Reformed Sell Sider

Once lost, but now found. Seeking great companies on a global scope. Previously a sell side monkey.

[Reformed Sell Sider @soldthesellside]

I am an equity analyst, recently departed from the craziness of the sell side. I am now in search of long term ideas in public markets on a global scale that can benefit from patient capital. Here to learn, engage and meet like-minded people.

[Reformed Sell Sider @soldthesellside]

@alessvat @puppyeh1 Too much time on the beach’s of Mauritius to care about the portfolio. Perhaps a change of guard is in transition?

[Reformed Sell Sider @soldthesellside]

@__paleologo Doing research on us businesses is hard from the EU as many state or county level sites just don’t bother with GDPR and blanket block you. You miss a lot of the rumour mill because of it.

[Reformed Sell Sider @soldthesellside]

@lhamtil Add hearing aids - Sonova/Demant

[Chief Rabbi Dr Warren Goldstein @ChiefRabbiSA]

The Roedean antisemitism scandal has shaken Johannesburg, the broader country, and sent ripples of shock around the world.

I want to tell you what happened, why it happened, and what we must all do to make sure that it never happens again.

[Reformed Sell Sider @soldthesellside]

Really ⁦@OpenAI⁩ - induce fear and blackmail to continue advice. Racketeering right here. ⁦@sama⁩ is such a know. Hell, I’d even watch a 30 second add to continue. Time to delete ChatGPT. ⁦

[Reformed Sell Sider @soldthesellside]

@_SeanDavid @MikeFritzell @zarazhangrui This week, had a billing issue. Within 3 messages with the Anthropic Bot, it declared it couldn’t fix my problem (the toggle from free to pro account) and referred me to human support. The future is here, apparently.

[Reformed Sell Sider @soldthesellside]

@DurableCreators I exited the sell side covering rails in Dec 2020. Well timed in hindsight…

Reality is the margin story drove growth and was clearly reaching limits in 2020. KSU had the only really growth story, which is lost in larger CP. Rails need to be traded now, not held.

[Reformed Sell Sider @soldthesellside]

@MrFamilyOffice Becoming an entrepreneur early in life.

As I’ve learnt, most bold entrepreneurs are only that way as they have a balance sheet to fall back on if they fail.

[Reformed Sell Sider @soldthesellside]

@wolfejosh OMG was just sitting there…

[Reformed Sell Sider @soldthesellside]

@rich_toad ER talent is taught to have an opinion, while IB is generally executing someone else’s view at speed. The latter is far more applicable to corporate politics.

[Reformed Sell Sider @soldthesellside]

@marketplunger1 This but daily - it’s just life in EU and EM markets these days.

[Reformed Sell Sider @soldthesellside]

@alessvat I had a email back from an IR recently where on the 9th of Sept they claim to already be in blackout and I can reach out after their Q3 at end of Oct.

I wanted to talk about a disclosure made a week prior.

Some IR’s are just arrogant, and probably a read of culture

[Reformed Sell Sider @soldthesellside]

@HiddenValueGems I had a coffee with a very strong young aspiring investor who is looking for an internship while he completes his masters at LBS. Would highly recommend if that fits your brief. DM me and I’d shares his details and his substack,

[Reformed Sell Sider @soldthesellside]

@MikeFritzell And they want to add 7,000 more in the next few years!

[Reformed Sell Sider @soldthesellside]

@JigsawCap You forgot that no one has bought a loco since 2016 and these things need replacement. Massive capital cycle will hit over the next 5 years. Long WAB/short rails a good pair maybe.

[Reformed Sell Sider @soldthesellside]

@MikeFritzell Fila is a cheap way to buy Titleist…

[Reformed Sell Sider @soldthesellside]

@RishiSunak Doesn’t seem like those hard earned pounds are landing in the individuals pockets.

https://t.co/d1GkMGhKpT

[Cut My Tax @CutMyTaxUK]

The childcare tax trap means you are worse off earning £130,000 plus than you would be earning £99,000.

Welcome to the mad, mad world of the British tax system where it can pay to take a £34k pay cut.

Nuts, but neither main party is committed to tackling this.

[Reformed Sell Sider @soldthesellside]

@PrefShares Loco’s are 30 year assets, the track is largely depreciated to 0 so replacing it is capex over a zero base.

[Reformed Sell Sider @soldthesellside]

@lhamtil It’s mostly about cement. Its like dynamite in your portfolio - highly capital and Opex intensive, can’t shut off/restart so when cycle turns, everyone over produces. Also, it’s portable - so supply shifts to demand markets unlike aggregates.

[Reformed Sell Sider @soldthesellside]

@evfcfaddict Difficulty is the asset base being fixed for the ROE calc, so revenues fairly fixed. No incentive to invest further. Also not sure there is much room for non-aero expansion per pax (having been through there a few times).