Gracias por la carta. A ver si suben de una vez el vídeo del ASM2020 :)Paso el link a una entrevista en L'Echo que también está colgada en la sección de noticias de la web (en francés y en inglés, más abajo). https://www.fundsmith.co.uk/global/eu/news/article/2020/03/24/l-echo---la-r%C3%A9action-des-bourses-au-coronavirus-n'a-pas-grand-chose-%C3%A0-voir-avec-l'investissement Me ha resultado particularmente interesante su visión de las FAANG: Do you also invest in FAANG stocks (Facebook, Amazon, Apple, Netflix and Google / Alphabet)?We only invested in Facebook. The company shows 30% return on capital and grows by 30% per year. This pace will eventually slow, but Facebook now has 2 billion users and has become very important for consumer goods companies. Marketing departments only look at Facebook and Google. However, we do not invest in Google. The company may form a kind of duopoly with Facebook for advertising, its returns on capital are not exceptional. And we think we understand why. Since its creation, the company has already made 200 acquisitions, all of which ended in disaster. Google bought these companies to kill the competition.What do you think of Amazon and Netflix?Amazon does not generate cash, which is problematic. Orders average $ 8.32, while the average cost to fulfill these orders is $ 10.59. Some say that Amazon is a consumer charity funded by Wall Street. I agree. We also don't own Apple stock, which clearly owes its past performance to Steve Jobs' work. Today, Apple press releases do not talk about cash flow or turnover, but only one thing: the sale of iPhones. We also did not invest in Netflix. They are in the middle of the streaming war, competing with Apple, Amazon, Disney, etc. I have no idea who will win the war. Brian Pitman, the former CEO of Lloyds Banks, once said: some sectors produce no winners, only losers. Seilern sí que está metido en Amazon y Google. Quién tendrá razón?Un saludo,Jose.
