About Cementos, we have Pacasmayos in Peru that I reviewed quite a few times but never pulled the trigger as it does not seem cheap enough or quality enough.
I am not sure about SOTP ideas unless they are clearly defined as a holding company; they never really rerate and trade on earnings multiples so the parts have to produce an equity income, which depends on the accounting method and country of the business.
Cementos is held by the Colombia ETF along with its parent Grupo Argos SA (BVC: GRUPOARGOS) which seems to own a big chunk of Colombia - can be tough to evaluate conglomerates & their parts while in Asia there tends to be shell games being played etc...
Not more comments? Just to say Congratulations on the new fund! Wishing you every success! Excuse me for being nostalgic, but it will forever be a regret that I didn't bung you $10k when you started doing SMAs (it doesn't feel that long ago... but is) & be able to share the journey of seeing you become such a distinguished manager (& make some good bucks!). (Though geography/admin was always part of the problem my end).
I linked to your piece in my Monday EM links collection post:
Emerging Market Links + The Week Ahead (November 24, 2024)
China bank loan misappropriation worries, more Adani troubles (US indictments), Macau rising, Javier Milei interview, strong USD to hit EM bonds, EM stock picks & the week ahead for emerging markets.
About Cementos, we have Pacasmayos in Peru that I reviewed quite a few times but never pulled the trigger as it does not seem cheap enough or quality enough.
I am not sure about SOTP ideas unless they are clearly defined as a holding company; they never really rerate and trade on earnings multiples so the parts have to produce an equity income, which depends on the accounting method and country of the business.
Cementos is held by the Colombia ETF along with its parent Grupo Argos SA (BVC: GRUPOARGOS) which seems to own a big chunk of Colombia - can be tough to evaluate conglomerates & their parts while in Asia there tends to be shell games being played etc...
Not more comments? Just to say Congratulations on the new fund! Wishing you every success! Excuse me for being nostalgic, but it will forever be a regret that I didn't bung you $10k when you started doing SMAs (it doesn't feel that long ago... but is) & be able to share the journey of seeing you become such a distinguished manager (& make some good bucks!). (Though geography/admin was always part of the problem my end).
I linked to your piece in my Monday EM links collection post:
Emerging Market Links + The Week Ahead (November 24, 2024)
China bank loan misappropriation worries, more Adani troubles (US indictments), Macau rising, Javier Milei interview, strong USD to hit EM bonds, EM stock picks & the week ahead for emerging markets.
https://emergingmarketskeptic.substack.com/p/emerging-markets-week-november-24-2024
Congrats on the new fund!