A Few Announcements and Other Thoughts
Podcasts, purchasing global stocks, and personal news
The holiday season is upon us, and schedules are busy, so thank you for taking the time to read Flyover Stocks.
Flyover Stocks podcast
First, I wanted to share that Flyover Stocks has a podcast! The initial purpose of the podcast is to house audio versions of Flyover Stocks articles, but who knows, maybe we’ll do some other formats down the line.
As of this morning, I’ve published two episodes, including What We Talk About When We Talk About Moats.
In the coming weeks, I’ll record and publish more archived posts so that you can consume Flyover Stocks content in the car, while walking the dog, or otherwise on the go.
As much as I enjoy writing and reading, I have noticed how much my content consumption has shifted toward audio, so I would be remiss to assume you only want to read Flyover Stocks content.
You can access the podcast on Spotify, Apple Podcasts, or wherever you get your podcasts. Please let me know if you don’t see Flyover Stocks on your favorite podcast app.
Please follow and like the Flyover Stocks podcast on your favorite app so more thoughtful investors can find it and join our community.
New role
Starting in January, I will be a finance lecturer at the University of Dayton, teaching undergraduate Intro to Finance courses. In 2017, I taught a semester of Intro to Corporate Finance for MBA students at Xavier University and enjoyed it immensely, so I’m looking forward to returning to the classroom.
In addition to teaching, I’m the incoming director of the student-run Hanley Sustainability Fund. The HSF focuses on ESG and sustainability characteristics in its holdings alongside quality and valuation markers.
ESG is squarely in the “trough of disillusionment” phase of the Gartner Hype Cycle, but sustainability-minded investing is not going away. As such, there’s ample opportunity for the students to create a blueprint for the next phase, and working with them on this challenge will be fun.
Importantly, these roles will not impact the work at Flyover Stocks. If anything, they will enhance it. I’ve found that new environments and interactions drive new insights and have positive spillover effects.
International Flyover Stocks
After last week’s profile of UK-based Halma plc, I received some questions about how often I’ll profile non-US-based companies.
US-based Flyover Stocks subscribers account for only about 40% of all subscribers, and the US market accounts for roughly two-thirds of the global market value. My plan is to profile eight US and four non-US companies over the year, or two US companies for every one global company.
I understand that, for US investors in particular, it can be more challenging to buy global companies. There are currency, higher commissions, and taxation issues to consider.
Sometimes, non-US companies are traded as over-the-counter (OTC) securities. These shares can be illiquid, infrequently traded, and carry additional fees.
I also get frustrated when I find an investment that’s complicated to buy.
That said, Flyover Stocks is not a recommendation service. Instead, I’m profiling overlooked, high-quality companies to aid you in your research. I don’t assume you’ll find every profile compelling, prudent for your portfolio, or agree with my conclusions. You shouldn’t feel like you’re missing something if you can’t or don’t want to invest in a profiled company. Always do your due diligence and consult a financial advisor or accountant if necessary.
Content corner
This conversation between the late Charlie Munger and John Collison on the Invest Like the Best podcast is a must-listen.
John Rotonti has put together a great series of episodes with leading fund managers with a focus on understanding their processes and procedures.
John Huber from Base Hit Investing on John Neff’s investment approach.
This week’s Flyover Stocks posts
Flyover Stock: Halma plc
Executive Summary: Halma is a UK-based serial acquirer, focused on the safety, environmental and analysis, and healthcare sectors Has grown its dividend by over 5% per year for over 40 consecutive years Since 1983, Halma has completed 154 acquisitions and has a team of over 20 dedicated M&A specialists
Macro Forecasting: Avoiding the Siren Song
You don’t need a weatherman to know which way the wind blows. - Bob Dylan You cannot afford to miss generational opportunities in the market. I did. During the height of the financial crisis in late 2008 and early 2009, I spent too much time worrying about the macroeconomic and political implications of the banking crisis and government bailouts.
Stay patient, stay focused.
Todd
At the time of publication, Todd and/or his family did not own any shares of companies mentioned.
Disclaimer:
This material is published by W8 Group, LLC and is for informational, entertainment, and educational purposes only and is not financial advice or a solicitation to deal in any of the securities mentioned. All investments carry risks, including the risk of losing all your investment. Investors should carefully consider the risks involved before making any investment decision. Be sure to do your own due diligence before making an investment of any kind.
At time of publication, the author or his family may have an interest in the securities mentioned or discussed. Any ownership of this kind will be disclosed at the time of publication, but may not be updated if ownership of a particular security changes after publication.
This newsletter does not provide buy or sell recommendations and articles should not be interpreted this way.
Information presented may be sourced from third parties and public filings. Unless otherwise specified, any links to these sources are included for convenience only and are not endorsements, sponsorships, or recommendations of any opinions expressed or services offered by those third parties.
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Exciting news on your teaching! You'll have the opportunity to impact lives, and I'm sure you'll take that charge seriously. I enjoy connecting with college students each year through the CFA Institute's Research Challenge; such a great opportunity for them to learn about working on a team to develop a succinct research report - and then present it in front of a panel of judges and an audience. While all students are not that serious and passionate about the subject you're teaching, some will be. Good luck reaching and inspiring them!
Congratulations on the teaching role! As a « wannnabe » teacher myself (one day, when I will finally have time for it) I would be very interested in a post discussing how you prepared for the course, what you included in the curriculum, and perhaps a few “tricks” to keep students engaged and interested. I always fantasize that I would sneak a lot of Berkshire Hathaway university into the official curriculum, and I know you share a lot of that way of thinking, so I am curious about what you include/exclude within the guidelines the university gives you. Thank you and keep up the good work!