EssilorLuxottica

Today I‘m sharing with you my main portfolio. This doesn’t include any ETF investments and crypto currencies / gold etc. since I want to focus my presence on getquin on stock-picking.

Read my 3-part portfolio strategy posts to get the full picture - here are just the main pillars of what I‘m doing:

Long-term buy and hold (average holding time 5+ years at least)
Focus on high-ROIC compounders riding secular trends (top-tier capital efficiency)
High margins, strong FCF growth, large moats (7 powers strategy)
Holding not more than 20 stocks at a time while mainly focusing on US and EU based companies

I like to divide my holdings into „core holdings“ (forever stocks) and „trend picks“ (2030 stocks) as follows:

Core Holdings (“Forever Stocks”):

Growth Picks (“2030 Stocks”):

20Posições

37,12%

2 Comentários

risk_taker_1816@risk_taker_1816

1Semana

Amazon 2,5k% Plus damn what’s you’re buy in on that one

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wealth.builder101

@wealth_builder101

2Semana·

My portfolio strategy (part 3)

I use the 7 Powers framework from the book “7 Powers: The Foundations of Business Strategy” by Hamilton Helmer. It’s a killer framework for understanding why some businesses create lasting value and compound returns over time.

Each “Power” is a sustainable strategic advantage that lets a company generate outsized returns for a long time. I ask the 7 questions for each stock I am considering to buy.

1. Counter-Positioning

What it is: A new entrant adopts a superior business model that incumbents can’t copy without damaging their own biz.
Example: Netflix vs. Blockbuster. Blockbuster couldn’t move to streaming without killing its DVD revenue.
Why it matters: Creates asymmetric pressure; the old guard is paralyzed.

2. Scale Economies

What it is: Unit costs drop as volume increases.
Example: Amazon, Costco. Bigger = cheaper = stronger moat.
Why it matters: Hard to compete if you can’t match their cost base.

3. Switching Costs

What it is: Customers stick around because switching is painful.
Example: Adobe Creative Cloud, Microsoft Office, Salesforce.
Why it matters: High retention = stable cash flows = compounding machine.

4. Network Effects

What it is: The product gets better as more people use it.
Example: Meta, Visa, LinkedIn.
Why it matters: Leads to dominance, creates a feedback loop of growth.

5. Branding

What it is: Emotional or symbolic value, not just functional.
Example: L’Oréal, Hermès, Apple.
Why it matters: Lets companies charge premium prices and keeps customers loyal even if alternatives exist.

6. Cornered Resource

What it is: Exclusive access to a critical asset — talent, IP, data, supply.
Example: ASML (EUV tech), Novo Nordisk (Ozempic IP), Ferrari (brand + heritage + team).
Why it matters: If no one else can get it, you win.

7. Process Power

What it is: Unique internal processes that drive efficiency, innovation, or quality — and are hard to copy.
Example: Toyota (lean manufacturing), Amazon (logistics, culture of innovation).
Why it matters: Long-lasting edge baked into the org’s DNA.

If I had to chose one, Network effects would be the most important one for me.

Here are my current holdings:

3Semana·

My portfolio strategy (part 2)

Concentrate on the following sectors: Tech, consumer, healthcare, financial (excluding banks), industrials
Smallest position size 2% / largest position size 15%
Only sell a position when it can be replaced with a position that increases the overall quality of the portfolio
Avoid companies with little to no track record or companies going through a restructuring phase

Here are my current holdings:

2 Comentários

2Semana

I see a lot of similarities to my strategy! Could it be that you watch a certain Youtuber with the initials JC? 😏

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wealth.builder101

@wealth_builder101

4Semana·

My portfolio strategy (part 1)

My Portfolio is a selection of 15-25 companies which I am buying and planning on never selling. The overall criteria for my #investableuniverse are the following. I will go in-depth in another post:

Little capital needed to run the business (high ROCE)
High returns on invested capital (high ROIC)
Profitability track-record with high gross margins / operating margins / high free cash flow margins
High free cashflow growth / substantial revenue growth
Global revenue diversification
Low cyclicality
#tollbooth Company - Large moat / brand name in the industry / no alternatives to the product
Predictable sources of future growth / global trends

Here are my current holdings:

6 Comentários

4Semana

i like it !

