Active v Passive Investing
19Aug
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29Jul
Mastercard Incorporated (MA): The Rails of the Modern Economy
Mastercard Incorporated (MA) is one of the largest positions in our portfolio – having been initiated more than a decade ago. Over that period, Mastercard has compounded its per share value by more than 30% annually versus roughly 12% for the S&P 500. Just this year alone, Mastercard is up 50%. Although this performance has...
19Jul
What do you own? III
Stock Profile: International Flavors & Fragrances. Guy Davis, CFA discusses the investment case for IFF.
19Jul
Investing vs Speculating: A Bitcoin Story
In our most recent quarterly letter, we talked about uncertainty in the markets and how we choose when and where to take risks. We described our preference for investments where we don’t have to make a lot of accurate predictions in order to have a good outcome. In the past, you could have just...
10Jul
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03Jul
Pershing Square Holdings (PSH): Getting 1 Dollar for 70 Cents
As you know, we are active, focused investors here at Globescan, meaning we concentrate on investing in specific businesses where we believe there are significant barriers to competition, paired with long runways for growth. As such, it is rare that we will invest in other investment vehicles, such as equity mutual funds or investment...
03Jul
Second Quarter 2019 Update
Dear Clients, Q2 2019 has been very positive for us in both absolute and relative terms, with all our models performing ahead of their respective benchmarks. We often comment on the unpredictability of markets in the short term, and these past few months have been no exception, reminding us of how easily and quickly the...
13Jun
Booking Holdings Inc. (BKNG): A Tollbooth on Global Travel Growth
Business Description Booking Holdings Inc. (BKNG) is the largest online travel booking platform in the world. The company facilitates transactions between travelers and everything they might need such as: hotels, vacation rentals, airlines, rental car services, restaurants, etc. They own brands such as Booking, Priceline, Agoda, Kayak, Rentalcars, Open Table; as well as significant investments...
05Jun
United Parcel Service, Inc. (UPS): An Exceptional Business for an Unexceptional Price
Business Description United Parcel Service, Inc. (UPS) was founded in 1907 and has grown to be the world’s largest package delivery company, the leader in ‘less than truckload’ shipments and a global supplier of supply chain management solutions. The company facilitates deliveries to over 9 million receivers, across over 220 countries, each and every day....
31May
What do you own?
Stock Profile: American Tower Guy Davis, CFA discusses the investment case for American Tower