I’m aiming for 30-40, ideally permanent holdings. Initially there’s a lot of turnover as I find better ideas but eventually I want low turnover and deep accumulated knowledge.
Pleasure. And careful - Exor is where value investors go to die 😂. But it has some decent underlying assets, management are broadly doing sensible things, and the discount is huge.
I don’t track discount to NAV closely. But it’s bigger than it was when I initiated my tracker some years back, and more importantly the discount to intrinsic value is higher because Ferrari trades at a more palatable valuation. It doesn’t feel like a lot has to go right from here … famous last words.
I am curious: how many trackers do you normally have?
I’m aiming for 30-40, ideally permanent holdings. Initially there’s a lot of turnover as I find better ideas but eventually I want low turnover and deep accumulated knowledge.
Great roundup and now I am interested in Exor! Also, thank you so much for the shoutout 🙏
Pleasure. And careful - Exor is where value investors go to die 😂. But it has some decent underlying assets, management are broadly doing sensible things, and the discount is huge.
I saw Exor on the “Intrinsic Value Podcast" and thought it was interesting. I’ll definitely heed your warning - hopefully it is not a value trap!
Was EXOR discount bigger than usual?
I don’t track discount to NAV closely. But it’s bigger than it was when I initiated my tracker some years back, and more importantly the discount to intrinsic value is higher because Ferrari trades at a more palatable valuation. It doesn’t feel like a lot has to go right from here … famous last words.
Thanks for the mention! I would love to do an IRSA deep dive also
Do! Would love to get your thoughts! Also any comments on my review. I’m doing a valuation update in a couple of weeks.
Absolutely