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      • Growth Team Weekly Investment Insights

        14 February 2024   |  

        1) Why Central Banks May Be Reluctant to Declare Victory Over Inflation

        This Financial Times article highlighted a few reasons global policymakers may hesitate to declare that inflation is under control. Most notably, economic strength, particularly in labor markets, may be too good.

      • Vroom, Vroom, Vroom!

        12 February 2024   |  

        Did you hear that sound? That was the sound of Vroom’s engine shutting down. If you’re not familiar with the name, Vroom, was, an online-only used car retailer, which along with Carvana and several other upstarts, aimed to disrupt the incumbent “old-school” auto retailing model. With the announcement that Vroom is winding down its e-commerce operations, we looked back at our Q2 2021 portfolio letter. In it, we compared the business of Vroom to one of the incumbents, AutoNation, through the lens of our three margin of safety investment criteria: business economics, financial condition and valuation.

        At the time, both businesses were valued at roughly the same market value, approximately $5.5bn, so we posed the question: if you had to pick one of these two businesses to buy, which would you choose?

      • A Glimmer of Gold in the Pacific

        07 February 2024   |  

        Hiding behind the picturesque beaches, tropical rainforests, and immense coral reef biodiversity of Papua New Guinea is a precarious socio-economic situation. High unemployment, crime and a volatile political landscape often dominate the headlines of the natural-resource rich pacific nation and have hindered economic development. However, tailwinds from ongoing and prospective natural resource projects along with a recent push for fiscal reforms poise the country for an upswing and position it for increasing geopolitical importance.

      • Growth Team Weekly Investment Insights

        08 February 2024   |  

        1. Hot jobs report and Fed Speak takes March cut off the table

        Last week the Fed held rates steady at the 5.25% - 5.5% level but pushed back a bit on expectations for near term cuts due to a desire for “greater confidence” that inflation will return to the 2% goal or if the labor market weakened.