Scarce Luxury Made In Italy 🇮🇹
High returns on capital, high insider ownership, cheap valuation.
Dear Readers,
Welcome to another edition of ROE The Boat.
Every month we publish exclusive research on profitable growing small/microcaps trading at cheap prices.
To read these reports, and to access the full archive, consider becoming a paid subscriber. An annual subscription is just $100.
I’m pleased to report the Pirate Pension Fund has achieved a return of 11% so far this year. Amid the negative, and sometimes quite baffling events unfolding around us, this performance is especially gratifying.
Last week, I added a new company to the fund, which I will discuss in this issue. This particular company crafts high quality luxury products, has high insider ownership, consistent margins, high returns on capital, and trades at an attractive valuation.
Let’s dive in…
Please note: this article should act as an introduction to the company mentioned and is not a complete deep dive. Make sure you do your own research before investing in any company mentioned in this newsletter.