IAC Shareholder Letter

  • If you don’t already, IAC’s Quarterly Shareholder Letter is a must read.
  • IAC is the holding company for Barry Diller.
  • Since 1995 the company shares have outperformed the S&P by 1.6x; and 4x in the last 3 years.
  • In that time they created and spun-off several public companies – Expedia, TripAdvisor, Match Group (owner of Tinder), ANGI Homeservices. The latter two IAC still holds >80% stakes in.
  • They continue to build and invest in new business like Vimeo (Online Video), DotDash (online publishing), Blue Crew (online recruitment) and the latest Turo (car sharing). In other words at the tech forefront.
  • The latest letter is here and each quarter you can find them here.

UK PMI

  • The UK is looking very weak on the eve of Brexit, inventory re-stocking boost has run out
  • IHS Markit/CIPS UK Manufacturing PMI Release hit 47.4 in August – the lowest level since 2012 (https://tinyurl.com/y5qrhe75)
  • The high levels of economic and political uncertainty pervasive across domestic and global markets continued to weigh heavily on the performance of UK manufacturing during August. Output volumes fell as intakes of new work contracted at the fastest pace for over seven years, while business optimism dropped to a series-record low.

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Welcome to Snippet.Finance. We aim to bring you lots of interesting snippets from reading widely about the financial world aimed squarely at those already engaged with it. Topics will include stocks, macroeconomics and strategy. We also plan to add useful personal finance tips for those in the UK and eventually provide some useful excel based tools for a small nominal charge. Feel free to subscribe or follow us on Twitter and LinkedIn (links on the side). Our disclaimer is simple – in no shape or form shall any of the content be considered financial advice. We will credit all and every source with a direct link. Happy reading!

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