![]() Ryder, Charlie to the pooches’ Angels, is a 10-year-old vigilante, and in the new film has become a magnate at the head of a lucrative empire. PAW Patrol’s chief singularity is the way young people are called upon to rectify the mistakes or crimes of adults. Indeed, a somewhat pointed early scene in the film involves a fireworks display in which all the rockets go off at once in a pandemonium of colours and noise, and the man in charge says: “Hey – I’m trying to build momentum here.” Perhaps because the film-makers know adults will be watching, it has somewhat dialled down its usually frantic goings-on. ![]() The first thing to say – though it seems obvious – is that parents can’t simply leave their children in front of PAW Patrol: The Movie, as you might with a television show. The show’s move from small to silver screen has highlighted many of those peculiarities. PAW Patrol’s astonishing popularity has made it a fascinating case study for the tastes and cultural politics of a generation. That’s right: the early years TV show that criminology professor Liam Kennedy suggests is complicit in “a global capitalist system that produces inequalities” is back! The Investment Manager will also receive research from stockbrokers, industry publications and other sources.B ad news for parents of children under the age of seven this week: PAW Patrol: The Movie has landed on UK screens, all the better to spoon-feed a generation of Covid-hardened kids with authoritarian neoliberal propaganda in the guise of an upbeat cartoon about puppies. The Investment Manager will additionally build on its investment ideas from efforts of its own investment team: interviewing management teams, talking with competitors of companies, building financial models on companies and sectors, and conducting industry and demographic research. The report is driven by an experienced and deep global team of equity research analysts The Investment Manager has full discretion to disregard recommendations sourced from the Fat Prophets report, as it does from all other sources of investment ideas. The Investment Manager intends to utilise input from the Fat Prophets report as one source of potential investment ideas. Investment decisions will be based on a regular assessment of which investment opportunities are likely to maximise capital appreciation and or dividend/distribution income generation. To do this successfully takes an investment process that incorporates a regime of analytical rigour, dispassionate risk analysis and disciplined portfolio construction. By analysing the current long term worth of a company amidst the short term share price volatility there is an opportunity to ignore companies that are presently perceived to be over priced and attempt to purchase companies that are presently perceived by the Investment Manager to be good value. Rather, real estate fundamentals and the underlying drivers of demand and therefore rent and capital value revealed over time are the drivers of long term share price movements. The fundamental investment philosophy is that the share market is not perfect in the short term at determining the appropriate price for every security (or there would not be share price volatility). Fat Prophets has found that by identifying such valuation distortions through a combination of top down and bottom up research and then taking a contrarian stance to position portfolios appropriately it is possible to outperform markets as a whole after allowing for costs over the medium to long term. Over time however, economic fundamentals will return market prices to their correct level, allowing value creation through active investment management. Globally these mispricings can be more amplified particularly within a set asset class such as Real Estate where there is high tangible value underlying the share price. As a result both individual stocks and whole sectors and markets can become either over or undervalued, often to a significant degree. In part this is due to inefficient dissemination of information but a more widespread cause is human behaviours such as collective emotional bias. Fat Prophets believes that security markets are inefficient, particularly over short to medium periods of time. ![]() Fat Prophets has developed the Investment Philosophy being employed by the Fund over many years, drawing on the experience the CEO Angus Geddes has gained as a stock broker, stock and market analyst and portfolio manager and which portfolio manager Simon Wheatley has gained as a very experienced multi decade sector focused analyst who has been leading domestic and international equity research teams.
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