Three Things (2/27)

Monday, Feb 27th 2023


“We typically turn to the wider world to settle the question of our significance.” 

– Ajay Banga, Former Mastercard CEO

Avatar can only do so much

We were watching to see how much Avatar could impact IMAX's bottom line. Not enough, per the below from Variety, but note this is just a point in time. The trend line looks positive (if IMAX can keep this up … and that's a big if). 

“Sometimes it takes more than a pair of global blockbusters to shake off the lingering impact of a devastating public health crisis. Quarterly sales and profits fell at Imax despite the commercial success of “Avatar: The Way of Water” and “Black Panther: Wakanda Forever.” The big screen company recorded revenues of $98 million, a 10% drop from the $108.6 million that Imax recorded in the year-ago period.” (Variety

New World Bank Chief

Ajay Banga, the former CEO of Mastercard, was nominated to run the World Bank and the advice on what to do is already pouring in. Here’s an example from Professor of Economics, Tyler Cowen, here:

“First, contrary to the prevailing wisdom, the World Bank should not make climate change more of a priority. Climate-change issues are more closely associated with rich and middle-income countries than with the poorest countries. The very poorest countries, because they have small economies, do not as a rule emit much carbon.  If there is any area where the World Bank should double down, it is in public-health interventions. Over the last several decades, the successes have been extraordinary.” (Bloomberg)

Playing multiple notes

Per what we said at the start of the year, it’s important to play multiple notes right now. We have a few positions reporting earnings this week that we’ll be paying close attention to, notice how different their business models are:

  1. Alcon (ALC) - A Swiss medical company specializing in eye care

  2. Elastic NV (ESTC) - An American-Dutch search company that builds self-managed software

  3. Verra Mobility (VRRM) - Traffic & transportation technology

  4. Crescent Point Energy (CPG) - A Canadian oil and gas company 

As of writing, DIS and ALC are holdings in Flagship, ESTC and VRRM are holdings in Opportunities, and CPG is a holding in Offshore. 

As of this writing, ESTC, CPG, ALC, VRRM were a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.

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