Tag Archives: Record Plc

Post Mortem analysis: Cars.com, Expedia & Record Plc

A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.

Expedia:

Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.

What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:

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Record Plc (ISIN GB00B28ZPS36) – I like that record too !!!

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!

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A few months ago, fellow blogger Wexboy had a very interesting post on Record Plc, a UK based “specialty asset manager”. Go and read the whole thing, it is worth it.

I try to summarize the business & background  in my own words:

Record Plc provides so-called “Currency overlay” asset management services. Currency overlays are in principle used for two reasons.

  1. To hedge an international investment portfolio into one single currency, usually the currency of the investor and/or
  2. To gain some extra yield by hedging currency exposures more “dynamically”

It is important to know that they do not manage the underlying assets, but “just” a derivative portfolio hedging the underlying assets and that they do not use their own balance sheet but act solely as an agent for the ultimate client.

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