As happens on the last Sunday of each month, here is the stock exchange office for October 2018 in which Adrián Godás and Paco Lodeiro answer questions from listeners.
On this occasion, we deal with topics such as Adrián's broker change, the requirements to manage an investment fund, invest short, the EV / FCF ratio, invest in holding companies, Juan Gómez Bada's Avantage Fund, live off the stock market, invest in PIAS or portfolio monitoring and we will talk about some companies such as IPCO, Greenalia, Aryzta, Berkshire Hathaway, Burford Capital, Quabit or Riviera Resources.
Tabla de contenido
- Offer of € 300 discount on Advanced Training
About small caps and Bre-X
Hello, how to invest in micro caps and not get a bre-x?
On the change of broker from DeGiro to Interactive Brokers
Why the change from DeGiro to IB?
Opinión de Greenalia
On podcasting in English
Why don't you do a spin off of the show in English? If 30% of the audience speaks English, you already have a great base and from that to translate the web and the courses are 3 kicks.
About the love of reading
Adrián congratulations. A curious question, since you have come to have such a fondness for books, you surprise me how much you can read.
Sobre Avantage Fund by Juan Gómez Bada
I find Juan Gómez Bada's Avantage Fund interesting, low commissions, a manager with his money invested even though the manager is Renta4 but I have seen that his second position is Tesla. What opinion do you have of this fund, did you already know it? What to do when we do not agree with any of the positions of a fund such as this case? Thank you and keep it up.
Where to buy IPCO
Buy IPCO in Canada or Stockholm?
About the requirements to manage an investment fund
What is the minimum qualification to manage an investment fund? Would only LADE be enough or would it be necessary to obtain an additional degree? What is the minimum capital to create an investment fund? Is a minimum number of participants mandatory? Is there a product similar to an investment fund that requires less minimum capital, fewer participants or less qualifications? Regards
Paco / Adrián you, if you had invested in Aryzta, wouldn't you have run to the minimum? A lot of debt, capital increases, bad management (seen what we have seen), etc. Very value this investment does not seem to me.
(Miguel from Granada)
About Berkshire Hathaway and index funds
A direct consultation on long-term investment. In my case, I have a 3-year-old son who has a checking account in a bank where he saves small monetary gifts that they give him. The question is: For long-term investment, about 20 years, Vanguard SP500 Index Fund or Berkshire B Shares?
On tracking stocks and funds through an app
I have been a faithful follower of the podcast for 2 months on Ivoox, I would like to ask you if there is an application to keep track of a personal portfolio of funds and stocks for Android, because so far I have tested on various websites and some do not have all the stocks , others not all funds ... and I have to do the calculations a little by hand. Thank you
On investing short and the EV / FCF ratio
Hello, excellent podcast. I wanted to ask you a couple of questions for the next trading office:
1 - I have read comments in online forums that "shorts" (short positions) can cause a stock to crash. But I don't really understand the "how". How do short positions affect the price of a certain share? -
2 - In a previous podcast I heard you say that the EV / FCF (Enterprise Value / Free Cash Flow) multiple is for you the "definitive" multiple. Could you explain why this multiple would be higher than, for example, EV / EBITDA? Thank you very much for the answers. A pleasure to hear from you.
About investing in holdings
I would like @ValueInvestingS and @The_Godas to comment on their podcast if buying holdings is a "slow but safe" bet, trusting that one day the discount with which they usually quote will be reduced. Thank you!
And if you want to tell us as a bonus, which ones you like the most: Alba, Sonae, BAM, Exor, etc, it would be the repera 🙂
(Jaime S from Twitter)
On the capital increase of Burford Capital
Doesn't Burford's move by issuing stocks seem a bit weird to you?
(Fernando Alonso from Twitter)
About the book "The Rebellion of Atlas"
I am very surprised by the absence of a liberal bible book "The Atlas Rebellion". Didn't you like it or didn't you read it?
I love your podcast.
They have offered me insurance products called PIAS stands for Individual Systematic Savings Plan and, in reality, it is a fiscal framework that provides long-term savings insurance. Its greatest attraction is the tax advantages. When the benefit is collected as Guaranteed Life Income, both the premiums contributed and the capital gains generated are practically exempt from tax.
What opinion do you deserve?
About Riviera Resources and the "product tankers"
Thank you very much for the Value Investing FM initiative to Adrián and you. I am sending you this message to ask you two questions:
1- Do you know the Riviera Resources company? It is a company that has significant oil and gas properties, although its most notable asset is midstream activities (gas liquefaction, transportation and storage). This company is a Spin-Off (of 'Linn Energy'), without debt and with a program (already started) to buy back shares (tender offer) worth $ 100 million dollars. The company's market cap is $ 1.65B. There are three main shareholders who own almost 50% of the capital stock of the company (York Capital, Fir Tree and, to Adrián's delight, the activist fund Elliott as the largest shareholder of the company with 20.1% of the capital stock). I am sure that the company could be of interest to Adrián. I await your comments if you are so kind.
2- Adrián has published a recent entry about Tankers on his website “Haciaeldanubio”. Can you update your opinion on the 'Product Tankers' segment in particular? It seems that scrapping (ship dismantling) will not be as high in Q4 because the market expects a rise in freight rates during the rest of the last quarter. I would appreciate a more general explanation on this ship subsegment.
Kind regards, and thanks again for your Podcast,
Let's see how you see Quabit real estate, the continuous market. I know that on fundamentals it is disgusting since it still does not give benefits, although it plans to enter black numbers next year and I would like to know what you think. I have entered a few days ago for the medium term.
On living off the bag
I am a young man of 29 years old, with a medium degree and a higher degree related to electricity. I have little mathematical knowledge, but due to a family problem, I cannot exercise my studies, because I have to help the family.
My question is, without that mathematical knowledge, and since I cannot practice my profession much, can I dedicate myself to the stock market from home?
I have already read the quick guide and my intention is not to get rich, if not to generate money for my future. How to generate a monthly salary, I do not know if I explain myself.
On undistributed profit
Now my question is about the undistributed profit, I am attaching a screenshot of Pfizer's morningstar.
I am trying to find companies with more cash than long-term debt and in this case it is not fulfilled, since for 2017 it has 19.992 in cash and a debt l / p of 33.538, but then in its equity I see that it has an undistributed profit of 85.278. Is this figure money that the company has available?
I know that the doubt is long, but maybe for other people it may be interesting to comment on the podcast what exactly the undistributed profit is.
Thank you very much for your work and greetings
On the taxation of investors
Tip: Investor Tax Program
On the influence of age when investing
From personal experience I know that it is not the same to invest with 30 years, when you do not have many responsibilities or obligations, than to do it with 40, with a wife, family, certain assets and let's say that you already have things to lose. How do you think this may affect your way of investing and what antidotes would you recommend.
About the electricity market
I saw the Enron documentary you recommended and the following occurred to me: do you think there can be a parallel between the rise in electricity prices that California suffered with the liberalization of the electricity market and the rise in prices that we are experiencing in Spain in recent years? years after the market was also liberalized not long ago?
(Raúl de León)