Northstar quarterly market reports
The Northstar Market Report provides powerful empirical evidence as to why we are confident that our investment philosophy and process, closely followed, will deliver market beating returns for our clients over time. This work again points to controllable factors - markets move wildly, falling in and out of love with different sectors and companies, but we have a defined formula that works and we stick to our guns by only owning quality companies when they are incorrectly valued by other investors. We discuss stocks in this report, delving into our investment cases for specific securities which we own.
CURRENT QUARTERLY REPORT
2021 – Quarter 4
THE BIG PICTURE
TINA – There is no alternative, or is there?
The global response of monetary authorities to stimulate growth since 2008 has created a form of economic coercion forcing savers into riskier assets. While we have no idea when the overpricing in these assets will peak, Northstar has a number of mechanisms to protect and grow client capital as the inevitable correction plays out.
FROM THE ANALYSTS
RICHEMONT: Revisiting the investment case
The recent announcement of advanced discussions with Farfetch is good news for Richemont investors as it could finally fix the group’s perennially underperforming online business YNAP, one of the primary concerns in its investment case. With medium-term prospects looking up, removing the drag YNAP has imposed on margins and returns on capital could unlock further value.
FROM THE ANALYSTS
Underappreciated improving fundamentals – conviction beyond the cycle
Despite improvements to their business models that strengthen their competitive advantages and durability of returns, Goldman Sachs and Accor remain underappreciated by the market. We discuss what we believe the market is missing and why we see further upside from current levels.
STAFF MEMBER PROFILE
Staff member profile – Cole Zweistra (Business Development Consultant)
When did your interest in financial markets start?
My interest in the financial markets began in university when one of my major assignments in financial management was to monitor and pick 5 stocks. We had to write a short investment thesis, and then report on them over a 6-month period. I started to really enjoy the complexities of the markets and the intricate attention to detail required.
QUARTERLY REPORTS ARCHIVE
Browse all our quarterly reports available by selecting the period from the dropdowns using year and date.