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Kate🦋

@Iwamoto

5Mês·

Why I am selling LVMH and betting on an ETF 🇫🇷 🥐🥖🇫🇷 🥳

The French stock market offers a large number of interesting stocks that are also very popular with investors.

Popular?

Well, yes,

Who wouldn't like LVMH, Sanofi, Air Liquid, Airbus, Safran, L'Oreal,

Essilor-Luxottica, Hermes, Danone, Pernod-Ricard and perhaps even more in your portfolio.

in the portfolio.

However, there are some hurdles and risks here.

On the one hand, we have to deal with the selection of stocks and the valuation and try to buy the stocks that we believe will rise in value at a favorable time.

Secondly, buying French shares is subject to French financial transaction tax (FTT) and 30% withholding tax on dividend distributions.

My optimization suggestion:

Instead of dealing with a large number of French shares and ending up doing everything wrong, I choose an ETF.

This has the following advantages, among others:

1 The individual share risk is spread.

2 Tax advantage for withholding tax, thanks to the double taxation agreement (see below)

3 Automatic rebalancing - the worst stocks are removed at regular intervals and new promising stocks are added to the ETF.

4 Low trading fees

Biggest disadvantage:

1 Most likely you will only achieve the average market return.

I have therefore opted for the Xtrackers CAC 40 LU0322250985 and will no longer buy French equities. Alternatively, the accumulating iShares MSCI France IE00BP3QZJ36 would also have been a good choice in my opinion.

Both ETFs offer a tax advantage, although you cannot avoid FTT. However, both Luxembourg and Ireland have a double taxation agreement with France. This means that the withholding tax on French dividends is reduced to 15%. Of course, this tax advantage applies not only to distributing ETFs, but also to accumulating ETFs.

I consider the already low TER of 0.2x% to be completely negligible, as both ETFs have had a positive TD for years.

In view of the weak performance of the current year, we could now be in a phase in which it could pay off to collect shares "cheaply" in order to benefit later from a higher personal dividend yield.

Conclusion:

I am selling LVMH and betting on the Xtrackers CAC 40 ETF to cover my entire exposure to France.

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$MC (+0,36%)
$AIR (+0,04%)
$AI (-0,05%)
$OR (+0,41%)
$RMS (-0,04%)
$EL (+1,18%)
$RI (+0,24%)
$DX2G (+0,51%)
$IS3U (+0,48%)

+ 1

8 Comentários

D.S.@Cato_Bamboo

5Mês

Not a bad approach, but for me the question is whether you even need to have this in your portfolio?

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Tenbagger2024

@Tenbagger2024

5Mês·

Mark Zuckerberg announces the end of the cell phone and presents a successor.

$META (+2,82%)
$EL (+1,18%)

Mark Zuckerberg, founder of Facebook, has declared that the age of the cell phone will soon be over. He explains this by saying that many people find cell phones too inconvenient. He already knows the successor to the cell phone.

For many people, the cell phone is an everyday object and is used more than once a day for a number of things. However, Mark Zuckerberg, the founder of Facebook and current head of Meta, explained in an interview that the era of the cell phone will soon be over.

What did Zuckerberg say? In a conversation with Cleo Abram on YouTube.com, he talked about technology. And here he explained that smart glasses would become the next big platform for users. Because people want to spend their time in a more natural and social way. And cell phones would get in the way of that. So he says:

'I think the trend in IT is to become more ubiquitous, more natural and more social. So you want to be able to interact with the people around you, and I think that [smart glasses] will probably be the next important platform after cell phones.

What makes him think that? He bases his thesis on the observation that users increasingly value discretion and convenience. The glasses, which are worn directly on the face, offer a more immersive and less intrusive experience than the smartphone.

