Monday morning links
Samsonite, Miniso, Fairfax India, July portfolio review, Charles Gave, Nick Roditi, Jeff Gundlach, Byron Wien
I wrote a report on Hong Kong-listed luggage manufacturer Samsonite, which owns the brand names “Samsonite” and “Tumi”. Alt-data is showing a strong recovery in global ex-China luggage sales. Samsonite is controversial due to Blue Orca’s 2018 report, which criticised the company’s purchase price accounting. US tariffs on Chinese travel goods and COVID-19 have also been headwinds. The stock trades at 11.8x 2023e consensus earnings, which price in a full recovery.
($ = behind a paywall)
I wrote about Hong Kong-listed American luggage manufacturer Samsonite (1910 HK － US$3.0 billion) ($)
Blue Orca short report on Chinese retailer Miniso (9896 HK － US$2.0 billion)
Rajeev Agrawal at ValueX Vail discussing Fairfax India (FFXDF US － US$1.5 billion)
(estimated reading time) ($ = behind a paywall)
My portfolio update for July 2022: stabilisation and a new BA5 wave in Asia (17 mins) ($)
Charles Gave: How the world is moving away from John Locke’s ideals (12 mins)
Undervalued Shares’ on secretive hedge fund manager Nick Roditi (18 mins)
Bronte Capital’s June 2022 letter discussing the AUD and more(12 mins)
Double-Line: Finding a bottom in equities (9 pages)
Bison Interests: Revisiting the oil thesis (12 mins)
Money Inside Out: Draghi’s “whatever it takes” speech, ten years on (13 mins)
Calafia Beach Pundit expects the year-on-year US inflation rate to peak in the next few months (5 mins)
Andrew Batson on China’s presales system of selling housing (5 mins)
@jordicalaveraa on Twitter summarising the most significant news stores in China for July 2022 (x mins)
(listening time)
Jeff Gundlach discussing the 75bps Fed rate hike (23 mins)
Erin Miles from Bridgewater on who will get hurt most by the withdrawal of USD liquidity (11 mins)
Byron Wien from Blackstone on Fed’s monetary policy (37 mins)
Variant Perception’s July 2022 market outlook (33 mins)
Adam Rozencwajg on the developing energy crisis, from the 18 min mark (45 mins)
Bernstein’s Bob Brackett on why energy transitions are difficult (52 mins)
George Magnus & Lulu Chen on China’s property market bust (29 mins)
Asianometry on why China’s SMIC’s “7nm chip” is not a significant event (14 mins)
For fun: Ben Clymer from Hodinkee on why Rolex dominates the luxury wristwatch market (1:02 hours)
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Covering MINISO is just waste of time