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Dear partners,
I hope this letter finds you in good health and spirit.
It is with great pleasure that I am reaching out today to share an update on Oceanside’s results for 2023 and what transpired over the past twelve months in the investing world.
As I sat down to write to you, I was struck by a sense of reflection and gratitude. It has been an exciting journey that has brought me to this moment, one I never, in my wildest dreams, thought of when I first started burying my head into a pile of companies’ financial reports and Warren Buffett’s shareholders letters and those of other investors and fund managers.
As investors in the unpredictable world of the stock market, one must understand that the ride is seldom smooth and full of twists and turns. The year 2023, for us and Oceanside Investment, was no exception. It was a roller coaster when I watched our portfolio soared to almost 40%, only to face challenging months when it dived into a negative zone.
It was indeed a wild yet enjoyable ride …
What happened in 2023?
From 3 January 2023 to 30 December 2023, Oceanside’s portfolio increased by 9.16%. This compares with some common benchmarks as follows:
Year | Oceanside Family Investment | MSCI World Index (excl. Australia) | Australia All Ordinaries (XAO) | 10-Year Australian Bond |
2023 | 9.16% | 22.04% | 9.79% | 3.96% |
There have been a couple of changes to the benchmarks that I would like to bring to your attention. In comparison to those referenced in the semi-annual letter, I have reconsidered that the MSCI World Index (excluding Australia) and the All Ordinaries (XAO) would better serve in accurately portraying market performances. This decision is based on the objectives of avoiding overlap and incorporating the 500 largest listed companies on the Australian Stock Exchange, respectively.
In terms of Oceanside’s performance, after enjoying a 20.14% return in the first six months of the year, the second half proved to be less favourable, resulting in our fund finishing at 9.16%- mark at the “first checkpoint” in this extended marathon. We underperformed the MSCI World Index (excl. Australia), trailing by a considerable margin of 12.88%, and XAO by 0.63%.
Despite the challenges encountered and the drop in Q3, we still had a decent run. Our journey has just started, and the past year has served as a much-needed warm-up. It is important to note that most of our portfolio companies continue to perform well under the current challenging macroeconomic environment. The stock prices of a few of them, however, are way off my estimates of their intrinsic values. Yet I am confident that we are poised to catch up and ready to accelerate at a notably swifter rate, drawing optimism from the underlying developments within our businesses and their current valuations.
The detractors of the portfolio’s performance were:
1. Just Eat Takeaway.com
2. InMode Ltd
3. Tencent Holdings Ltd
Just Eat Takeaway.com (JET), a prominent Dutch online food delivery marketplace, stands as the leader in the majority of its markets, well-positioned to capitalise on the ongoing trend of digitalisation in food delivery orders. Anchored by a robust multisided platform network effect, where increased user activity enhances its value, JET boasts formidable competitive advantages, primarily attributed to its dominant market share in key European markets.
However, the current market sentiment towards the Company is not favourable. The past three years saw catastrophic equity value destruction for JET, triggered by the poorly executed and badly timed Grubhub acquisition in the U.S. in 2021. The acquisition, which cost the Company $7.3 billion, resulted in a significant impairment loss of €4.6 billion shortly after. This has led to the scrutiny of the management team's capital allocation skills, causing JET's stock to plummet by nearly 90%, resulting in a nearly €18 billion decrease in the Company's market value.
Tragically, this collapse in market capitalisation occurred despite JET's strong operational performance from 2015 to 2022, marked by a revenue surge of approximately +400% and cumulative earnings before interest, tax, depreciation, and amortisation (EBITDA) exceeding €1.2 billion. JET continues to remain in a dominant position as the leading online food delivery business in key markets such as the UK, Germany, Netherlands, Canada, Italy, Switzerland, Poland, Ireland, Austria, and Belgium. Its competitive edge is fortified by network effects, scale advantages with more investments in logistics networks, and strong brand awareness. In addition to being a major player in the online food delivery sector, JET sees considerable growth opportunities in adjacent markets like grocery and retail.
The misstep in capital allocation has eroded investor confidence, prompting noteworthy changes. The CFO responsible for the disaster acquisition mistake has stepped down, and the Supervisory Board has undergone a few changes. JET is actively seeking to sell Grubhub, with potential proceeds nearing €3 billion, and at the same time, implementing strategic initiatives to turn it profitable. While the trajectory of future growth remains uncertain, especially when the American arm of the business continues to struggle, the Company as a group is rapidly becoming cashflow positive. Together with the management’s cost-efficiency efforts, good performances in the two fast-growing and profitable segments, namely Northern Europe and the UK and Ireland, have allowed them to upgrade its adjusted EBITDA guidance to approximately €310 million in 2023 (from -€350 million in 2021), with free cash flow projected to reach breakeven in the second half of 2023 and turn positive thereafter.
