Trending Assets
Top investors this month
Trending Assets
Top investors this month
Welcome Background Image
A new era of
smart money
Investing insights, verified.
Already have an account?
For You
Airbnb: "Turning The Corner"

As 2023 draws to a close, Airbnb continues to reach new heights. Nights & Experiences (N&E) booked on the platform will approach 450 million this year, up ~6x since 2015, with cumulative guest spending (gross booking value, or GBV) of ~$73 billion. For its efforts, Airbnb will generate ~$9.8 billion in revenues (~13.5% of GBV, ~100 basis points higher than FY18). Finally, with help from a significant improvement in its cost structure over the past five years, Airbnb will generate EBIT of ~$2.4 billion, up nearly 30% over FY22. This is a new world for a company that previously struggled to stay in the black. Airbnb’s TTM operating margins are more than 3,000 basis points higher than pre-pandemic levels. This reflects OpEx leverage across all expense lines, with the most significant improvement attributable to Sales & Marketing expense (~1,700 basis point improvement from YE FY19 to YTD FY23). The near-death experience that Airbnb faced during the early days of the pandemic ultimately led to operational changes and a narrower strategic focus at the company; in hindsight, this is a much better business for having lived through those tough times. (“We made many difficult choices [during the pandemic] to reduce spending, making us a leaner and more focused company; we’ve kept this discipline ever since.”)

post media
Airbnb: "Turning The Corner"
From “Capitalizing On Adversity” (February 2023): “In mid-2022, as Airbnb CEO Brian Chesky reflected on the company’s evolution since the beginning of the pandemic, he said the following: ‘Some of the best companies are born in recessions, they're born in crisis;

RIP: Charlie Munger
Sad news to hear about the passing of a great investor teacher and a legendary thought leader.

Charlie Munger was a huge influence in shaping our investment philosophy ... as we're sure he was for many others.

Some of our favourite quotes of his:

"More investors don’t copy our model because our model is too simple. Most people believe you can't be an expert if it's too simple.
How did Berkshire’s track record happen? If you were an observer, you’d see that Warren did most of it sitting on his ass and reading."

"I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do."

"If you remove just a few of Berkshire’s top investments, its long-term track record is pretty average"

"If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get"

"Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I.
If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is.
So the game is to keep learning, and I don't think people are going to keep learning who don't like the learning process"

There are many more. Thank you Charlie for making us all better investors.
post media

Saddest day in the history of days! I’m not even joking. This is the biggest hit for me
See more of what you want
Want to Find a Fortress Balance Sheet?
Use these metrics to analyze balance sheets like a pro.

→ Current ratio > 1
→ Asset Turnover > 5%
→ Interest coverage > 5
→ Debt to Assets < 40%
→ Net debt to EBITA < 3
post media

Macro Chart of The Week
With rising interest rates, what about debt and related interest payments for Corporations & the Consumer? This might surprise many, so let the following sink in:

  • corporations have the LOWEST net interest expense since the 1970s … ‘but, how comes bro? Higher interest rates should mean higher debt servicing costs!’. Well, there is a reason why corporations have treasury departments: many companies had enough time in 2020 & 2021 to negotiate very low fixed rates, and they did it!

  • consumer, similar story: financial obligations as share of income is quite low …

Maverick Charts - Macro & More with the November edition coming out soon to town
post media
Maverick Equity Research | Substack
Independent Investment Research & Investor. Differentiated reports, trading ideas, lots of charts and educational topics. Risk management & hedging for an all weather portfolio. A Roger Federer fan ... Click to read Maverick Equity Research, a Substack publication with thousands of subscribers.

LVMH article & Final Hours for the BF deal
A brief overview of LVMH $MC $LVMH:

👉LVMH Moët Hennessy - Louis Vuitton is the leading French conglomerate specializing in luxury goods. The diverse portfolio of LVMH encompasses a range of exquisite products, including Fashion & Leather 👜, Wines & Spirits 🍷, Perfumes & Cosmetics 💄, Watches & Jewelry 💎, and Selective Retailing.

