Just a farmer harvesting the equity premium
Amsterdam, Nederland
Joined December 2017
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A Tale of Two Cities by Charles Dickens:
"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity,
Martijn Kleinbussink retweeted
Great analysis by Michael. Integral keeps finding great deals. Every fund manager knows how quickly a GP stake can compound if you double AuM every 2-3 years and you earn a big carry on top. $5842.JT
Integral (5842 JP): A mid-market Japanse private equity firm with a top-tier track record of 3.1x MOIC and a 30.5% IRR. Gearing up to raise its 6th fund by 2027/28.
asiancenturystocks.com/deep-…
Martijn Kleinbussink retweeted
typical chem co segments:
Advanced Materials: a highly cyclical commodity chemical
Performance Products: also a cyclical commodity chemical, but China has 2000% excess capacity of this one
Specialty Solutions: best way to model this segment’s margins is short natural gas + a negative shock for an inexplicable shutdown that’s never guided to & happens whenever something good is going on in the rest of the business
Precision Compounds: this repackages stuff from the other segments & sells it, allowing them to play with internal pricing to show steady margins so value investors can fool themselves into a sum-of-the-parts story once or twice every cycle
Engineered Applications: this is actually kind of a good business, but it’s 1% of EBITDA & they’ll sell it to PE for 6x in a couple quarters
Martijn Kleinbussink retweeted
This is the dumbest thing any government on planet earth is pursuing right now. And that’s saying something.
Martijn Kleinbussink retweeted
GS summarizes very well in a chart. Nothing that China industrials touch will not end up in overcapacity and subpar return on capital
$EL wants a word
Easiest ways to make money :
- Men's lust
- Women's desire for beauty
- Elderly's health
- Children's education
- Rich people's fear of loss
- Brokies desire to get rich quickly
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Martijn Kleinbussink retweeted
"Overpaying seems to be less hazardous than business ignorance".
I like how he inverts the common narrative about investing in MSFT at the DotCom peak
(2/6)
Microsoft's PP&E as a % of total assets has increased from 8% in 2015 to 38%. With more than 50% of CapEx going towards short-lived assets (~5 years)
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