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29/05/21 23:20
Ha respondido al tema
Fundsmith Equity Fund: El fondo de Terry Smith
Esto es lo que opina Terry Smith sobre Amazon:Amazon’s got two businesses, one of them is really great, and the other one is hmm, I mean, you know, we’ve got the retail business which makes about 2% margins, and has been described by Tweedy, Browne, one of the fund managers I mentioned earlier, as a charity or utility for the benefit of consumers funded by Wall Street.They’ve got a point, I mean, it’s clearly not making adequate margins or returns on retail business, and of course it quad subsidised by Amazon web services the cloud business. And I think people are quite confused about this because they seem to think about it as though somehow, they’ve got to own the cloud business to power the online e-commerce business, no they haven’t. The two businesses have got no synergy whatsoever in reality, and again, there if they were to break the two out, I might really be interested in one of the two, but I’m quite worried about it as it stands, the structure, in terms of where we will end up with a business with a massive cross-subsidy across those two.But we are, as a team, people who continually re-examine these things, I mean we don’t think, I’m never going to own Amazon or something, and then just forget about it, we regularly sort of blow the dust off metaphorically from the online file and have a look at it.And we’ve done that in the past with companies and changed our mind, and we might change our mind again, on all or any of those, or they might change.