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đď¸ LVMH: Investing in True Luxury
[Just 5 minutes to read]


They say fashion trends come and go, but true luxury never goes out of style. In a world where technology dominates headlines and consumer fads flare up and fizzle out, LVMH (MoĂŤt Hennessy Louis Vuitton) stands as a testament to the enduring appeal of high-end goods and experiences.
If youâve ever walked down Fifth Avenue in New York or Avenue Montaigne in Paris, youâve probably seen a long line of people outside a Louis Vuitton store.
And if youâre like us, your first thought might be: why is anyone willing to wait 45 minutes just to spend $5,000 on a handbag?
Itâs a business thatâs stitched together a tapestry of brands so valuable and so desirable that people not only line up to hand over their money, they walk away thrilled for the privilege.
Today, weâll explore how Bernard Arnault pulled off one of the most impressive business transformations of the last century, how LVMHâs conglomerate model compares to Berkshire Hathawayâs, and whether this luxury titan is undervalued after falling more than 30% in the last year.
Letâs dig in.
â Shawn
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LVMH: The Power of Scale Behind a Luxury Conglomerate
LVMH: The Great Luxury Empire
Louis Vuitton, Christian Dior, MoĂŤt & Chandon, Hennessy, Sephora, Tiffany & Co., and the list goes on. These are just a few of the 75 distinguished âhousesâ that make up LVMHâs empire of luxury. The Paris-based conglomerate has built an unparalleled portfolio of brands spanning haute couture fashion, fine wines and spirits, perfumes and cosmetics, jewelry and watches, as well as boutique retail.
If youâve ever sipped a glass of Veuve Clicquot champagne at a celebration, sprayed a bit of Guerlain perfume, or admired someoneâs TAG Heuer watch, youâve interacted with LVMHâs products. Itâs the company behind lifeâs little (and not-so-little) luxuries, the kind that carry premium price tags and storied histories.

Veuve Clicquot champagne
Despite its vast scale today, LVMHâs reach can be easy to underestimate. Each of its brands retains a unique identity, often operating with a high degree of autonomy.
Consumers might love a Fendi handbag or a Bulgari necklace without necessarily thinking about LVMH at all. LVMH provides the financial backing, global distribution, and managerial expertise, while letting each maison (or house) preserve its own mystique and heritage.
This has made LVMH into a giant. In 2024, the group generated roughly âŹ80+ billion in revenue, an astonishing figure for a business built largely on discretionary consumer purchases. Its flagship Fashion & Leather Goods division (powered namely by Louis Vuitton) makes up LVMHâs financial backbone, with ~40% operating margins that rival some of the great software businesses out there.
Not all of its units enjoy the same margins, but still, LVMHâs profitability stems from the pricing power of its brands. When your product is a must-have item for the affluent, you can charge accordingly and rarely need to discount.
Global Reach
Itâs also telling where those sales come from. LVMH is a global business with a footprint in over 70 countries, but a huge portion of revenue is driven by one key demographic: the growing ranks of the affluent, especially in Asia (notably China) and the United States.
Estimate of Chinese shoppersâ share of luxury goods sales in 2025
The aspirational appeal of these brands transcends cultures and generations.
For the emerging middle and upper classes in developing markets, a luxury purchase from an LVMH brand is often a milestone, a symbol of having âmade it.â For the ultra-wealthy globally, LVMHâs highest-end offerings (say a custom Louis Vuitton trunk or a rare vintage from Château dâYquem) are simply part of living the good life. This broad and deep demand pool has helped LVMH continue growing year after year.
Arnaultâs First Move Into Luxury
Every empire has an origin story, and LVMHâs begins with an audacious deal by Bernard Arnault.
In fact, you may recognize some parallels with Warren Buffettâs.
The year was 1984. Arnault, a young French real estate developer, set his sights on a bankrupt textile conglomerate named Boussac Saint-Frères. Boussac was no prize on the surface: it was bleeding cash and came with a bloated mix of businesses, including textile factories and even a diaper brand.
Arnault acquired this nearly bankrupt textile company (like early Berkshire), and slowly reshaped it into a compounding machine.
But unlike Buffett, who built Berkshire Hathaway into a financial empire, Arnaultâs path was rooted in something a bit more intangible: taste. Rather than accumulating wonderful, simple businesses at fair prices like Buffett, Arnault focused on accumulating the most powerful aspirational lifestyle brands in the world, amplifying their power with economies of scale (more on that later).
