Librarian Capital
@librariancapital.bsky.social
Investing/stocks. Ex. HF seeking ideas, contacts & capital. I may be long/short names mentioned. @LibrarianCap on Twitter. Also Substack https://librariancapital.substack.com/
Small print and charges are an issue, but I worry much more about the performance of the average fund being quite bad
x.com/LibrarianCap...
x.com/LibrarianCap...
November 29, 2025 at 10:58 AM
Small print and charges are an issue, but I worry much more about the performance of the average fund being quite bad
x.com/LibrarianCap...
x.com/LibrarianCap...
For people who plot a bunch of Greggs $GRG ROCE figures on a line chart like it is some kind of magic, IFRS 16 means ROCE took a 13 ppt hit in 2019 and are not comparable before that
November 29, 2025 at 10:42 AM
For people who plot a bunch of Greggs $GRG ROCE figures on a line chart like it is some kind of magic, IFRS 16 means ROCE took a 13 ppt hit in 2019 and are not comparable before that
Yes, the very one. They paid him $975k in 2022
x.com/LibrarianCap...
x.com/LibrarianCap...
November 29, 2025 at 10:32 AM
Yes, the very one. They paid him $975k in 2022
x.com/LibrarianCap...
x.com/LibrarianCap...
Greggs $GRG leases most of its shops
At 2024 year-end, they had 2,618 shops*, right-of-uses equipment assets were valued at £377.3m, which works out to be an average £145k per shop
Many GRG shops are small, but they have been moving into larger premises
(* includes franchises)
At 2024 year-end, they had 2,618 shops*, right-of-uses equipment assets were valued at £377.3m, which works out to be an average £145k per shop
Many GRG shops are small, but they have been moving into larger premises
(* includes franchises)
November 29, 2025 at 10:29 AM
Greggs $GRG leases most of its shops
At 2024 year-end, they had 2,618 shops*, right-of-uses equipment assets were valued at £377.3m, which works out to be an average £145k per shop
Many GRG shops are small, but they have been moving into larger premises
(* includes franchises)
At 2024 year-end, they had 2,618 shops*, right-of-uses equipment assets were valued at £377.3m, which works out to be an average £145k per shop
Many GRG shops are small, but they have been moving into larger premises
(* includes franchises)
Link to this week's news about Fishback's legal troubles
Jordan Schachtel on X: "James Fishback's legal troubles continue. His Tesla was just repo'd by the U.S. Marshals and he still owes over 200k in civil penalties. Now a new court filing offers more detail into his efforts to run from the law. Despite telling a federal judge that he "does not have the https://t.co/HmbzcUdBWH" / X
James Fishback's legal troubles continue. His Tesla was just repo'd by the U.S. Marshals and he still owes over 200k in civil penalties. Now a new court filing offers more detail into his efforts to run from the law. Despite telling a federal judge that he "does not have the https://t.co/HmbzcUdBWH
x.com
November 29, 2025 at 10:06 AM
Link to this week's news about Fishback's legal troubles
Domino's Pizza $DPZ was a great business with advantages in brand, supply chain and delivery
Delivery platforms like UberEats has destroyed one, and may be destroying the others
Delivery point is obvious
Platforms lend credibility to non-brand locals
Dark kitchens gaining scale
Delivery platforms like UberEats has destroyed one, and may be destroying the others
Delivery point is obvious
Platforms lend credibility to non-brand locals
Dark kitchens gaining scale
November 25, 2025 at 1:50 PM
Domino's Pizza $DPZ was a great business with advantages in brand, supply chain and delivery
Delivery platforms like UberEats has destroyed one, and may be destroying the others
Delivery point is obvious
Platforms lend credibility to non-brand locals
Dark kitchens gaining scale
Delivery platforms like UberEats has destroyed one, and may be destroying the others
Delivery point is obvious
Platforms lend credibility to non-brand locals
Dark kitchens gaining scale
FT article: "Domino’s was among the bidders circling Wingstop’s UK franchise last year ... (Rennie) said he was eager to acquire a brand at a “much lower” price tag"
November 25, 2025 at 1:37 PM
