All ideas

We believe Hilton's asset-light, franchise business model positions it well to weather the downturn in travel without significant losses, unlike heavily leveraged airlines.

We sold our position in American Airlines due to concerns about its ability to survive the unprecedented downturn in global travel caused by COVID-19.

We previously owned Amazon when it was priced in the $200s, believing it was undervalued compared to brick-and-mortar competitors, but sold too early as it rose to $600.

We believe Facebook no longer looks expensive based on its projected P/E due to its significant growth from earlier concerns about its valuation.

Lear is dominant in seating and is expected to adapt to changes in vehicle design as the industry moves towards more autonomous vehicles, where comfort will become increasingly important.

Aptiv is also a leader in electrification, which gives it a competitive advantage as the automotive industry shifts towards electric vehicles.

TE Connectivity is a leader in electrification and has a higher content in electric vehicles compared to traditional vehicles, positioning it well to benefit from industry disruption.

Bill Nygren mentions that they owned Apple for a long time, and it was consistently selling at less than a market P/E multiple, indicating it was undervalued despite being a growth company.

Netflix is adding approximately 25 million subscribers a year, which adds significant value. The market cap is around $200 billion, and if each subscriber is valued at $1,000, the annual return on spe

Alphabet's spending on 'Other Bets' depresses its earnings, inflating the stated P/E multiple. Adjusting for this spending and the cash on the balance sheet reveals that investors are not paying much

Amgen's heavy R&D spending is currently depressing its earnings, making it appear expensive relative to the pharmaceutical industry. However, when considering enterprise value to EBITDA plus R&D, Amge

AstraZeneca has revitalized its R&D efforts under new management, transforming from a less loved company to an innovator in the pharmaceutical industry, which enhances its investment appeal.

Peugeot has successfully restructured under new management, implementing aggressive cost controls and delivering on targets, which has strengthened the company and made it a more attractive investment

Volkswagen has successfully moved on from the Dieselgate scandal with new management that has improved expectations and positioned the company as a leader in the EV space, making it a compelling inves

UniCredit has undergone a painful restructuring, improving its corporate governance and aligning management interests with shareholders. With a less risky balance sheet and better returns, it presents

Rolls Royce is a leader in engine manufacturing and is expected to see a recovery in cash flow as demand for airplane engines returns post-pandemic. The current market valuation does not reflect the p

AXA is positioned well in the property and casualty market, which is currently experiencing price increases in the 20% range in the US and mid-teens elsewhere. This pricing power should help offset an

Ray Kennedy mentions that PG&E bonds, especially post-bankruptcy, are attractive as they are undervalued. He believes that the company's issues are tied to specific risks rather than broader macroecon

Ray Kennedy indicates that regional gaming companies are more resilient compared to Las Vegas casinos, which may take longer to recover post-pandemic. He believes that people will continue to gamble i

Ray Kennedy believes that travel, particularly cruises, will eventually return to normal levels, similar to past recoveries after events like 9/11. He suggests that buying secured bonds from cruise co

TJX is well-positioned to capitalize on counter-cyclical opportunities due to its resilient business model and strong market presence. The company is expected to achieve a target price of $93.98 over

Hanesbrands is undervalued based on a sum-of-the-parts (SOTP) valuation, with a target price of $25.65, representing a significant upside from the current price of $17.21. The analysis suggests a tota

Hanesbrands is well-positioned for growth due to its vertical integration, which allows it to capture downstream profits and innovate new products. The new CEO, Stephen Bratspies, has a strong track r

Farfetch is positioned to benefit from the growing trend of online luxury shopping, especially as consumer preferences shift towards digital platforms. The company's unique marketplace model allows it