Going back to the story, Boussac was failing when Arnault stepped in, but it had one hidden jewel in Christian Dior, the famed Parisian couture house founded in 1946, which Boussac owned. Dior still had global prestige and untapped potential, and Arnault recognized it.

So Arnault stripped out the restâthe diapers, the department stores, the clothing factoriesâand kept Dior, even after promising the French government, which had previously nationalized Boussac, that he wouldnât break the company apart or do layoffs.
While hailing from an industrial family, not a lineage of fashion and craftsmanship, Arnault has famously recounted how when, while living in the U.S. briefly, a taxi driver in NYC told him he didnât know who the President of France was, but he did know one thing about France: it was the home of Dior.
It was supposedly a light bulb moment for him, where he realized how powerful an undermonetized (at that time) but global brand like Dior could be.
Dior â> Luxury Conglomerate
Dior would be the cornerstone of Arnaultâs luxury ambitions, but the real scale came a few years later with the formation of LVMH itself. In 1987, a merger brought together Louis Vuitton (the famed luxury trunk and handbag maker, established in 1854) with MoĂŤt Chandon and Hennessy, two iconic alcohol brands that had merged in 1971 to form MoĂŤt Hennessy.
Thus, LVMH was born as a multi-sector luxury group. However, the merger didnât automatically put Arnault in charge; at first, he was a minority stakeholder invited in as part of a delicate alliance between the Vuitton family and the MoĂŤt Hennessy executives.
Bernard Arnault
The Vuitton side had invited Arnault to acquire a stake in LVMH, hoping he would increase their collective voting power and influence over the company, after rumors emerged that Guiness was considering investing in LVMH, which they worried would tilt LVMH into being more of an alcohol-focused conglomerate, favoring the MoĂŤt Hennessy side.
What followed is the stuff of corporate legend and perhaps what earned Arnault nicknames like âthe Wolf in Cashmere.â Sensing an opportunity to take control, and realizing that the Vuitton side didnât have the financial firepower to win, Arnault methodically increased his ownership stake in LVMH to support his aims and betrayed the Vuitton side.
Through a series of tactical stock purchases and deft navigation of a power struggle between the MoĂŤt Hennessy and Vuitton camps, Arnault eventually gained majority voting power and ousted the other leaders by 1990. And by the early 1990s, Bernard Arnault was the unquestioned chairman and CEO of LVMH, with a controlling stake in the company.
Then the fun really began. The 1990s and 2000s were a shopping spree for LVMH: From Guerlain to Sephora, Tag Heuer, and Fendi, to name just a few. More recently, LVMH made headlines with its largest takeover ever in purchasing the iconic jeweler Tiffany & Co. for approximately $16 billion in 2021.
Arnault showed a knack for revitalizing prestigious brands with lagging businesses by plugging them into the conglomerate, which could offer more financial resources for marketing and could attract deeper talent pools, since the best designers are drawn to LVMH and retained, in part, for the opportunity to move across its portfolio of brands, as opposed to working for a single standalone brand/company like Chanel or HĂŠrmes.
So there has been an economies of scale benefit, but not in the way thatâs taught in Econ 101, with low-cost production advantages stemming from size. LVMH was the first global luxury goods conglomerate, and instead, as mentioned, has used its scale to consolidate the best creative talent in the world and secure the most valuable partnerships, from Rihannaâs Fenty to working with Jay-Z on his Ace of Spades champagne or pairing Louis Vuitton with the popular streetwear brand Supreme.

LV + Supreme Collab
Arnault ultimately has tried to empower creative directors (designers, winemakers, etc.) to have the freedom to innovate and maintain a brandâs soul, but within a framework that ensures profitability and consistency with luxury positioning.
As such, LVMHâs business model is remarkably decentralized. Its brands operate with an incredible amount of autonomy, each with its own CEO, creative director, and manufacturing footprint.
There is no central "LVMH factory" pumping out Louis Vuitton and Dior handbags. Each maison controls its own production. Thereâs also no centralized P&L, at least not in the way most businesses operate. Each house is expected to stand on its own two feet.
But like Berkshire, all of the excess capital flows up to headquarters, where Arnault decides where to deploy it next.
Luxury, Not Premium
At this point, I should clarify a subtle difference in language and define what âtrue luxuryâ means.
This isnât like the fast fashion we see with a lot of Italian bands. Brands like Hermes, Louis Vuitton, and Burberry are timeless, and theyâre also crafted in Western Europe, as opposed to being sent to China or Vietnam for production, where costs are the lowest, which is the opposite of what weâre taught in business school to do.
