A raiz de sus cuestiones me dió por repasar algunas de las cartas del Sr. Weiss. Dejo algunos fragmentos por aquí de sus comentarios sobre el Opportunities. Igual aporten luz también sobre su estrategia.
Del informe anual con fecha de 30 de Junio del 2018:
In this environment we remain resolutely focused on doing what we have been doing for the past 30 years: that is look for high quality, growth companies
whose business models enable them to withstand external shocks. That is why, for example, we select companies which for the most part produce and sell in the same market, in order to avoid transactional currency risk or disruption from trade tariffs. That is also why we select companies with sound balance sheets and which are not dependent on external financing, be it debt or equity. In an environment of rising interest rates and tightening liquidity this should, if anything, help these companies deepen their competitive moats as peers face rising financing costs. With regards to growth, we continue to look for companies which deliver strong secular growth, be it thanks to the structural growth of the markets they operate in (such as online penetration for ASOS) or their ability to grow share in a no-growth market (such as low-cost airline Ryanair).
Y del informe mensual del 30 de Setiembre:
In an environment of heightened global uncertainty, we continue to focus our attention on finding high quality companies whose destinies are as much as possible in their own hands. That means finding companies which produce and sell locally in the same market and are thus less impacted by global trade wars, such as Sartorius which supplies the US market from Puerto Rico. It means finding companies with the pricing power to offset currency movements, such as Chr. Hansen with its Euro-based pricing lists. It also means finding companies with sound balance sheets and strong cash generation and therefore who can eschew the vagaries of the debt or equity markets. It is precisely in times of political, economic and financial stress that these quality traits come to the fore. While the valuations of some of these companies have expanded, we continue to be disciplined and over recent months have been recycling some of those excess gains into holdings where we see more upside, without compromising on quality.
Over the long term we continue to believe strong and sustainable earnings growth will prevail, as they have done in the past, but wenevertheless have seized the opportunity to trim some of these names. As such, in the quarter, we reduced our holdings in Chr. Hansen and Sartorius Stedim and sold out of Frutarom and CTS Eventim. Taking advantage of share price weakness, we initiated new positions in Ferrari and Valeo and added to B&M and United Internet.
Las cartas pueden ser más escuetas, o floridas, que las de algunos gestores nacionales, pero abundan mucho más sobre los valores que llevan y la toma de decisiones. Es decir, van al grano, al diagnostico de los movimientos en cartera. Que es, en el fondo de la cuestión, lo que usted está comprando.