Jitse Groen, the CEO and the Founder, is the largest shareholder and owns just over 8% of the Company, which I like to see.
JET has initiated two share buyback programs, one of which has been completed and the other is ongoing, with the potential to reduce the total number of shares outstanding by close to 10%. While this strategic move might seem lucrative to investors (particularly at the current distressed valuation) and show some degree of management’s confidence in its stock, I maintain a degree of scepticism about whether this is the best use of capital, given the fiercely competitive winner-takes-all nature of the sector where almost everyone is loss-making. As a long-term investor, I would much rather see JET direct its resources towards technological advancements, improving its apps and platforms; expanding its network of restaurants and marketplace partners as well as the logistic network to gain market share and drive down the cost per order for the consumers. Fortunately, JET’s strong financial position, holding €1.8 billion in cash, does justify the undertaken action.
Despite the pessimism around the stock, I hold a strong conviction that JET represents a compelling investment opportunity, primarily owing to its significant undervaluation. Moving forward, I believe the Company should continue prioritising and gaining market share in regions where it already achieves profitability. The imperative step of divesting Grubhub (and perhaps shedding other underperforming assets in Australia/NZ) is a critical move that aligns with that objective. JET’s intrinsic value and its brand name, in my view, have not been fully recognised by the market. The management's strategic focus on profit-generating segments within the European market will be pivotal in unlocking this potential.
InMode Ltd (INMD) - an Israeli-based global leader in innovative medical technologies - specialises in developing and manufacturing devices centred around novel radio-frequency (RF) technology. With a mission to revolutionise medical practices, InMode focuses on minimally invasive procedures in various disciplines, including plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology.
At the forefront of INMD's offerings is a breakthrough skin rejuvenation device with adaptable applicators, catering to individuals seeking minimally invasive facial and body enhancements. These applicators (or platforms/workstations) deliver reduced scarring, minimal downtime, lower costs, fewer risks, and expedited results. InMode's commitment to an innovative, all-in-one approach addresses a spectrum of aesthetic concerns, making it a leader in advanced solutions for body and facial rejuvenation treatments.
The Company has exhibited remarkable growth over the last three years, more than doubling its revenue. It boasts impressive profitability, with gross and net margins standing at 84% and 40%, respectively. Its strong free cash flow margin, averaging around 40%, underscores its operational efficiency. The high Returns on Invested Capital (ROIC) (5-year average of 340%) highlights its ability to reinvest effectively without paying any dividends.
Financially, InMode is in an enviable position, carrying practically zero debt while holding a substantial cash reserve of $675 million, making up one-third of its current market value. This puts the Company in a strong position to weather any macroeconomic uncertainties and to continue to invest.
As Peter Lynch says, “It’s very hard to go bankrupt if you don’t have any debt”.
The recent drop in InMode's stock price can be linked to several key factors. Firstly, a high-interest environment has added complexity and increased costs for InMode's customer base—doctors and physicians—looking to finance their purchases from INMD. Given that the main revenue source is platform sales, the 14-15% servicing cost places significant pressure on both InMode's customers and the leasing companies involved. This results in a prolonged return on investment for the customers and at the same time, prompts leasing companies to tighten procedures and screening due to concerns about the financial viability of the lessee. This, in turn, leads to a slowdown in growth and the management's “downgrade” of the revenue target to a modest 6% year-on-year growth, which paints a gloomy picture about the future of the Company.
However, while platform sales face challenges, the sales of consumables have seen a robust 38% year-on-year increase, accounting for 16% of the total revenues (compared to 13% in 2022).
Figure 1: InMode's Third Quarter 2023 Results
This suggests sustained demand and continued desire for treatment. In addition, in response to these headwinds, InMode's management has maintained a proactive stance by continually investing in intellectual property (IP) and engaging in active marketing activities, having spent 26% more than last year. These strategic measures indicate a commitment to innovation and market presence, positioning the Company for potential breakthroughs in the market.
