In December 2021, Cathie Wood remarked that her flagship fund, with its best-in-class research, could deliver a 40% CAGR over the next five years.
As we surpass the 4Y mark, they are hitting a negative 6.5% CAGR.
You: Refers to it as permanent capital loss
Me: Calls it an abundance of tax-loss harvesting opportunity
We are not the same.
Interesting chart showing how the Financial Times' coverage of UK markets has declined significantly since 2010.
Political content has, unsurprisingly, seen incredible growth. Some speculating this is why LSEG recently cancelled 100s of corporate subscriptions to the FT.
It has paid to be invested in the banking industry over the last few years for British investors.
Here are the 3Y returns of the five largest UK-listed banks. The worst performer put up a 34% CAGR.
Reddit never fails to amuse.
Since this post, on April 20th 2025, $GOOGL is +108% and has never closed below the price Alphabet traded at when this post was written.
$CMG Former compounder-turned-slop-merchant, Chipotle, just released an 8-K indicating that an additional $1.8 billion share repurchase agreement has been approved.
They have repurchased ~$2.3 billion so far in 2025.
For the office that I am manifesting
$LPE Interesting HY results from pure-play Champagne Maison, Laurent Perrier. Shows green shoots of recovery in market.
From APR to SEP, LP grew Champagne sales by +3.5%, while reporting a +2.6% volume and +1.6% price effect.
Notably, Europe-ex-France was +13.6% in sales.
$AAPL Apple's super thin iPhone Air appears to be suffering from lower than anticipated demand. Sounds like the XR launch...
"the company slashed production plans in half within weeks of the launch after the Air sold about a third of the tech group’s highest expectations".
It sounds bizarre to say Apple has only spent $13 billion in CapEx over the last year when Meta, Alphabet, and Microsoft have spent a combined $214 billion.
United Kingdom unemployment creeps up to 5.00%, up from 4.80%.
Highest level in the post-pandemic era.
With the BOE interest rate decision coming up in 20 minutes, the consensus is saying that:
• 0/9 votes for a Hike
• 6/9 votes for Unchanged
• 3/9 votes for a Cut
Wild stat from the FT on the LSE vs NYSE:
"In the year to September just $210mn was raised from London IPOs compared with $52.8bn in New York over the same period".
I love how "slop bowl" has entered the dictionary of mainstream media.
$CMG
$SPX This is just price return (not total return) but look at the drawdown in the S&P 500 from 1929 through to the 1950s.
$GOOGL All-Time High
$MC The talking heads are suddenly positive on LVMH again, after the stock price went up.
$INTC Intel's EBIT history is wild.
$GOOGL First time the average price target on Alphabet has been lower than the current share price in the last 10 years.
$V Visa to pause efforts on US Open Banking for now.
Interesting context below, from the Goldman Sachs Communacopia + Technology Conference
Historic lows at $LULU for P/E and EV/EBIT
$BRBY It's 1 year to the day since it was announced Burberry would exit the FTSE 100, being removed later that month on the 20th Sep.
Today, it was announced they'd be rejoining the FTSE 100, taking effect on Sep 22nd.
Since falling out last year, the stock is +111%.
United Kingdom Job Vacancies (718k) vs. Unemployed Persons (1.7m)
The $GOOG is +6.5% pre-market.
The UK vs. Poland in GDP per Capita (PPP) over the last few decades.
$GRG Interesting that Greggs is being priced at <1x sales here.
It briefly dipped below that during the depths of the pandemic, but before that hadn't been below 1x sales since 2014.
12/ Sea bass w/ Summer Courgettes
Total Time: ~15 minutes
15 minutes to whip up, 7 Ingredients. Well-seasoned sea bass with buttery flesh & crisp skin on a bed of seasonal courgette, doused in extra virgin olive oil, basil, garlic, lemon, and a kick of charred chilli pepper.
11/ Gochujang Sticky Chicken Bowl
Total Time: ~45 minutes
Quite a bit of faff with this one but will usually make enough for the next day as well. Keeps very well. Fragrant, savoury, spiced, vinegary, the smell of this sauce smacks your nostrils while the sides add freshness.
10/ Sweet Chilli Salmon Fishcakes
Total Time: ~15 minutes
Fish cakes with breading are lame. This is a cleaner and more sumptious alternative. Literally 8 ingredients. Never fails to please.
9/ Fennel & Swiss Chard Pork Chops
Total Time: ~20 minutes
Fun way to spice up a boring old pork chop. The soft, acidic, base of fennel and chard compliments the rich and fatty chop with egg very well.
