«Among balanced funds, only Monocle stand out from the crowd.»

Les Echos, 1st French Business Newspaper, November 22d, 2018







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Monocle Fund Part A

October 16, 2020
 YTD:                  +4.33%

Dear Investors,

As of October 16, Monocle (part A) is at +4.33% over 2020.

2019: +6.09%
2018: +0.11%
2017: -1.25%
2016: +6.91%
2015: +7.32%

Sign of the times 1:
> Friday the U.S. Department of Justice announced the opening of an antitrust investigation on Alphabet (Google). Reaction of the stock price 48 hours later: -1%.

Sign of the times 2:
> In 2000, one of the 5 most valued companies in the world was CISCO at $550B, or $825B in today's dollars. Its CEO, John Chambers, received a total compensation of $5M, or $7.5M in today's dollars.
Today, Alphabet has a capitalization of the same order of magnitude ($1,050B). The same cannot be said of the compensation of the CEO, Sundar Pïnchai, who has just been granted a package of $280M for the current year.

The Q3 earnings publication has started with Netflix last night. The number of new subscribers over the quarter has been divided by three over the year (from 6.8M to 2.2M). However, they were successful in increasing the debt which went from $12B to $16B in one year. Competition is intensifying and the positive effect of lockdown is fading.

Is this consistent with a PE of 89 - as of last night ?

Yours sincerely


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