“We are not sitting down and cutting costs. That's the last thing that we will do, although it's a challenging time, but the company DNA is different. We will not fire people. We will not lay off people. We will keep everybody. On the contrary, we're hiring people this quarter, and we will continue to invest in marketing, in sales, in R&D, in regulation, in product development. We received 2 FDA approvals this quarter and which will enhance our position in the fourth quarter and next year. So overall, although we are taking the slowdown and the situation seriously, but we're not sitting down and wait to see what will happen in the market.” – Q3 2023 Earnings Call (02/11/2023)
Secondly, there are emerging concerns about InMode's capital allocation strategy, particularly regarding their hesitancy in making acquisitions and buying back shares. The challenges lie in the difficulty of finding acquisition targets that match InMode's high margins and prove accretive. While the management's reluctance is comprehensible on this front, the CEO, Moshe Mizrahy, has indicated they perceive no value in buying back shares, further explaining that they did buy back stocks in the past but there was no sign of support regarding the stock’s price. I hold a different viewpoint on this matter, believing that share buybacks, when viewed to create long-term shareholder value, can be instrumental, regardless of their immediate impact on share prices.
It is worth noting that Moshe and Michael Kreindel (Chief Technology Officer), the two founders, are among the top ten largest shareholders, together owning nearly 8% of the Company.
Nevertheless, given the industry's inherent volatility in which one must continually come up with new inventions to stay ahead of others, InMode should consider investing in its IP portfolio to protect its competitive advantage and explore new adjacent markets to regain the growth momentum it has seen over the last three years. Furthermore, INMD is exploring solutions to support its customers with financing, utilising the substantial "cash war chest" on its balance sheet to establish an in-house financing program, which helps strengthen relationships with customers and holds potential long-term benefits.
Despite the poor performance in the market over the last twelve months, I maintain confidence in InMode's potential and see an attractive opportunity with a decent margin of safety. The current valuation appears unduly discounted with the free-cash-flow yield standing at 12%, and the stock is trading for 5.18x EBITDA, at 10x its earnings, historically low since its IPO in August 2019 (and when compared to the industry average of 20x earnings).
The main contributors to the portfolio’s performance were:
1. Teqnion AB
2. FINEOS Corporation
3. Codan Ltd
Before delving into Teqnion AB, I’d like to take a moment and talk a bit about the group of companies that I have a strong preference for - serial acquirers. Roughly one-quarter of the businesses we own and one-third of the companies I follow fall into this category. Broadly speaking, serial acquirers are acquisitive-natured lots that purchase small, niche businesses with competitive advantages but limited organic reinvestment opportunities. Instead of distributing free cash flow to shareholders (dividends), serial acquirers retain the capital for future acquisitions. Their talented management teams often execute deals, mostly in private markets, at a price that generates a much better return on capital than the cost of capital, which consequently creates value for shareholders.
Given these companies’ ability to deploy substantial amounts of capital at attractive rates of return, what caught my eye is that not many other investors are interested in them. In my view, this stems from the belief that most acquisitions are value-destructive. Some companies pursue merger and acquisition (M&A) only for the sake of growth, paying crazy valuation multiples for their targets (lesson learned from JET). They often feel the need and pressure to put money to work and tend to use too much leverage (debt) to finance their acquisitions.
However, what sets this breed of serial acquirers apart is their long-term focus (never sell their subsidiaries) with a decentralised model. They do not rely on synergies or seek to integrate acquired firms but empower managers with entrepreneurial freedom. This fosters an environment that stimulates and motivates staff, as managers are coached on best practices and capital efficiency rather than being micromanaged.
Successful serial acquirers follow a recipe:
acquiring small, stable companies at low multiples in a large, fragmented market;
improving or maintaining margins; and
making optimal use of capital by leveraging cheap debt, avoiding equity dilution, and staying lean.
This has brought me to Teqnion AB (TEQ), a Swedish serial acquirer in the industrial sector based in Stockholm, that embodies all the elements mentioned above, making it an intriguing investment prospect. The Company, at the time of this writing, has a market cap of SEK 4 billion (approximately $390m) and is therefore still a very young company compared to much larger Constellation Software, Topicus, Lifco and the likes.
The management team comprises Johan Steele (CEO) and Daniel Zhang (CXO – Chief Acquisition Officer). Together they hold roughly 6% of the Company and the Chairman, Per Berggren, via his investment company, owns more than 25% - another gem with a lot of “skin-in-the-game”. I haven’t met or chatted (only exchanged a few quick emails) with either of them but by watching their interviews and discussing with other investors, I have the feeling that they are humble, down-to-earth and have a strong passion for entrepreneurship.
