Stocks

I went down the registered shareholder route (‘nominatif pur‘) with LVMH Moët Hennessy Louis Vuitton (LVMH) a few years ago now, primarily because there is a deep feeling of satisfaction to be had in having a claim on the cashflows produced by such an impressive stable of prestige brands. The broad portfolio approach, which has seen the company come to own brands ranging from Ruinart…

I was fairly bullish on alcohol giant Diageo (DGE) the last time it featured on the site. That wasn’t because the shares were standout cheap, but between low interest rates, a cash cow of a business and sector-beating growth prospects I felt like there was enough on the table for them to do well. The stock has returned around 35% in that time (with dividends),…

For the most part, and on a long enough time frame, I feel that stocks deliver the outcomes that their businesses warrant. Or put another way – good companies will deliver decent long-term investment returns; poor ones will do the opposite. Yes, that may be a tad simplistic, but if we aren’t dealing with crazy valuations I think it holds true. Occasionally, though, Lady Luck…

My view of HSBC (HSBA) to date has largely been along the lines of “it’s not a great business, but it’s not as bad as the market implies either”. Admittedly, initiating coverage during the COVID sell-off made that a fairly easy call to make, with the stock slumping to very attractive discounts to tangible net asset value (“TNAV”) at its low points. There were good…

BP (BP) shares have done nicely since my last update in October 2020, gaining over 60% from what was then a 25-year low point. Though a welcome rebound, a couple of things still appear to weigh on the stock, the first of which is the lingering impact of last year’s dividend cut. I doubt it’s a coincidence that BP and Shell, both of which inflicted…