A 90 Year Old French Microcap (With Irreplaceable Assets)
With high barriers to entry, you would love to own 100% of this business.
Dear Readers,
Welcome to another edition of ROE The Boat.
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For this issue of ROE The Boat we’re sailing to France.
When constructing a portfolio I always think it’s wise to dedicate a portion to cash cows. They might not be cool and sexy, but they are reliable.
I’m talking about the types of businesses with moats, high insider ownership, irreplaceable ‘hard-to-replicate’ physical assets, and hopefully large/growing dividend payments. Most important of all the company must be able to keep pace with inflation/currency debasement.
Over the years I have created a list of these types of businesses. For this issue I want to share one of them with you.
This company has no analyst coverage, no mentions on X, or write-ups on Substack.
There’s probably a good reason for this - the shares are extremely illiquid - even microcap funds managing a small amount of capital might struggle to buy shares. The shares can be bought via Interactive Brokers.
Let’s dive in…
(Please note: this article should act as an introduction to the company and is not a complete deep dive. Make sure you do your own research before investing in any company mentioned in this newsletter).