Here’s what Chris Mayer – co-founder and portfolio manager of Woodlock House Family Capital (the inspiration for Oceanside) has told me about this duo:
“I have met with Johan and Daniel several times over the past year in Stockholm. And I have visited or spoken with the heads (or former heads) of various subsidiaries and met everyone at the home office, and I've spent some time on a few different visits with Per the chairman. I think this is really a special group of people and the company has a wonderful culture. I think they will go far.
[…] Yes, they are genuine, good people. It is clear Johan and Daniel are friends and very compatible. They want to build something great. They are cost conscious; their offices are in rented, shared space in Solna, a suburb of Stockholm. When I first met them, we went to lunch at the cafeteria in the building. Their offices are modest. Daniel has a picture of Munger on his wall - something he printed out and tacked on his wall. I have lots of anecdotes, but I like these guys a lot. We see the world the same way and get along very well. I expect to be a shareholder for a long time!”
Very much like Chris, I also expect to be a shareholder for a long time!
On the operational performance, over the last five years, Teqnion’s free cash flow has gone up almost four-fold, ROIC has nearly doubled (from 7.3% to 13.6%), and consistently generated good Returns of Equity (ROE), averaging 23%.
Figure 2: Snapshot powered by FinChat.io.
From its inception, TEQ has acquired 28 companies, paying an average earnings multiple (or Price-to-Earnings or PE) of just 5x. Although Teqnion has recently paid slightly higher prices, it has acquired companies with better margins and increased potential for organic growth. There were no acquisitions made by the Company in Q3, with a total of two year-to-date.
| 2018 | 2019 | 2020 | 2021 | 2022 | LTM |
Free Cash Flow (mSEK) | 34.06 | 14.62 | 111.88 | 114 | 97.90 | 113 |
Acquisitions (mSEK) | 56.61 | 50.41 | 59.28 | 158.90 | 133.30 | 71.40 |
Examples of their product ranges or subsidiaries are:
Surge Protection Devices Ltd: “based in Oldham, UK is a leading problem solver within lightning and surge protection. Since its inception in 2006 the Johnson family consisting of Ian, Wendy, Helen and Kirsty have been providing demanding customers such as the Ministry of Defence, Manchester Airport and Vodafone, etc. with high quality innovative products. The consistently high standard of the service and solutions provided by Surge has earned the company a rock-solid reputation and deep & long-standing relationships. The phenomenal Johnson family will continue to run the ship so that we all can feel safe and protected by their products” – Company’s announcement published on 10/11/2023
Stanwell Group Ltd: “UK-based leading supplier of beverage and fluid dispense systems. Since inception in 1990, the current management and owners, Doug, Joanne and Jonathan have been designing, manufacturing and providing innovative solutions for market leading clients in the UK and the European market from the picturesque town of Holmfirth, West Yorkshire. The consistently high standard of service provided by the company has enabled it to build strong, long-standing relationships with its clients, several of which span over 20 years. The fantastic trio, Doug, Joanne and Jonathan will continue in their current roles and ensure that we all can enjoy our favourite beverages. Even though Stanwell was heavily impacted by the Covid lockdowns, they still managed to deliver close to £5M in revenue with roughly 10% earnings after tax as average for the last 3 years.” – Company’s announcement published on 11/06/2023
While these products may not win awards for the most exciting, ground-breaking innovation of the year, they primarily consist of essential industrial products with steady demand. In addition. they target a specific niche in the market, limiting their growth prospects which can be perceived as a layer of protection against new market entrants. This resilience is a notable advantage when holding and investing in serial acquirers such as Teqnion, thanks to their already diversified portfolio of subsidiaries. This also fortifies Oceanside’s investment portfolio against the ups and downs of economic cycles.
In the most recent quarter, the operating cash flow saw a positive impact with a SEK 10m working capital release, a significant improvement from the SEK 36m build in net working capital observed in the same quarter last year (working capital – money or capital tied up to inventory or any other operating aspects). This enhanced working capital efficiency is crucial for Teqnion's ability to fund future M&A through operating cash flow and debt. The recent quarter's cash flow, coupled with a SEK 175 million raised via equity issuance, resulted in a notable reduction in the Company’s net debt, lowering it to SEK 118m compared to SEK 249m in the year-ago quarter and SEK 214m at the end of 2022.