So there is something unique and contradictory about true luxury compared to what weâd expect from almost all other types of businesses. For starters, production isnât and shouldnât be outsourced to the place with the lowest cost of production. That would damage brand perception. An LV bag with a Made in India/Vietnam/Thailand/China label would, rightly or wrongly, be perceived as less valuable than one âForged in Italy.â
Cristian Bilinger, a recurring guest on our sister We Study Billionaires podcast, is so strict with the definition of true luxury that he has even said he doesnât consider Mercedes to be true luxury, because thereâs too much of a focus on performance and sales volumes.
Mercedes, then, is a premium product, where youâre paying a price for something that is functionally better and more useful than a lower-end vehicle model, but not a true luxury product.
With true luxury, the purchase is meant to transcend functionality. A Luis Vuitton purse isnât any more functionally useful than any other purse, and everyone knows that, so instead itâs a purchase that signals someone is paying this price not because they want a more useful product, which is what we all do in most cases when weâre shopping, but instead theyâre paying a higher price to show that they have good taste and can afford to pay more for the sake of doing so.
As Coco Chanel has put it, âLuxury is a necessity that begins where necessity ends.â
Where Mercedes is more of a premium product, competing on functionality, Ferrari and Lamborghini are more like true luxury brands. They perform very well, but thatâs not really the reason people buy them. As a true luxury brand, people want a best of the best product, yet theyâre willing to pay a price that goes well beyond that for the status of it, much more so than is the case with Mercedes or BMW.
The thing with true luxury is that, in some cases, the more you raise prices, the more attractive the products actually become. Itâs as if paying for functionality and practicality is too pedestrian; itâs almost beneath these people to think about something as menial as whether an item is overpriced relative to its usefulness.
Hereâs a quote from a great book on the topic, The Luxury Strategy, that shows the point well:
âHere lies the difference between luxury and premium. People buying premium or even super-premium cars like to justify every dollar by a return on investment.
Premium means pay more, get more in functional benefits. Luxury is elsewhere: it signals the capacity of the buyer to transcend needs, functions, or objective benefits. This is how luxury brands are different from premium or super-premium brands: beyond the experience, they bring creative power, heritage, and social distinction.â
Empire of 75 Houses: All Sectors, All Stars
Today, LVMH oversees 75 distinct brands, an empire so vast that itâs the only luxury group present in every major luxury category. In that sense, LVMH is in a category of its own, size-wise, trailed by smaller rivaling luxury conglomerates like Richemont (owner of Cartier) and Kering (owner of Gucci) and pureplay brands, like HĂŠrmes, that sell nothing other than HĂŠrmes-branded products.
With the companyâs diversification across different units, when one part of the luxury market faces headwinds, another might be booming â a form of hedging that smaller rivals canât easily replicate.

LVMHâs Segment Breakdown
Hereâs the breakdown of LVMHâs empire by segment:
Fashion & Leather Goods: This is the powerhouse segment, contributing the lionâs share of revenue and profit. Brands like Louis Vuitton, Dior, Fendi, Celine, Loewe, and Marc Jacobs fall under this umbrella. Louis Vuitton in particular is the crown jewel â itâs often cited as the worldâs most valuable luxury fashion brand. Increasingly, many customers see these products as investments that may gain value over time, and because a good handbag can go with just about any outfit, the expense can be more easily justified for many shoppers than spending the same on a dress that might only be worn once.
Wines & Spirits: Think MoĂŤt & Chandon, Veuve Clicquot, Dom PĂŠrignon, and Krug for champagnes, as well as Hennessy cognac, and Scotch whiskies like Glenmorangie and Ardbeg. A vintage bottle of Dom PĂŠrignon or a rare Cognac can cost thousands. Whatâs interesting is that the dynamics of luxury alcohol are different; vineyards and aging processes constrain production, so volume growth is modest, but pricing power is immense for the top marques. I should note, though, that LVMH has a strategic partnership with Diageo, so some of the profits from this unit belong to Diageo.
Perfumes & Cosmetics: Think Parfums Christian Dior, Guerlain, and Givenchy perfumes. Itâs a highly competitive space (the beauty industry is full of giant players like EstĂŠe Lauder, LâOrĂŠal, etc.), but LVMH leverages the desirability of its fashion names to sell fragrances, like Jâadore by Dior, and makeup. Sephora, acquired in the late 90s, has become a global chain and one of the largest beauty retailers, giving LVMH a strong distribution arm and insight into beauty trends. While this segment has lower margins than handbags or cognac, it serves as an entry-level luxury product that can recruit younger or less affluent customers into the LVMH ecosystem.
