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Neither fits his criteria. Hasn't shown ability to produce consistently high ROIC. LSPD still losing money. NVEI's PE ratio is in the 70-90 range. Neither has the proven business model he's looking for; you can lump in DND, SHOP and DCBO too. No track record. Relying on large and lumpy acquisitions, many done at nosebleed valuations. Relies on debt to fuel acquisitions.

Neither fits his criteria. Hasn't shown ability to produce consistently high ROIC. LSPD still losing money. NVEI's PE ratio is in the 70-90 range. Neither has the proven business model he's looking for; you can lump in DND, SHOP and DCBO too. No track record. Relying on large and lumpy acquisitions, many done at nosebleed valuations. Relies on debt to fuel acquisitions.

Doesn't have the proven business model he's looking for.

Doesn't have the proven business model he's looking for.

Doesn't have the proven business model he's looking for.

Seemingly checks a lot of boxes. But about 70-80% of earnings are from one-time sales. Not a lot of repeat business. Only 20-30% of revenues are recurring or add-ons. Potentially disruptive space. The pursuit of M&A can often destroy shareholder value.

3% conviction level for him. Founder run and owned. 70-80% of its business is from an iron supplement, that's a concern. Combogesic is a new product and not a huge part of its business. Trying hard to add lines of business. 

Big discount to FMV estimate. Based in Japan. Cleansing bomb, a market leader. Subscription model provides predictability. Question marks on its competitive position. Relatively inexpensive at these prices, but he's not yet comfortable enough to add more to his 1% conviction level. (Price target in JPY.) No dividend.

Domiciled in Kazakhstan. Super app. Extremely high consumer engagement. Black mark against them is where they're based. Geopolitical risk, so it's a 1% conviction level. Fabulous company. (Target price in USD.) Yield is 1.66%.

Domiciled in Israel. Trading platform for synthetic securities using leverage. Not something everyone should actually do, but the company itself gushes cash. Black mark here is that it's not founder run or owned. Trying to diversify by acquisitions and forays into US commodities trading, which took away some of the ROIC from dividends. He recently trimmed, and he's looking for a better replacement. Until then, happy to collect dividend. Cheap, 6-7x earnings. (Price target in British Pounds.) Yield is 4.16%.

The world is in more debt than ever. As you increase debt, you're borrowing from future consumption, and recent growth rates start to drop. A famous study shows that once debt to GDP gets greater than 90%, adding more debt starts to inhibit growth. Debt is worse than before the pandemic. Demographics aren't favourable for growth going forward, nor is productivity. His best guess is that we'll be in a fairly low interest rate environment for quite some time. If you feel that interest rates and inflation are likely to stay low for the next 5-10-15 years, absolutely long-dated government debt will provide you with the best bang for your buck. 

Due to the stability of the demands for their services and the strong barrier to entry in the utility industry, ENB revenue is really resilient across market cycles.
These advantages allow most utility companies to leverage their balance sheet. These are quite common practices in the industry. Interest rates moving up are a risk.
However, as of Q3-2022, the debt structure includes 90% fixed rates; the company is managing this risk quite well.
As ENB matures, growth in dividends also normalizes along with inflation rates, as their pricing adjustment is regulated by authorities.
Its reduced dividend growth guidance is likely part conservatism and part current conditions.
Although, we don’t expect ENB to grow and compound capital at a very high rate, going forward ENB is still attractive as a “bond proxy” for income investors.
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GOOG had an AI presentation and its BARD program came up with the wrong answers. 
This sent investors into a tizzy but the market reaction looks far overdone to us. 
GOOG was worried about 'reputational risk' in launching a product too early, and now its fears have been realized. 
It is today's news story but won't be tomorrow's.  
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 ABBV is set to see more competition on Humira, which is a multi-billion dollar product for it. But this is hardly new news. 
The issue has been discussed for years as the drug comes off patent. 
There hasn't been much material news; the company did say it was lifting its $2B cap on acquisitions, potentially worrying some investors who want debt to decline. 
The sector has also seen some weakness generally as investors move into other areas. It reports tomorrow and remains very cheap.  
We would not change a position.  
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What’s the difference between Mutual funds and ETFs? The most distinctive difference is that most mutual funds are actively managed whereas most ETFs are passively managed. This results in a simpler structure for ETFs and in turn, lower overall fees. Fewer internal transactions, less management and the lack trailing and commission fees all contribute to making ETFs a very low-cost way of getting specific investment exposures. It is not uncommon to find mutual funds with fees over 2% of assets, while the majority of ETFs are below 0.5% on fees. That difference can really add up a lot over time! 
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