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Our investment newsletter provides guidance on two critical questions: how much of your savings should you invest in equity markets, and which companies should you consider owning. 


Amazon: Phenomenal businesses, but rich valuation means we’re taking some profits

Originally published Jan 30, 2019

Amazon has built two excellent businesses: the retail behemoth that everyone knows, and Amazon Web Services that is less well-known but more profitable. Each business has excellent prospects, and we explain them in detail in this newsletter. We expect Amazon to grow profits by 37% p.a. over 3+ years. But Amazon’s strengths are no secret, and the firm is priced at a very high valuation after strong returns recently. Amazon’s valuation is 4x Facebook’s and Apple’s and 3x Alphabet’s. We’ve decided ...

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The Cogent Alpha Portfolio has beaten the world equity market by 10ppt p.a. since inception on March 31st, 2017.