FT article: "Domino’s was among the bidders circling Wingstop’s UK franchise last year ... (Rennie) said he was eager to acquire a brand at a “much lower” price tag"
Greggs $GRG strategy against supermarkets is to match prices, compete on quality & range
"Our aim is to be in line with supermarkets on price, but with a significantly better quality product ... (and) added value products that supermarkets cannot deliver" (CEO, 25H1 call)
"Our aim is to be in line with supermarkets on price, but with a significantly better quality product ... (and) added value products that supermarkets cannot deliver" (CEO, 25H1 call)
November 25, 2025 at 8:58 AM
Greggs $GRG strategy against supermarkets is to match prices, compete on quality & range
"Our aim is to be in line with supermarkets on price, but with a significantly better quality product ... (and) added value products that supermarkets cannot deliver" (CEO, 25H1 call)
"Our aim is to be in line with supermarkets on price, but with a significantly better quality product ... (and) added value products that supermarkets cannot deliver" (CEO, 25H1 call)
"The proposed 6% tax on international student fees is a dagger aimed at one of the UK’s most successful export industries"
- Martin Wolf in the FT today
Gift link below for anyone else reading:
on.ft.com/3KlPgMA
- Martin Wolf in the FT today
Gift link below for anyone else reading:
on.ft.com/3KlPgMA
How to get the UK out of its economic hole
Reeves’ challenge is to remedy the disaster that Brexit has been for the country
on.ft.com
November 24, 2025 at 4:49 PM
"The proposed 6% tax on international student fees is a dagger aimed at one of the UK’s most successful export industries"
- Martin Wolf in the FT today
Gift link below for anyone else reading:
on.ft.com/3KlPgMA
- Martin Wolf in the FT today
Gift link below for anyone else reading:
on.ft.com/3KlPgMA
$GOOG up another 5% the day after this note
November 24, 2025 at 3:58 PM
$GOOG up another 5% the day after this note
There is also £93k in an ISA, which alone would have accounted for 25% (£37k) of the £148k inheritance tax bill
November 24, 2025 at 1:25 PM
There is also £93k in an ISA, which alone would have accounted for 25% (£37k) of the £148k inheritance tax bill
Article acknowledges this:
"This might come as no surprise ... When people look for cruise trips or refrigerators, they expect to see ads from companies selling those products"
"But health insurance searches are different"
They are not. Assuming otherwise was the mistake
"This might come as no surprise ... When people look for cruise trips or refrigerators, they expect to see ads from companies selling those products"
"But health insurance searches are different"
They are not. Assuming otherwise was the mistake
November 24, 2025 at 9:09 AM
Article acknowledges this:
"This might come as no surprise ... When people look for cruise trips or refrigerators, they expect to see ads from companies selling those products"
"But health insurance searches are different"
They are not. Assuming otherwise was the mistake
"This might come as no surprise ... When people look for cruise trips or refrigerators, they expect to see ads from companies selling those products"
"But health insurance searches are different"
They are not. Assuming otherwise was the mistake
Bloomberg: For-profit middlemen are buying ads for the key word "Obamacare"
Fun fact: If you search for "hargreaves lansdown", a popular UK retail investment platform, the first result is the "sponsored result" from Interactive Brokers $IBKR
There are lots of examples like this
Fun fact: If you search for "hargreaves lansdown", a popular UK retail investment platform, the first result is the "sponsored result" from Interactive Brokers $IBKR
There are lots of examples like this
November 24, 2025 at 8:43 AM
Bloomberg: For-profit middlemen are buying ads for the key word "Obamacare"
Fun fact: If you search for "hargreaves lansdown", a popular UK retail investment platform, the first result is the "sponsored result" from Interactive Brokers $IBKR
There are lots of examples like this
Fun fact: If you search for "hargreaves lansdown", a popular UK retail investment platform, the first result is the "sponsored result" from Interactive Brokers $IBKR
There are lots of examples like this
