Nick Train's 3 Great Companies (MoneyWeek interview)

[KnightOfSpring]

https://moneyweek.com/investments/stock ... or-decades

Diageo, Heineken and RELX.

[ADrunkenMarcus]

I notice Unilever isn’t there.

Best wishes

Mark

[dealtn]

I notice Unilever isn’t there.

Best wishes

Mark

Apart from being mentioned literally in the 3rd sentence (as a great business) you mean?

[KnightOfSpring]

Hi Mark,

I don't think there is anything of concern with Unilever's omission. Nick does list Unilever, Kao Corporation (which he calls Japan's Unilever) and Walt Disney as other great companies than don't quite make hs top 3. He's been banging the drum on Unilever for so long that he might have just fancied a change (of course this could have applied to Diageo). Bit surprised Heineken is in there- thought beer was seen as not particularly attractive and think Terry Smith doesn't much like beer, saying the return on capital on beer was lower than spirits. Also would have thought Heineken might have an issue with the whole craft beer thing (although I assume that lager brands are more shielded than ale brands). I have Unilever, Diageo and RELX as my top three holdings but don't own Heineken. Part of the reason for this is I am assuming the tax treatment on most European shares dividends is quite harsh or at least a hassle to reclaim.

[ADrunkenMarcus]

I notice Unilever isn’t there.

Best wishes

Mark

Apart from being mentioned literally in the 3rd sentence (as a great business) you mean?

No, I mean in the list.

Best wishes

Mark

[ADrunkenMarcus]

Hi Mark,

I don't think there is anything of concern with Unilever's omission. Nick does list Unilever, Kao Corporation (which he calls Japan's Unilever) and Walt Disney as other great companies than don't quite make hs top 3. He's been banging the drum on Unilever for so long that he might have just fancied a change (of course this could have applied to Diageo). Bit surprised Heineken is in there- thought beer was seen as not particularly attractive and think Terry Smith doesn't much like beer, saying the return on capital on beer was lower than spirits. Also would have thought Heineken might have an issue with the whole craft beer thing (although I assume that lager brands are more shielded than ale brands). I have Unilever, Diageo and RELX as my top three holdings but don't own Heineken. Part of the reason for this is I am assuming the tax treatment on most European shares dividends is quite harsh or at least a hassle to reclaim.

He’s probably right that Diageo has somewhat stronger brand power than Unilever- I hold both.

Best wishes

Mark

[monabri]

Relx has put on a good show since 2012-ish but prior to this the price was flat. What was the catalyst that lead to the increase in ~2012?

[dealtn]

Relx has put on a good show since 2012-ish but prior to this the price was flat. What was the catalyst that lead to the increase in ~2012?

https://www.relx.com/~/media/Files/R/RE ... report.pdf

https://www.relx.com/~/media/Files/R/RE ... report.pdf

https://www.relx.com/~/media/Files/R/RE ... report.pdf

Not a company I know particularly well (at least since the 1980s/90s anyway), but a place to start is the company results. Interestingly in the "Chairman's Statement" no mention of share buybacks in 2011, but a section in both 2012 and 2013 about them.