Speedwell Research
Independent equity researcher posting concise European earnings recaps and valuation takes on Euronext‑listed names.
Pricing Is Integral to Brand Identity, Says Former LVMH CFO
Former $LVMH CFO on obsession with brand and pricing: "They are really obsessed about the brands, how the brands look, how the brands react, the ability of the brands, the aspirational brands in order to create a really aspirational brand, highly obsessed on pricing... they see pricing as part of the brand."
LVMH Balances Cycles by Pairing Stable Spirits with Fashion
$LVMH laid out the strategy driving their acquisitions in 2002 Holding so many different luxury goods businesses would help to balance the cyclicality of each category. “Wines and spirits are stable businesses with long cycles” versus luxury fashion and ready-to-wear...
Luxury Endures, Tech Fades: Dom Pérignon Outlasts iPhone
$LVMH CEO Bernard Arnault on the difference between iPhones and Dom Pérignon: "In 50 years' time, will the iPhone still be used? Or the people who are making it today, will they have found what will be at the cutting...
Taiwan's E‑commerce Lag Stems From Cultural and Logistical Barriers
Former Head of Retail at $CPNG on why e-commerce penetration in Taiwan is smaller compared to the U.S. and China
Great Returns Can Hide Dangerous Stock Concentration
François Rochon is a well known investment manager who has compounded at ~15% annualized for 30 years (!) In 2002 though he was much more obscure. A single stock was 20% of his portfolio. Below he shares his thoughts on...
Buffett & Munger Reveal True Cost of Equity
Most investors misunderstand the cost of equity. Below is the most explicit Buffett has ever been on his cost of equity... BUT the real insights come from Charlie Munger's push back and Buffett's Punch Card Idea ⬇️Link⬇️
Terminal Values Are Just DCF Shortcuts via Multiples
Terminal values are themselves short-hands for DCFs. This is because a terminal value is essentially a multiple. And a multiple is a short-cut for a DCF. More in the memo below 👇
PRM Restructures Contracts to Stabilize Fire Safety Business
$PRM on how they have transitioned the fire safety business to be less cyclical by restructuring their fire retardant contracts
Diversification Fuels LVMH’s Broad Luxury Consumer Reach
Former VP at $LVMH on their competitive advantage "LVMH benefits from its level of diversification. They cover so much ground in their understanding of an ability to reach a consumer interested in luxury products from so many different angles."