The hedge fund manager remains bullish on Block and shares his thoughts on company earnings in general.
, it failed to raise many novel points and found nothing existential. We view the report as a sideshow that has created a value opportunity as most of the concerns raised have natural counterpoints.The short answer as to why Block is still a good bet is that it is an innovative banking solution for individuals and small business in a US banking system that is archaic in its experience.
We have minimal exposure to the consumer sector in our portfolio but have a preference for retailers that face the younger demographic. Customers in the 18-25-year-old bracket are reaping the benefits of low unemployment without the headwinds of higher mortgage rates. Lovisa is a standout in this space.
On the other side of the coin, we’re most cautious around housing-related retailers. How many couches, cushions and coffee machines can you fit in your house?Most people haven’t heard of IPD Group. IPD is a distributor to the electrical industry providing products not unlike the circuit breakers in your home but on an industrial scale. Think hospitals, data centres, engineering applications, utilities etc. We like it because they have the ingredients to dramatically increase their market share over the next decade. They compete against a large, foreign-owned incumbent and a small handful of independents, all of whom are in maintenance mode.
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