The Imitation Game: Quality Investing Case Studies

by Joao Alves Intro Part 2 focused on applying the framework laid out in Part 1 to an example, FPA’s International Value Fund, and showed how the process of screening through Funds’ holdings functioned in order for investors to find a handful of investment ideas to add to their watch list. [munger] In Part 3 of this series, I’ll analyze two sets of ideas from FPA’s International Value 3Q17 Commentary: EssilorLuxottica and Ryanair. EssilorLuxottica Luxottica and Essilor are two fascinating businesses. They satisfy my criteria of high-quality and event-driven names in terms of the recent anti-trust scrutiny around their pending…