"If you are in your circle of competence, it is easy to filter information. If you are having trouble filtering then you know you are outside of it."


- Speaker at The 2016 Santangel's Investor Forum

THE SANTANGEL'S INVESTOR FORUM

"Thank you so much for having me at the event. I’m not exaggerating when I say that it was by far the best put together forum of its kind that I’ve ever attended."


"I am blown away by the group you assembled."


“What an excellent conference! Any time you show up and immediately spot five people who you think are among the best investors in the world, you know you are in the right place.”


VALUE LINKS
DAN LOEB: "With 237 million active accounts and 19 million merchants using the iconic PayPal checkout button online, PayPal enjoys a dominant competitive position with a 10x scale advantage relative to peers. Consumers love PayPal because it enables hassle-free, one-touch checkout across millions of online merchants; merchants love PayPal because it drives higher sales, with a checkout conversion rate of 89% – almost 2x that of credit/debit cards. We see parallels between PayPal and other best-in-class internet platforms like Netflix and Amazon: high and rising market share, untapped pricing power, and significant margin expansion potential. PayPal is in the process of evolving from a pure-play “checkout button” to a broader commerce solutions platform, expanding into adjacent verticals (e.g. in-store payments, B2B) organically and through M&A. We forecast above-consensus EPS growth driving shares to $125 within 18 months, for ~50% upside." Third Point - July 2018
KEN GRIFFIN: "Under Trump's tax proposal, the elimination of state and local deductions is going to put pressure on the northern cities to either reduce taxes or they are going to face a reduction in population...one thing in the United States that underpins real estate values, we still have population growth in America. People forget, in Japan, for example, we are going to lose a third of the population over the next 50-60 years. There is no way you are going to see home appreciation across most of Japan when you are going to lose a third of your population. In the U.S. as a whole we still have a growing population that is going to underpin home prices for years to come." CNBC - July 23, 2018
MARC ANDREESSEN: "We are in a product cycle business. Which is to say that every product in tech becomes obsolete, and they become obsolete pretty quickly. If all you do is take your current product to market and win the market, and you don’t do anything else — if you don’t keep innovating — your product will go stale. And somebody will come out with a better product and displace you." A16Z.com - July 20, 2018
JORGE PAULO LEMANN: "I’m a terrified dinosaur,” he said of the craft brand-driven changes in tastes and in Amazon-driven consumer spending habits that are reshaping the world’s largest consumer companies, including 3G holdings.“I’ve been living in this cozy world of old brands and big volumes," said Lemann. “We bought brands that we thought could last forever,” and borrowed cheap money to do so, he added: “You could just focus on being very efficient... All of a sudden we are being disrupted." Forbes - April 30, 2018
BUSINESS INSIGHTS
MICHAEL CLARK IS IN A HURRY: "In early 2014, Michael Clarke took the job as CEO of Treasury Wine Estates. He had never worked in wine, but he was confident he could lead Treasury back to profitability. So far he's had success. Treasury's sales and profits in both China and the United States have dramatically improved. But still, there are doubters." Wine Spectator - July 2018 (Subscription required)
THE MOST IMPORTANT VIDEO GAME ON THE PLANET: "Fortnite is a candy-colored video game populated by friends and celebrities, with quantified metrics for success tucked into every corner, constantly updated, highly social, usable anywhere, dopamine-releasing, and extremely competitive. In other words, the way to think about Fortnite isn’t Halo, but Instagram. Not Call of Duty, but Snapchat. What’s the difference between racking up kills and racking up likes?" NYMag.com - July 2018
AFTER THE CONCORDE: "BA dismisses the suggestion that Concorde has been put down prematurely. In the end it was the halving of premium travel (supersonic, first class and business class) thanks to economic slow-down, terrorism and the Iraq war that sealed its fate. Its success with BA was always rather artificial, since five of the 14 aircraft that eventually went into service with it and Air France were handed over for nothing, for lack of other buyers. At one point, there were 74 orders for the aircraft from 16 other airlines, half of them American. These were cancelled when rival supersonic aircraft being developed by Lockheed and Boeing were scrapped in 1971. It became clear that America would no longer favour supersonic flight, so airlines had no need to invest in them. America then fought for years, before relenting, to deny Concorde access to Washington, DC, and New York. Environmentalists attacked its noisy sonic boom and its fuel consumption. It was banned from flying supersonically over land, which made using it less worthwhile. High oil prices also hurt: Concorde requires four times as much fuel per passenger as a 747 to cross the Atlantic." Economist - October 2003
EVENTS
October 24-25, 2018
October 24, 2018
THIS MESSAGE IS BEING PROVIDED STRICTLY FOR INFORMATIONAL PURPOSES, IS NOT A RESEARCH REPORT AND CONTAINS INSUFFICIENT INFORMATION TO MAKE AN INVESTMENT DECISION. NO INVESTMENT ADVICE IS BEING PROVIDED.