💰 Franco-Nevada is added to the fund's gold royalty holdings, complementing existing positions.
⛏️ The company is considered more mature, with half its assets not yet in production.
⏳ Franco-Nevada has approximately 30 years of cash flow from its current portfolio, even without reinvestment.
🌆 Howard Hughes Corp's revised strategic plan, focusing on developing MPCs and selling non-strategic assets, is well-received.
👤 The appointment of a new CEO with experience from Brookfield Properties is seen as a positive move.
👻 Concerns about privatization have diminished, allowing for long-term holding.
🥃 Rémy Cointreau is a new addition, known for its niche in premium liquors.
📈 The company focuses on increasing the percentage of products over $50, indicating a premium strategy.
⬆️ Recent investments are expected to improve results in the coming years.
🛡️ Charles Schwab's strategy of sacrificing short-term gains for long-term growth is praised.
🤝 The company's diversified income streams position it favorably in the brokerage commission war.
🎯 Strategic acquisitions of competitors are expected following commission cuts.
✅ Berkshire Hathaway is considered undervalued, with an annual growth rate of 8%.
🛡️ Warren Buffett's buyback policy at 1.2 times book value provides a safety net.
📈 The stock is trading around $130, offering downside protection.
