French Hidden Champions portfolio moves 28/02/2024
Going where capital allocation and minority shareholder interests are at their best
The moves in the portfolio apply what was written in the subtitle. A good deal (cheap valuation) cannot be enough in itself to justify owning a company. If capital allocation and the minority shareholders are not optimal, the decision will from now on be quite simple: I will not be allocating additional cash.
There are too many opportunities out there: I have more ideas than cash so I need to allocate resources to the best ideas, which combine a fair price, a good management, a good capital allocation and respect shown to minority shareholders.
As time goes by, I will discovering more and more interesting companies and will try to upgrade the portfolio as much as I can so that I can be as comfortable as I can in holding these companies.