Several manufacturers have been investing in smart glasses and the Metaverse for several years now

What is the current state of development? Major companies in the industry are already investing in this area, with each presenting their own idea of smart glasses. Apple with the Vision Pro and Meta are the most prominent players, but many other companies are also working on similar projects. And Meta and HTC also offer office applications via the PC that you can use through the glasses.

https://mein-mmo.de/zuckerberg-ende-handy-nachfolger-vor/

mein-mmo.deMark Zuckerberg kündigt das Ende des Handys an und stellt gleich noch einen Nachfolger vor

7 Comentários

Staatsmann@Staatsmann

5Mês

Well, I agree with him somewhat, but I don't think Meta Quest and the like are the solution.

Google Glasses? Google Lenses? They haven't even come close to catching on, although as someone who wears glasses I think the idea is really cool.

(Maybe like EDITH from Iron Man or Tony Stark? 😉)

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Aktien Stammtisch

@Aktien_Stammtisch

6Mês·

Analyst updates, 21.11.

⬆️⬆️⬆️

- BERNSTEIN RAISES TARGET FOR NVIDIA TO USD 175 (155) - 'OUTPERFORM' $NVDA (+3,19%)

- JPMORGAN RAISES TARGET FOR NVIDIA TO 170 (155) USD - 'OVERWEIGHT' $NVDA (+3,19%)

- EVERCORE ISI RAISES TARGET FOR NVIDIA TO 190 (189) USD - 'OUTPERFORM' $NVDA (+3,19%)

- JEFFERIES RAISES TARGET FOR SIXT STEMS TO EUR 110 (100) - 'BUY' $SIX2 (-1,56%)

- DEUTSCHE BANK RESEARCH RAISES RHEINMETALL TO 'BUY' (HOLD) - TARGET 700 (550) EUR $RHM (-3,99%)

- BARCLAYS RAISES TARGET FOR FRESENIUS SE TO EUR 40 (38) - 'OVERWEIGHT' $FRE (-0,05%)

- WARBURG RESEARCH raises the target price for ALSTRIA OFFICE from EUR 3.40 to EUR 7.10. Hold. $AOX

- BERNSTEIN raises the price target for ESSILORLUXOTTICA from EUR 194 to EUR 200. Market-Perform. $EL (+1,18%)

⬇️⬇️⬇️

- DEUTSCHE BANK RESEARCH lowers the price target for NESTLE from CHF 87 to CHF 85. Hold. $NESN (-0,16%)

- DEUTSCHE BANK RESEARCH lowers the price target for MEDIOS from EUR 23 to EUR 18. Buy. $ILM1 (+2,35%)

- ODDO BHF lowers the price target for GRENKE from EUR 27.30 to EUR 18.30. Neutral. $GLJ (+3,47%)

- BERNSTEIN lowers the price target for KERING from EUR 260 to EUR 220. Market Perform. $KER (-0,62%)

- BERNSTEIN lowers the price target for LVMH from EUR 795 to EUR 700. Outperform. $MC (+0,36%)

- BERNSTEIN lowers the price target for VESTAS from DKK 250 to DKK 215. Outperform. $VWS (+3,32%)

- JEFFERIES lowers the price target for SMA SOLAR from EUR 19 to EUR 14. Hold. $S92 (-1,53%)

- JEFFERIES lowers the price target for VERBIO from EUR 27 to EUR 22. Buy. $VBK (+2,36%)

- JEFFERIES lowers the price target for PVA TEPLA from EUR 14.50 to EUR 12. Hold. $TPE (-0,79%)

- HSBC downgrades TARGET to Hold. Target price USD 138. $TGT (+4,53%)

- UBS lowers the price target for BAYER from EUR 30 to EUR 22. Neutral. $BAYN (+1,03%)

Ic3m4n

@DerEinsteiger

10Mês·

What do you think of Essilor Luxoticca ? think it's better than Realty Income .

$$EL (+1,18%) WKN: 863195

5 Comentários

Enrique@Dividenden_Monteur

10Mês

They are just two different sectors.
How can you draw a comparison 😅

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