on low LCOE did not incorporate the cost of batteries and extra transmission into their calculations.

Hopefully we are coming to the end of LCOE as a metric blindly accepted by journalists and politicians, as well as solar developers happy to accept subsidies. Making the power grid reliable as well as greener is going to require honest accounting, and likely will depend more on nuclear power.

https://t.co/5nB2qYGrLJ

[Adam Smith's Panmure House @AdamSmithHouse]

Thank you to all who joined The Butcher, The Brewer, The Baker and Merryn Somerset Webb. All sessions were recorded and will be available on Bloomberg's Merryn Talks Money soon.

A special thanks to @MerrynSW, @John_Stepek, Tom Slater, and Alec Cutler for delivering such fascinating discussions.

#TheBakerButcherBrewer #MerrynSomersetWebb #AdamSmith #PanmureHouse #BloombergFinance #MerrynTalksMoney #HeriotWattUniversity

[Dan Brocklebank @OrbisDanB]

Awesome animation!
https://t.co/zWS3MrT5Ef

[Óscar Marín 🏴 @oscarmarinmiro]

Amazing read.

Quote:

"If years were letters, the average human lifespan would not be longer than this sentence."

[Dan Brocklebank @OrbisDanB]

Refreshing candour!

[Speedwell Research @Speedwell_LLC]

Mark Leonard commented on $CSU valuation in VERY blunt terms at the AGM:

"So I am not a big fan of generating market rates of return.

If you want to generate a 6% to 8% rate of return by buying an ETF, go for it, and we're part of those ETFs.

And so obviously, our stock is priced to generate a 6% to 8% rate of return for the foreseeable future by the market. That's their discount rate.

So if you want to make 20% or 25% rates of return, then I'd love that, but you probably have to buy Constellation at 1/4 of the current price to do that."

- 2025 AGM

[Dan Brocklebank @OrbisDanB]

@Frencheconomics @MarkDampier @AlanJLSmith On a slightly related note, I discovered today that from April 2026 onwards, sole traders and landlords are going to have to file QUARTERLY tax updates on top of an annual tax return 🤯🤯🤯! Initial threshold is £50k income but that falls to £20k in April 2028. (!!!)

[Dan Brocklebank @OrbisDanB]

@MarkDampier @AlanJLSmith It’s a good question. Perhaps one @Frencheconomics would have a view on? It does seem so obviously worth fixing…

[Dan Brocklebank @OrbisDanB]

"How the fund plays out for the two gold bug funds will be something Asset Allocator watches closely for the rest of the year."
🍿🍿🍿

https://t.co/vdctdSQ7HW

[Dan Brocklebank @OrbisDanB]

@brewmarkets @Gautam__Baid Should be put on a log scale!

[Dan Brocklebank @OrbisDanB]

@MerrynSW @FT "Plans for the deterrent system involve 288 underwater speakers that would produce underwater noise louder than a jumbo jet all day, every day for six decades, according to EDF."

Is it April 1st? 🧐

[Dan Brocklebank @OrbisDanB]

Have you had your invite to the 'fish disco' yet @MerrynSW?

(Quite a rave by the sounds of it!)

‘Fish disco’ row risks fresh delays to Hinkley Point nuclear plant https://t.co/JlzfcoYJGF via @ft

[Dan Brocklebank @OrbisDanB]

What a surprise! Regulatory changes caused unintended consequences and created perverse incentives...
#superpowerofincentives

Have to align interests...

Standard Chartered CEO Bill Winters says bonus cap led to ‘grotesque’ banker pay rises https://t.co/i35033JusJ via @ft

[Dan Brocklebank @OrbisDanB]

Some thoughts on buybacks. Thinking can be muddled on this in my experience!

https://t.co/xifa1E0z3r

[Dan Brocklebank @OrbisDanB]

Roughly half of the S&P’s tremendous recent returns came from rising margins and valuations. If we want a re-run, net margins have to hit 18% and valuations to hit 40x earnings.
Crazier things have happened, but it’s tough to make the numbers work...
https://t.co/clHbX5UJWc

[Ben Carlson @awealthofcs]

NVDA investors complaining about the AI downturn:

[Dan Brocklebank @OrbisDanB]

Timestamp

[Dan Brocklebank @OrbisDanB]

@BehaviouralJoe How to encourage best practice in this regard though?