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Exor offers Ferrari exposure at deep discounts
“The crown jewel of everything they own in their portfolio is Ferrari. And Exor holds around 20% of Ferrari's total shares outstanding. And they actually have extra voting rights attached that gives them about 30% control over the governance of the company. So they are easily the largest shareholder in Ferrari.”
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Stellantis faces severe cyclical and operational headwinds
“Stilantis and CNH are two examples of that because they're both spinoffs or in some way derivative of that original fiat business. And CNH, which is basically an alternative competitor to John Deere, it's a very, very cyclical industry and it's currently in a down cycle. And then Stilantis is really not only in a historically bad industry for investors, which is automotive, but they've also struggled operationally too.”
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Alphabet and Airbnb anchor the core portfolio
“Alphabet has been one of our earliest additions to the portfolio. And it has been our biggest position ever since. So especially after it doubled for us when it got past the AI fears, I think it's currently close to 14% of the portfolio. And then the next biggest stocks are Airbnb at 11.5%, Uber at 10.5% and Adobe at close to 8%.”
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Holding companies trade below net asset value
“Holding company discounts are not at all unusual. You basically discount them because you are also forced to hold assets that you're not that excited about. And there's a lot more friction if you were to hold those companies yourself. And if Exor wants to sell a stake, for example, they first have to pay taxes. And it's also quite difficult just given the size of the positions that Exor actually holds.”
- •
Target portfolio size is fifteen to twenty names
“The general idea has been to run a portfolio with about 15 to 20 names. And that means that, in theory, every position would be about 5 to 6% of the portfolio. And there are obviously different levels of conviction and risk profiles depending on each stock. So, for example, Alphabet has been one of our earliest additions to the portfolio.”
BUY VALUE
All podcast episode summaries matching BUY VALUE — aggregated across every podcast we track.
“At this stage, it's too late. We've already had that October correction and we had in one of our programs, we had 20 plus percent in the inverse funds. These are funds that will short the indexes or short something. Shorting means they go in the opposite direction of the market. If the market went down 10% and you had an inverse S&P 500, which I believe is SH, that's the inverse of the S&P 500, that's the PowerShare short S&P 500, which by the way, we do own, we still own our inverse positions, but we might be teasing our way out of them shortly.”
- •
Exor offers Ferrari exposure at deep discounts
“The crown jewel of everything they own in their portfolio is Ferrari. And Exor holds around 20% of Ferrari's total shares outstanding. And they actually have extra voting rights attached that gives them about 30% control over the governance of the company. So they are easily the largest shareholder in Ferrari.”
- •
Stellantis faces severe cyclical and operational headwinds
“Stilantis and CNH are two examples of that because they're both spinoffs or in some way derivative of that original fiat business. And CNH, which is basically an alternative competitor to John Deere, it's a very, very cyclical industry and it's currently in a down cycle. And then Stilantis is really not only in a historically bad industry for investors, which is automotive, but they've also struggled operationally too.”
- •
Alphabet and Airbnb anchor the core portfolio
“Alphabet has been one of our earliest additions to the portfolio. And it has been our biggest position ever since. So especially after it doubled for us when it got past the AI fears, I think it's currently close to 14% of the portfolio. And then the next biggest stocks are Airbnb at 11.5%, Uber at 10.5% and Adobe at close to 8%.”
- •
Holding companies trade below net asset value
“Holding company discounts are not at all unusual. You basically discount them because you are also forced to hold assets that you're not that excited about. And there's a lot more friction if you were to hold those companies yourself. And if Exor wants to sell a stake, for example, they first have to pay taxes. And it's also quite difficult just given the size of the positions that Exor actually holds.”
- •
Target portfolio size is fifteen to twenty names
“The general idea has been to run a portfolio with about 15 to 20 names. And that means that, in theory, every position would be about 5 to 6% of the portfolio. And there are obviously different levels of conviction and risk profiles depending on each stock. So, for example, Alphabet has been one of our earliest additions to the portfolio.”
- •
US jobs market shows surprising resilience
“The US labor market posted its largest jobs gain in 15 months, showing remarkable resilience despite escalating Middle East tensions.”
- •
Geopolitical tensions threaten future employment growth
“Analysts warn that prolonged geopolitical conflicts could create headwinds for future employment growth.”
- •
Technical analysis identifies critical entry points
“Today's topics include 101 Technical Analysis and Chart Reading.”
- •
Dividend investing requires distinct value assessment
“We examine the differences between Dividend vs. Value Investment.”
- •
Foreign assets provide essential portfolio diversification
“We look at the dynamics of Foreign vs. Domestic Investments.”
- •
Ceasefire removes the geopolitical risk premium
“The market's reaction to the ceasefire suggests that the geopolitical risk premium has completely evaporated.”
- •
Sticky inflation persists despite Fed efforts
“The underlying data suggests that getting back to 2% inflation is going to be much harder than expected.”
- •
Value stocks offer protection against volatility
“We are looking for companies that have the ability to return capital to shareholders regardless of the macro backdrop.”
- •
Rising yields challenge expensive tech valuations
“When the risk-free rate is this high, you have to be much more selective about paying for future growth.”
- •
Oil prices stabilize as conflict fears fade
“Is the market being too optimistic about the long-term stability of this truce?”
- •
Avoid inverse funds after the October correction
“At this stage, it's too late. We've already had that October correction and we had in one of our programs, we had 20 plus percent in the inverse funds. These are funds that will short the indexes or short something. Shorting means they go in the opposite direction of the market. If the market went down 10% and you had an inverse S&P 500, which I believe is SH, that's the inverse of the S&P 500, that's the PowerShare short S&P 500, which by the way, we do own, we still own our inverse positions, but we might be teasing our way out of them shortly.”
- •
Apple shifts focus from iPhone units to services
“Apple was opened up down 13%. Why did it open up 13% down? It beat expectations, both earnings and sales, but they guided lower. And they said they're not going to report unit sales of iPhones anymore. Why did they say they wanted, why are they doing that? Well, because iPhones were kind of, sales were flat. And they're going to move toward a revenue that's more based on services, the services business. And that was to be expected. I think that that makes sense, actually. I think they'll make more money doing it that way.”
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Strong jobs report exceeds expectations with 250k additions
“I don't know, but everyone surely wants Strong Jobs Report. You see that this morning? 250,000 new jobs. Way more than expected. That's pretty impressive, I thought. Pretty impressive. Well, since it's Friday, I'm going to give you a highlight tour of our certain experts from our KPP Premium newsletter. I usually do that every Friday because that's when it goes out. I put effort in this thing. Every Friday, I write it.”
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Bank stocks underperform immediately preceding recessionary periods
“Well, bank stocks work really good when interest rates rise slowly, okay? They usually are fairly good in that kind of scenario. They work really bad just before recessions start to happen. They don't do very good in recessions at all, okay? They don't because there's a lot more defaults on the loans they make. Now, if you're going to go to a big bank, which Bank of America, the ones you two mentioned are very large banks, now you got to worry about international issues.”
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Geopolitical conflicts drive extreme aluminum price volatility
“Aluminum prices have rocketed to four-year peaks after Iranian attacks targeted Middle Eastern smelters, highlighting how geopolitical risks can instantly reshape commodity markets. The industrial metals complex is flashing warning signs about supply chain disruptions that could ripple through manufacturing sectors globally. These geopolitical events demonstrate the sudden impact that conflict can have on industrial inputs and global logistics.”
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