Tobacco Gets Smoked

  Market Scorecard It is no secret that 'Team Vestact' is not a fan of tobacco stocks. We even had a short on British American Tobacco for a while, let's just say that we got smoked. Our view has been that smoking is on the way out, and at some point, the strong cash flows … Continue reading Tobacco Gets Smoked

Price Flat Lined

  To market to market to buy a fat pig. It is one year on since we found out that Trump was going to be the next president of the US. In a speech he gave this morning in China, he took the opportunity to remind people of the 25% rise in the stock market … Continue reading Price Flat Lined

Lodging Profits

"Airbnb will possibly achieve 2.8 billion Dollars in revenues this year. The company trades at roughly 11 times revenues, if you are using that metric. Priceline, the listed entity that owns amongst other platforms (see recent note - Priceline 4Q & FY numbers - still strong growth), trades on 8.5 times revenues, with a … Continue reading Lodging Profits

Online Travel

"For those of you who are not familiar with the business, they own various travel portals and interfaces, including ones that you may have used often,,, Kayak, Agoda, OpenTable and I am pretty sure that you have used these services at some point if you are familiar with online travel."   To … Continue reading Online Travel