Pinnacle Investment Management Group’s Post

Name: Blake Henricks: Firetrail Investments
Uploaded: 2023-10-09T01:41:37.904Z
Channel: Pinnacle Investment Management Group

Pinnacle Investment Management Group

18,369 followers

11mo Edited

Here's Firetrail Investments portfolio manager Blake Henricks with an overview of an asset we're sure you've never before looked into. It was founded in 1962. No revenue until 1988. Out of favour 2018 - 2021. Then, it was a record year in 2022. It's a valuable asset that was once out-of-favour, and as Blake explains these are some of the most attractive opportunities for investors. This highlight from the recent Pinnacle Investment Summit also provides an insight into why the Firetrail team sees 'old world' assets looking more attractive in the 'new world'. Learn more about investing alongside Firetrail: https://firetrail.com/ Watch the full presentation: https://lnkd.in/giiAExVx #PinnacleInsights #Investing #stockmarket

Transcript

You will definitely know this asset. It's typically made about $40 million a year through the cycle. It was actually founded in 1962. But it didn't make its first revenue until 1988. And what you can see, look at 2000 and 18/19/20 was terrible. In the middle of COVID, 21, not so good either. But 2022, what a year it was. The asset we're talking about is Tom Cruise. These are his annual earnings. And I was thinking about what? I'm gonna talk about this presentation. I was just amazed. Talking to friends. I don't know if you've been the same. People are saying ohh Top Gun 2 Jesus sequels so much worse. But people came back. Jeez, have you seen the sequel? This is an amazing, amazing movie. Tom Cruise was heavily out of favour. Yeah, I was talking to people five years ago and saying, jeez, Tom Cruise is really, he's lost it. Yeah, he's broken up from his wife. He had personal issues going on. Then you had COVID. The best time to buy Tom Cruise was in 2020. Now you can't do that. So I won't just stick with the movie stars, but what I wanted to do now is share with you some investable ideas on how you can invest in some of these uncomfortable opportunities. Now the big one you hear about. Is the New World? I hear a lot about the new world. You probably do too. What does the new World mean? Well, to me, it means higher expectations. For new assets being built, it means increasing sustainability. Higher interest rates are probably part of it too. But old world assets are becoming more attractive because the barriers to building new things is getting harder. Now I wonder if you or some of your clients have tried to do an investment development. Maybe they've tried to build some residential property, commercial property or or really done anything? It's getting much harder, it's taking longer and it's getting much more expensive. There's also blue collar constraints. So we're hearing less plumbers going into the industry, less electricians building new stuff is getting harder. That's the key point. So where are ways to make money? How can you make money out of this? You know, I think some really interesting areas would include energy and commodities. It's getting much harder to build these things. But also with higher interest rates, brands and customer bases are also more valuable. You know, doing startups five years ago at very low interest rates was very easy, but now you've got a cost of money, it's going to be much harder to recreate those customer bases. Now, there's been 2 examples in the High Conviction fund where investors have managed to benefit Newcrest Mining and Origin Energy. Now both of those are seen as Old World assets. But in both cases, they receive takeover bids in the past 12 months. In one case, Newcrest received a 30% takeover. Origin received a 53% premium. Now the reason I share that with you is because the acquirers were doing the numbers. Investors are always saying should I build it? Or should I buy it? Build versus buy and our very strong view is as the barriers go up to building new things, old world assets are very, very valuable.

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Pinnacle Investment Management Group’s Post

Blake Henricks: Firetrail Investments

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