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建仓 AJG ，原因如下：
1、AJG 每股收益在过去五年翻了一番，年化回报率27％，远超标普12％
2、保险是所有文明发达国家的刚需
3、抗风险能力强，受益于通膨，轻资产模式（图1至3）
4、保险经纪行业依赖并购扩张，AJG是行业中最激进的那个
5、历次月线回落都系机构调仓所致，无关业绩（上车机会） https://t.co/fAtfigRbmV
1/ Thread: Newsletter TAM
Today I polled on twitter how many investment professionals pay for newsletter/research blog/substack subscription.
Almost half responded: Zero.
The other half who pays for subscription, more than half of them pays for only one newslett... See more
Tweets From Mostly Borrowed Ideas · @borrowed_ideastwitter.comApplied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett's Valuation Principles to Acquisitions, Catastrophe Pricing and ... Execution (McGraw-Hill Finance & Investing)
amazon.com
摘自大摩9月30日最新闭门会速记：
A股目前在10PE，21年最高18倍（很长时间内到不了），23年初对疫情重启的经济加速预期时给了12倍。如果财政持续发力，有可能回到12左右
目前A股相比新兴市场还有23%的折扣水平。如果估值抹平，意味着还有15~20％的上行空间。再进一步的话，就需要企业EPS的增长率提升 https://t.co/pTu3XJSw20
Copy of Prime Macaya Capital Management LP - January 2023 Thoughts - Barriers to Scale.pdf
drive.google.com
C-level and Comex member of Groupama with 30 years of experience in managing large organizations (>2000) in all fields of insurance & financier services in Europe, Asia and the US |
Yuri Narozniak
Say you want to evaluate a firm’s “fee billings per full-time equivalent employee,” often abbreviated like this: Fee Billings/FTE ee.
David C. Baker, Emily Mills, • Secret Tradecraft of Elite Advisors: Covert Techniques for a Remarkable Practice
if the firm is to meet its economic goals, it will require that seniors and managers are engaged in billable work for 75 percent of their time, and juniors 90 percent.
David H. Maister • Managing The Professional Service Firm
Evan Armstrong on Substack
substack.com