Some links and thoughts

1.  Understand the impacts of geopolitical events (link)
• There is no signal between GRI and S&P 500 returns
• Geopolitical Risk Index and the monthly return of the S&P 500, you will find it is practically zero
• The correlation between the Geopolitical Risk Index and the performance of the S&P 500 in the subsequent month is also zero
• If it turns out to be a major geopolitical event, key drivers of asset return like inflation, risk-free rates, or future cash flows must be permanently and materially altered to make an impact on the portfolio
2. TopGolf Callaway Brand (link)
• 3 year avg FCF/EV = 2.6% => not cheap
3. Value and quality/profitability are complementary (link)
• https://www.ishares.com/uk/individual/en/products/270054/ishares-msci-world-quality-factor-ucits-etf
• https://www.ssga.com/uk/en_gb/intermediary/etfs/funds/spdr-msci-world-value-ucits-etf-acc-wval-na
• https://www.ishares.com/uk/individual/en/products/270048/ishares-msci-world-value-factor-ucits-etf
4. An interesting tactical strategy (link)
5. Deep value play
• Italmobiliare (link) (link)
• 50% NAV discount
• 8~10% NAV growth in the past 5 years
• catalyst
• sell portfolio and special dividend
• IDT (link)
• current price: 24.25 (2023/8/15)
• target price: 88 ~ 125 (2024???)
• recent updates
• immersion reduced its position significantly
• Straight Path Communications Class Action is a big issue
6. Alluvial Q2 letter (link)