Dear subscribers,
Today I’m announcing a change I’ve been thinking about for a while: Asymmetric Ventures is now The Quality Journal.
Why the change?
“Asymmetric” has lost its meaning. The word has become so common across the platform that it no longer says much about what I actually do here. It seems more a high-risk high-reward strategy, rather than the meaning I have: minimize downside risks, with the likely outcome that returns will be positive over time.
Quality is what I’ve been doing all along. Over recent months, my focus has been on high-quality businesses. Asymmetry may come, if those companies are fairly valued or undervalued, but it’s a consequence, not the core of this publication. The new name reflects that.
More content, and more variety. From now on, I want to share more often and cover a wider range of topics.
It aims to become a journal — a place where you will find articles related to investments, but not just investment thesis. I want to bring you more value and use all the resources I have to share thoughts, content, ideas, etc.
What you can expect
1. Investment theses. Nothing changes here. The in-depth theses remain at the heart of the publication. All financial models will be provided with each investment thesis. I’m planning as the next investment thesis S&P Global, which might take some time as it’s a very large company holding different businesses.
2. Quarterly earnings. I’ll increase coverage of quarterly results for the companies I follow. I will try to keep the models updated, so you can easily update your projections.
3. Research articles. More company analyses, starting tomorrow with Amadeus IT. These reports take a neutral view: I probably won’t be a shareholder, but the company is interesting enough to analyse and to explore whether it could become an investment.
4. New sections:
Macro Updates. I don’t invest based on macro, but it’s always useful to understand what’s happening. From time to time, I’ll share an informal update on the major economies. Not a recurring series, just occasional context.
IPO Radar. A look at recent IPOs to see what kinds of companies are listing on the major indexes, and whether any are worth a closer look. The first post is coming soon.
5. Ongoing series. Parts 3 and 4 of the LVMH series are ready, and each will be followed by a deep dive into a sector peer:
Series 3: Perfumes & Cosmetics, followed by a research report on L’Oréal
Series 4: Watches & Jewellery, followed by a research report on Richemont
6. What’s next. I’m also working on educational content: understanding ROIC, the behavioural biases that affect investors, how to read valuation multiples, and more. And I’m putting together a review of the worst performers in the S&P 500 to see if there’s value hiding there.
I’ve also created a website and new email address:
phil@thequalityjournal.com
In short
A new publication with much more content. I’m 100% focused on making this project as valuable as possible for you.
For new subscribers, the price will be €120. To celebrate the launch, I’m offering it at €90 (25% off) for a limited time.
For current subscribers, you shouldn’t be impacted until next renewal. If you are already a subscriber, and your plan ends in the next few weeks, send me a message or email (phil@thequalityjournal.com) and I will provide you a 38% discount.
I hope you enjoy what’s coming.
Best,
Phil
Hi Phil, you already write great content, let's see if the new formula brings you a wider readership.