Jason Del Vicario

When we experience challenging macro-economic conditions (recession, high inflation, geopolitical events) we buy quality businesses at lower prices which extends returns. He can't predict the next scenario. Since July, there's been a bifurcation of stocks, namely founder-run quality businesses which have been trading lower vs. AI stocks continued to trade much higher. He hasn't seen such a difference since 1999.

A decent, but expensive company, trading around the 30x PE, cheaper than before they announced the Warners deal. Problem is they need to spend a lot on content and continue to. He regrets not buying it in 2022 when it traded at 16x PE. Are not better opportunities in tech. He respects the founder deeply though. 

Was spun-out from Constellation Software, which he owns. He sold TOI to buy more Constellation, which owns large stakes of TOI anyway. He wanted to keep things simple. His kids own TOI, which trades at $120 vs. $3,300 for Constellation, so TOI is more accessible to investors. Also, it's easier to grow the smaller TOI than Constellation through acquisitions. Both are great businesses to own. Shares of both are down a lot now on fears that AI will replace software. (He doesn't know either way.)

Was spun-out from Constellation Software, which he owns. He sold TOI to buy more Constellation, which owns large stakes of TOI anyway. He wanted to keep things simple. His kids own TOI, which trades at $120 vs. $3,300 for Constellation, so TOI is more accessible to investors. Also, it's easier to grow the smaller TOI than Constellation through acquisitions. Both are great businesses to own. Shares of both are down a lot now on fears that AI will replace software. (He doesn't know either way.)

He owns no Canadian banks, because he owns only founder-run/owned businesses. Also, returns on invested capital are around only 12-15%, though consistent. TD and RY are the top two banks. TD is up 71% this year. He doesn't know what the shares will do in the future, but look at their PEs and compare it to the historic norm to determine when to buy or add shares. Or just DRIP shares.

He owns no Canadian banks, because he owns only founder-run/owned businesses. Also, returns on invested capital are around only 12-15%, though consistent. TD and RY are the top two banks. TD is up 71% this year. He doesn't know what the shares will do in the future, but look at their PEs and compare it to the historic norm to determine when to buy or add shares. Or just DRIP shares.

A great company, but the 44x PE is too high. He's watching for shares to fall 50%. MNST is losing market share in some markets to Red Bull. Historically, MNST is one of the best performers ever on the S&P. Generally, he buys companies that generate at least 20% rate of return, the PE is below 20x, and earnings grow 15-20%.

Is founder-run/owned, has no debt and has a great history of increasing shareholder value. Vuitton comprises about half their business. Women own multiple handbags, which leads to recurring revenue. Also, they own make up through Sephora, champagne and other businesses.

He and his family have renewed their Costco membership. It's an amazing business. Has been watching it a long time. The valuation is far too rich. As Charlie Munger said, let it compound wealth. Costco continues to open warehouses while their Kirkland Brand remains massive. If you own, continue to hold even through sideways periods.

Has owned this 4 years. A wild ride. They have a dominant position in this space. Their app is amazing. 70% of Kazakstani adults use it. The country faces higher inflation and interest rates which effects their business. They just expanded to Turkey, either a positive or negative. Trades at 7x PE. Well-run. There is geopolitical risk.

Has few recurring revenues. They sell telecom testing equipment, a lumpy business now. His patience is wearing thin. It lacks recurring revenues, though has no debt. Are suffering a capex recession that's lasted 2-3 years.

A gym chain based in Japan. Have recovered from Covid and are growing again. Their franchise model generates a lot of cash. It trades around 16x PE, so attractive. Wants to increase his holding once they pay off debt.

A top 10 position for him, but trading 15% below his cost. They dominate in live online casinos. Are based in Sweden. But revenues flat-lined this year. They had to restrict their gambling platform from countries where such gambling is illegal. Trades at 10x and pays nearly a 5% dividend. Are buying back shares. Online gambling as a whole is growing 10-15% annually. Continues to own it.

Has long admired this. Earnings growth is around 20% for a long time. Own this for the long term, not short.

His top holding. Meta dominates in social media with 3.5 billion users. The PE is high, so wait for a pullback.