Excluding lease liabilities, Teqnion now boasts a net cash position of SEK 4m at the close of Q3 2023. The net debt/EBITDA ratio has significantly decreased from 1.4x in Q3 2022 and 1.2x at the end of 2022 to just 0.5x at the end of Q3 2023. This strengthened financial position provides TEQ with ample resources for potential future M&A activities.
Figure 3: Teqnion’s Third Quarter 2023 Results
Although the organic growth will more than likely continue to be low in the coming quarters, I believe Teqnion will stay active on the acquisition front, driving the growth of the Company. I expect M&A volume to increase now that it has no short-term net debt constraints for its acquisition agenda. Still, I reckon the Company will stay disciplined in its strategy, prioritising acquirees’ quality over quantity.
On the Last-Twelve-Months (LTM) figures, Teqnion trades at 22x Enterprise Value (EV)/EBITDA and 29x PE. Considering Teqnion’s track record, size, and growth potential, I see this valuation as fair, though maybe in the upper range of fairness.
And as Warren Buffett says, “It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
Changes in Portfolio
As of 30 December 2023, there are 12 names in Oceanside’s portfolio.
Throughout the year, I sold one position, namely Avant Group Corporation (3836), a Japanese software-based consulting business. While there were commendable aspects about the Company, my decision to sell was driven by the need to reallocate capital to another position in the portfolio, which, at that time, presented a better opportunity in terms of risk-adjusted return. Avant's asset-light nature and its sticky business model have consistently resulted in impressive ROIC and ROE over the past five years, accompanied by a continuous increase in dividends.
Figure 4: Snapshot powered by FinChat.io.
The Company has recently updated its medium-to-long-term vision, unveiling a 5-year plan to achieve a 25% compounded annual growth rate in the Group’s net income and a tripling of Software gross profit by 2028, which is a critical factor for strategic success, given the recurring nature of this revenue stream.
Despite parting ways with the stock, still in my view, Avant Group is a young, high-quality compounder that has a lot of potential. Therefore, it remains on my watchlist, and I wish to re-establish a position in the future should its valuation become more attractive.
Lessons and Highlights
“Swing, you bum!”
Let me bring you back to the semi-annual letter in which I said that at times, especially when the market goes through different phases, being exuberant or overly pessimistic, it could be extremely hard sitting still and doing nothing. Let me elaborate.
Managing a portfolio is a constant balancing act. On the one hand, I want to set high benchmarks for new positions, in terms of risk-reward profile and business quality, considering factors such as margin of safety, attractive valuations, a healthy balance sheet, high insider ownership, ROIC, growth potential, good culture etc. On the other hand, however, it's challenging to tick all the boxes. Sometimes being too stringent, which might mean that you are not going to do anything for a while, can hinder the progress. Sitting on the sideline while watching people making big money on “the next big thing” might make one appear “dumb” in the eyes of the public. As the old saying goes, "Don't let the best be the enemy of the good."
And then there is Warren Buffett with his famous baseball analogy:
“The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’”.
Warren doesn't simply state these things casually; he practices what he preaches. A testament to this is Berkshire Hathaway, accumulating cash steadily over time and presently holding a substantial $150 billion in its war chest. Suddenly, the $675m InMode is sitting on does look like a drop in the ocean, doesn’t it?
All of these lead to the dilemma of holding cash in the portfolio. Investors often perceive cash as an asset class that earns virtually nothing (it was the case for the last decade in which the cash rate was practically 0%). They turn to funds for equity exposure and want that exposure maximised. Hence the tendency for fund managers to deploy all the cash they have at their disposal. The pressure to invest and the need to “do something” are even more intensified if you are lagging the market on a performance basis.
“Is it burning a hole in my pocket?”.
“Am I okay holding cash for this long?”
To answer these questions, I resonate with Chris Mayer's lesson he learned from Chuck Akre, one of the very best investors, about managing cash:
“We do not part with your cash in order to ‘stay fully invested’ or out of concern of ‘tracking error’. We only part with cash when we have something specific we feel good about doing with it. This is one of the means by which we strive to manage your money as if it were our own”.
And:
“We appreciate that cash compounds at a negligible rate. But we also believe cash can be an accelerant of long-term returns when it is reserved for ‘highest and best’ opportunities rather than sprinkled pro-rata up and down the portfolio. In short, we do not look at cash to determine whether to buy stocks; we look at stocks to determine whether to deploy cash”.
