Articles

Process Case Study: Crown Castle (CCI)

Step 1. Identifying a Long-term Inexorable Trend  Wherever possible, we prefer investments that benefit from an inexorable trend – the sort of long-term trend that cannot be disrupted by geopolitics, elections, pandemics, wars, etc., the sort of trend that we can be confident will continue for decades into the future, and the sort of trend...

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Third Quarter 2020 Update

The S&P 500 continued its rally in the third quarter, adding another 9% in total returns, making the last six months the best period of performance the market has seen in over twenty years. And we are pleased to report that our GCI Select Equity strategy comfortably outperformed the broader market over this period. Of...

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Investing vs Speculating: A Gold Story

Gold is in the news again, having soared 34% to record highs in 2020. Is Globescan Capital buying Gold at these levels? No. Not now, likely not ever. Why not? For the simple reason that we (nor anybody else) really knows what the intrinsic value of Gold actually is. Give us a real asset like...

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Factor Investing: Popular but Flawed

Over the last decade we have witnessed the rise (and fall) of many different investment concepts, as investment firms and academics search for a magic formula that can generate consistent returns, whilst crucially avoiding the hard work that is in reality required to generate those returns. Sadly most realize quickly that there is no...

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GCI: Growth or Value Investors?

A common question we receive is: “Are you at GCI growth investors or value investors?” Prospective clients might look at our portfolio and see holdings such as Microsoft and Mastercard, which have historically traded at price-to-earnings multiples in excess of 35x, alongside holdings such as First American Financial and UPS, which have historically traded at...

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Second Quarter 2020 Update

Dear Clients, Globescan Capital was founded on the principle that investing in high-quality companies at attractive prices is the most consistent way to achieve long-run, risk-adjusted returns. As such, as many of you already know, we do not overly concern ourselves with short term market swings driven by ever-changing sentiment shifts or short-term news flow. Instead,...

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Thoughts on Risk: How to Invest with Uncertainty

So far, the year 2020 has been characterized by volatile swings in share prices as the market comes to terms with the uncertainty surrounding Covid-19, social unrest, and the continuing US/ China trade war. Since its peak in mid-February, the S&P 500 has crashed by 35% and subsequently rallied by almost 50%. Throughout these huge...

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Equinix Inc. (EQIX): Connecting the World

The internet is fundamentally a network of networks. For example, this website that you are reading is stored on a server somewhere which is connected to a network that is likely different from the network you are using to read it. At some point, these different networks (Charter, Comcast, AT&T, etc) need to communicate...

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