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LATEST INSIGHTS
Thoughts, insights and opinions from our team of investment experts
Gennadiy Velichko on Competitive Advantages
We believe the intensive study of industries, business models, and management teams in the context of competitive advantage is critical in constructing investment portfolios. At Generation, we prefer to invest in high-quality businesses with sustainable and growing competitive advantages run by great managers.
What a Weird World
On rare occasions the market takes on a speculative bent as animal spirits run amok. For us value investors, during these periods, it’s always hard to believe that the others, whose behaviour is so odd to us, are competing in the same field. Why would anyone ignore fundamentals, buy purely on price, chase what’s already gone way up, use highly-speculative instruments, assume extreme leverage, or worst of all, purchase something that’s hugely popular—gone viral—a ‘meme’ stock?
Amateur Year
Forget amateur hour–the post-pandemic boon that has now lasted just more than twelve months has been defined by amateurs. Buoyed by their gains, some of these amateurs have become self-styled market prophets. Others revel in their losses in places like Reddit’s infamous WallStreetBets subreddit.
Zooming to Booming
The economy, now booming thanks to massive government stimulus and zero interest rates, should accelerate further in the near term as pent-up demand is unleashed. There are notable concerns which could cause the markets to ebb—especially since stocks in general are priced for perfection.
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