This is precisely how I look at it. In my view, the true value of cash lies in the access it provides to the right pitch, not the percentage of return it yields. For me, the focus is not about investing just because I have cash; it's about letting the right opportunity drive the decision. I am and will be keeping the bar high, if not raising it higher, in order to find and invest in businesses that you and I can comfortably own for years.
Meeting with Wayne and Matt (14th September 2023)
Highlights of this year for me revolved around engaging with the management teams of companies I follow. Particularly notable was the site tour and meeting with the CEO and CFO of LaserBond at their headquarters in Smeaton Grange, NSW.
Meeting Wayne Hooper (CEO) and Matt Twist (CFO) provided not only a firsthand look into the operations of the Company but also a deeper understanding of their management philosophy and strategic vision. Throughout our interaction, Wayne and Matt exhibited a remarkable level of friendliness and approachability, generously sharing their time and knowledge.
Reflecting on the overall atmosphere of the business, a sense of cost-focus and frugality emerged. The minimalistic and functional office spaces, second-hand tools and equipment in the lab, and Wayne's playful self-reference as T-rex, portraying a deep pocket and short hands, collectively project a culture that values substance over extravagance. This nuanced understanding of LaserBond's ethos positions it as a company with a pragmatic and sustainable approach to growth.
Our exchange covered various topics, from personal backgrounds to organisational structure. On the topic of success, I asked them, "How do you measure success?". Wayne defined success as seeing LaserBond's continuous growth without him. This perspective emphasises the establishment of a resilient team and culture that can thrive independently over the long term. Wayne's commitment is reflected in building a dynamic management team, consisting of heads of R&D, Operations, HR, Finance, and Marketing. This enables Wayne to shift his focus from day-to-day operations to strategic planning and capital allocation, highlighting the Company's dedication to nurturing talent.
Another question I had delved into identifying a singular ratio for systematic improvement. Both offered valuable insights. Wayne emphasised efficiency-value contributed to customers and an ESG standpoint as crucial, indicating a focus on reducing downtime and minimising scrapped parts. Matt, on the other hand, underscored the significance of new customer orders from diverse industries, revealing an important driver of LaserBond's growth strategy and an awareness of the risk associated with economic dependencies.
Exploring the competitive landscape, Wayne and Matt shed some light on the industry dynamics. They shared the belief that many competitors, often small family-run businesses, are content with their current status, leading to limited investments in areas like R&D and sales and marketing. This presents LaserBond with a significant opportunity for expansion. When discussing acquisition targets, Matt repeatedly told me about their cautious and strategic approach, prioritising profitability, complementing technology, and skilled management teams, and aligning with the challenges of sourcing qualified operators. I am happy to know that we think alike on this point.
LaserBond still has a lot of room to grow, not only domestically with their plan to set up an office in WA but also thanks to the high demand for their products over the US, a move internationally to expand into the State sounds promising.
Oh. And yes! The Hooper family, collectively, owns about 30% of the company. Total insider ownership, including employees, is roughly 32%.
I could keep going on about LaserBond, but I think this should be enough. LaserBond has the right mix of characteristics that I love to see. I look forward to the next five years.
And lastly
I am excited for what comes next in 2024.
Crossing my fingers for a meeting with Johan and Daniel from Teqnion! And who knows, a little trip to New Zealand might be in the cards to catch up with Simon Henry of DGL Group. Sure, a video call could suffice, but word on the street is that New Zealand is an absolute stunner, so why not mix business with a bit of sightseeing, right? Ready to trade virtual chats for some Kiwi vibes anytime!
And … I have said it once and I will say it again. Macro forecasting and timing the market are not of my interest. You can’t predict but you can always prepare.
Feel free to reach out if you have any questions. I am always happy to chat.
Happy New Year and wish you all the very best!
Sincerely,
Hai Nguyen
Mobile: 0404 401 005
Disclaimer
Oceanside Family Investment Trust is a family trust and therefore not open to any prospective investor.
Not an Offer – The letter does not constitute an offer, solicitation, or
recommendation to sell or an offer to buy any securities, investment products, or investment advisory services. The information published and the opinions expressed herein are provided for informational and educational purposes only.
Not Advice – Nothing contained herein constitutes financial, legal, tax, or other advice. The Trust makes no representation that the information and opinions expressed herein are accurate, complete, or current. The information contained herein is current as of the date hereof but may become outdated or change.
No Recommendation – The mention of or reference to specific companies, strategies or instruments in this letter should not be interpreted as a recommendation or opinion that you should make any purchase or sale or participate in any transaction.
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