great work Wes! really impressed on how you covered all the segments because there is so many. i’m going to ask an inevitable question pertaining to this equity, which is “what is the benefit of owning tencent over prosus? “
Thanks for the kind words they’re such a gigantic company with so many moving parts. The only reason I own tencent over Prosus is because I trust Pony Ma capital allocation skill more than Prosus and Prosus keep trimming their position in Tencent prematurely whilst the stock is depressed. I think that’s the wrong thing to do. Another reason is the chance of Prosus repeating a tencent like investment is slim. they’re essentially a one trick pony. I understand the whole discount as well but can I trust management to close that discount? It’s tough to be honest.
well said and i do share a lot of those concerns. i’ve simplified the investment as primarily the tencent asset and disregarding their NAV calcs. the conviction towards prosus is primarily because tencent is repurchasing as well, and if they can continue to do so prosus may just own the same % of the company they had before selling, while owning more of prosus.
Great work Wes, on one of the best companies in the Tech space🙏👍
I'll feature this in the next Friday Round-Up later today
https://open.substack.com/pub/rhinoinsight/p/the-friday-roundup-632?r=2587ts&utm_campaign=post&utm_medium=web
Thanks much appreciated 😁
You did a great job once again Wesley 👏🏻
Thanks Jordi much appreciated. I have to admit it tencent was a tough write up to put together but I did it 😅
great work Wes! really impressed on how you covered all the segments because there is so many. i’m going to ask an inevitable question pertaining to this equity, which is “what is the benefit of owning tencent over prosus? “
Thanks for the kind words they’re such a gigantic company with so many moving parts. The only reason I own tencent over Prosus is because I trust Pony Ma capital allocation skill more than Prosus and Prosus keep trimming their position in Tencent prematurely whilst the stock is depressed. I think that’s the wrong thing to do. Another reason is the chance of Prosus repeating a tencent like investment is slim. they’re essentially a one trick pony. I understand the whole discount as well but can I trust management to close that discount? It’s tough to be honest.
well said and i do share a lot of those concerns. i’ve simplified the investment as primarily the tencent asset and disregarding their NAV calcs. the conviction towards prosus is primarily because tencent is repurchasing as well, and if they can continue to do so prosus may just own the same % of the company they had before selling, while owning more of prosus.
Thanks Gordon and I completely agree with you there. Well run oil machine they’re