👉LVMH operates across the globe with its largest geographic regions being Asia accounting for ~30% of revenue and US accounting for ~27% of revenue for FY22.

👉Its portfolio which includes 75 prestigious ‘Houses’ or ‘Maisons’, comprises among others of brands like Louis Vuitton, Christian Dior, Tiffany & Co, Tag Heuer, Hennessy and Moët & Chandon.

👉LVMH’s houses are broken down into six different sectors, namely: Wines & spirits (9% of FY22 revenue), Fashion & Leather (49% of revenue), Perfumes & Cosmetics(10% of revenue), Watches & Jewelry (13% of revenue), Selective Retailing (19% of revenue) and Other Activities (0% of revenue).

👉Fashion and Leather goods segment is at the core of LVMH, as for 2022, it accounted for roughly 49% (€38.6B) of total revenues and 75% of operating profits, recording an operating margin of 41%.

👉LVMH is run by the Arnault family which owns approximately 48.2% of the Company, equating to 63.9% of the voting power. Since becoming a major shareholder in 1989, Bernard Arnault has been leading LVMH as CEO and Chairman.

👉Key Financials:
-Revenue Trailing twelve months (“TTM”) H1’23: €84.7B, 11.9% CAGR during FY13 to TTM H1’23

-Operating income TTM H1’23: €22.4B (margin of 26.4%), 14.8% CAGR during FY13 to TTM H1’23

-Valuation: LVMH trades at a TTM EV/EBITDA of 13.5x (4 Year average of 16.5x) and a TTM EV/Sales of 4.5x (4 Year average of 5.4x).

If you are interested to read more on LVMH, here is our latest write-up.

Please also note that our BF deal was extended for another 48 hours! Here’s the details👇

🚀 Black Friday Deal! 🚀
✨ Get 20% off on all plans FOREVER with StockOpine!

📈 Quality stocks with strong financials & moats.
🔍 Inspiration for stock picks.
⏱️ Save time with noise-free, curated content.
📰 2 in-depth reports/month, investment cases, earnings reviews, & more!
Dissecting LVMH's Dynamic Presence in Luxury
“The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity- i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc.” Vincent Bastien

Leon's avatar
Frequentis $FQT has realized an innovative drone project in cooperation with Austro Control and ÖBB.

From now on drone garages will be distributed along the ÖBB’s rail network to provide valuable support in case of rockfall and storm damage on a railway.

Depending on the case, the use of drones will result in a huge amount of time saved, therefore minimising line closures.
post media

$RYCEY - price at 3 dollars.
I pick up this stock at abt 1.75 during the covid period. Due too travel restrictions all airline related companies struggled to survived.

Based on yesterday's price at $3 it's a good 70% up for me. Keeping my fingers crossed that their operational profits stabilize. Watching out for news of Airlines buying Airbus models as well.
post media

The Investment Checklist: The Art of In-Depth Research
Hey folks, I've read Michael Shearn's book: The Investment Checklist: The Art of In-Depth Research and decided to write kind of a summary splitted into 3 parts.

I would say the book is mainly for investors who already got started but need a wrap up of all the thing they came across with some new insights. Further research on most topics is likely needed as the book gives more of an overview and explains the most important concepts of a topic but doesn’t dive too deep. So for really experienced investors it’s probably more of a overall refresh, for less experienced ones it provides some starting points for diving deeper.

Have a good start into the new week!
Increasing Odds | Saesch | Substack
Sharing my investment journey on how I try to increase the odds of investing successfully and building long-term wealth. Click to read Increasing Odds, by Saesch, a Substack publication. Launched a year ago.

Most bought
Most sold
Follower $
1W change
Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise. Community members can link their existing brokerage accounts and share their real time portfolio, performance and trades (by percent only, dollar amounts never shared). Commonstock is not a brokerage, but a social layer on top of existing brokerages helping to create more engaged and informed investors.
Already have an account?