Alex Frey

“Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understood business whose earnings are virtually certain to be materially higher, five, ten, and twenty years from now.”

China had material tariffs on South African exports, so China dropping them is definitely a good development for us. About 10% of SA exports go to China while 8% go to the US.

Samsung to supply Tesla with chips "Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress." - Musk Hopefully this helps Samsung improve their lower yield.

Asking the timeline, is FlySafair a monopoly? Signs to me that they may be: - High ticket prices due to weak competition - Pilot strike indicating their position as the dominant employer (employees having few options) I would be interested to here everyone's thoughts below

Adcock “entered into discussions regarding a potential transaction, which if successfully concluded, may have a material effect on the share price” Potentially a take-over, either by Bidvest/third party Take-over price could be R65 (25% prem), closer to intrinsic value $JSEAIP

NVIDIA IS NOW WORTH MORE THAN... WELL, BASICALLY EVERYONE ELSE Nvidia’s $4T valuation isn’t just historic, it’s comically massive. It’s now worth more than Meta and Alphabet combined. More than Microsoft. More than Apple and Amazon together. At this point, Nvidia could…

Challenges of investing in pharmaceutical companies with a high degree of certainty: - Drug development (clinical trials) has a high failure rate - Regulator (FDA) rejections can wipe out years of research spend - Once patents end, revenues can decline rapidly

Even Buffett makes mistakes. When he invested in 1966, Disney had a market cap of $90m. Now, 59 years later its $204bn. Providing a 14% CAGR. No wonder he would soon later start looking to buy and hold quality businesses. This one was trading on a PE of 5x! $DIS

Not long ago Telkom $JSETKG was the share no one wanted to own. Now they are the only SA telco earning a marginal return above their cost of capital. Driven by their data-led strategy offsetting the decline of legacy voice. TKG's Mobile ROIC: - FY 25 15% - FY 24 11% - FY 23 6%

All of a sudden that impenetrable moat (Network Effects, Scale Economies) investors ascribe to Amazon is starting to look a bit less impenetrable. Yes Amazon is far ahead, and it has many advantages, but it is still largely just a retailer. $AMZN

Have to agree with this brokers Q2 comment this morning "Platinum up 37% for the Q, Palladium up 16.5%. These moves, coupled with record gold and rolling energy prices, means that SA’s terms of trade is approaching 10-year highs! I think hugely under-appreciated!"

"Half of your marketing expenses are pointless, but you don’t know which ones" - LVMH CFO, Jean-Jacques Guiony 🤣🤣

What is this ? An oil price spike for ants ?

Would you look at that, JSE Top 40 handsomely outperforming the S&P 500 year-to-date. Driven by Gold & PGM miners.

Spar the latest member of the club. Joining the likes of Woolworths, Sasol, Brait, Famous Brands, Truworths, Mediclinic, Standard Bank and Discovery. World domination not that easy it seems 😅

Bought Amazon at its 2021 peak? You’re up 8%. Meanwhile, the business grew 142%. Valuation matters. $AMZN