WinterGems: Reminiscences of a Stock Operator

Spirits Landslide and Champagne Supernova:

As a Pernod Ricard follow-up, personal notes on Q1 results from Pernod Ricard and LVMH plus other rumblings on the spirits market

Oct 18 • 

@Govro12 WinterGems Stocks

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Pernod Ricard's visibility into the future

Pernod is trading at its lowest ratio since 2009, the investment thesis is that I believe we have sufficient visibility into the future to project a…

Oct 9 • 

@Govro12 WinterGems Stocks

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16

July 2025

Top5 Valuation check 1H2025 and rumblings

Going through valuation assessment and some qualitative rumblings about my top positions. This is part1 - will go through up to top15 over the next few…

Jul 6 • 

@Govro12 WinterGems Stocks

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5

The Boring and Bold 15 - 1H 2025

A view of the Boring and Bold 15 - top 15 positions as of July 1st. 90% of assets are in top 15. Very concentrated in the top 5.

Jul 1 • 

@Govro12 WinterGems Stocks

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7

June 2025

Dollarama - 1 year later

A year ago I posted on a rarely mentioned compounder story - outside of the Canadian circle : Dollarama. Dollarama is hitting on all cylinders and…

Jun 11 • 

@Govro12 WinterGems Stocks

19

May 2025

A Net Cash - Kikukawa Enterprise 2025 year end results

Kikukawa Enterprise 6346 is the oldest and a leading sawmilling and woodworking machine manufacturer in Japan - microcap priced below cash level & PE…

May 16 • 

@Govro12 WinterGems Stocks

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2

April 2025

Google by numbers

Latest numbers from Google, just quick facts no opinion. Disclosure: Google is my #1 pos by far.

Apr 25 • 

@Govro12 WinterGems Stocks

13

LVMH mhmm...

no comment

Apr 15 • 

@Govro12 WinterGems Stocks

9

9

March 2025

A timely post! Bombardier - Leading Private Jet Vendor in a Duopoly caught in a Tariff Storm

Bombardier ranks #1 or #2 in terms of private jet delivery and sales. This is an attractive duopoly market. The 25% tariff will significantly impact the…

Mar 4 • 

@Govro12 WinterGems Stocks

19

14

The Dismantling of Amazon Canada and selling Amazon

All 7 Amazon warehouses were close down in Montreal and Amazon Prime customers are getting 7 days delivery. As a disclosure, I will complete the sale of…

Mar 1 • 

@Govro12 WinterGems Stocks

20

11

January 2025

HIFS REVISITED (Post Q4 earnings)

Last Friday, HIFS has posted some improved core earnings - lets see how it matches our projection based on our model and what to expect for the First…

Jan 19 • 

@Govro12 WinterGems Stocks

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4

HIFS REVISITED after 3 federal reserve cut

On Dec. 18, the Federal Reserve made its 3rd cut in 2024, and HIFS is expected to publish this coming Friday a first large improvement in NIM while the…

Jan 12 • 

@Govro12 WinterGems Stocks

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1