Watches & Jewelry: A segment that has grown dramatically in recent years, especially after the Tiffany & Co. acquisition. Key brands here are TAG Heuer, Hublot, Zenith, and Bulgari watches, plus Chaumet and now Tiffany in jewelry. LVMHâs strategy has been to beef up its presence aggressively â Bulgari and Tiffany give it two world-class jewelry pillars, one rooted in Rome, one in New York. The watch business, led by TAG Heuer and Hublot, positions LVMH in the high-end sports and fashion watch segments, although not yet in the ultra-high-end segment dominated by Rolex and Patek Philippe.
Selective Retailing & Other: This includes Sephora, DFS (Duty Free Shops in airports), and other boutique operations like Le Bon MarchĂŠ, a prestigious department store in Paris, as well as LVMHâs hospitality ventures, including high-end hotels like Cheval Blanc and the Belmond chain. The retail segment is generally lower margin, given the costs of running stores, but it provides strategic channels to reach customers.
The Luxury Moat: Branding, Heritage, and Pricing Power
Warren Buffett often talks about companies having economic moats. These are durable competitive advantages that protect their profits, and itâs something we look for in every company we cover. In LVMHâs case, the moat isnât a single thing but a combination of intangibles and practical advantages that together make it incredibly hard to disrupt.
The most obvious moat is the strength of LVMHâs brand portfolio. These brands have been cultivated over decades, some over a century. Louis Vuittonâs LV monogram, for example, has been a status symbol since the late 19th century, initially adorning the travel trunks of European elites and now adorning handbags and sneakers for a global middle class. New competitors canât easily replicate that history or emotional connection.
When consumers buy luxury, theyâre not just buying a product; theyâre buying a story, an identity, a piece of heritage. LVMHâs brands have authentic stories in spades: the glamour of Diorâs post-war New Look, the craftsmanship of a Bulgari artisan in Rome, or the legacy of Champagne houses that have toasted royal weddings and celebrity Oscar wins. These narratives create aspiration, as people dream of owning a piece of that history. That dream canât be engineered overnight by a startup.
One hallmark of LVMHâs moat is its ability to raise prices with minimal pushback. Each year, that pricing power enables most of its brands to quietly increase prices on key products without significant declines in sales volumes. A handbag that cost $3,000 a few years ago might be $4,000 now. In fact, sometimes higher prices increase desirability in luxury, as I mentioned earlier â in economics, this is known as the âVeblen Effect,â where a product is coveted because it is expensive. It goes without saying that this makes for great business economics for those who produce Veblen goods.
As such, many luxury items are produced in limited quantities or have waitlists, creating an aura of scarcity. Even in more mass-market segments like cosmetics, they use scarcity via special editions or limited-run collaborations to spur excitement.
LVMH Without Arnault?
The Arnault Family
With Bernard Arnault now in his mid-70s, the topic of succession comes up frequently.
However, he has placed his children in key roles across the groupâs brands, signaling a plan to keep the company family-controlled and philosophically consistent even after he eventually steps down. That continuity could be considered part of the moat, unlike some public companies that suffer from short CEO tenures or strategy shifts, LVMHâs management approach has been remarkably consistent for decades.
Perhaps Arnault will take the Buffett route, once again, and manage the business until his 90s. While youâd expect a drama like HBOâs Succession brewing over who will replace him, the whole thing has been remarkably cordial thus far. The politics of it all, at least, havenât leaked into the public eye yet.
Bernard Arnault is famously private, and so, itâs little surprise that heâs kept his succession plans under such tight wraps. My impression, though, is that each of his children, despite benefiting from some nepotism, has in many ways genuinely earned their positions. By all accounts, theyâre each brilliant and incredibly hardworking, so itâs not what youâd expect, where the next generation is spoiled and less driven.
Point being, I (Shawn) wouldnât see Bernardâs departure as an imminent concern. Mostly because it may not be imminent, but also because the succession tree seems quite capable and, like Berkshire, the conglomerate has such a powerful portfolio of brands/businesses that will power its enduring success.
Valuing True Luxury
So, weâve gotten the lay of the land. We know what true luxury means, we understand the pedigree of LVMHâs brands, we appreciate how Bernard Arnault transformed LVMH and the broader luxury industry, and now, we need to bring it all together and try to value the stock.
Since there are a number of publicly-traded luxury companies, we have some good peer comps to compare LVMH against, so letâs start there.
If you chart it out, youâll see that for LVMH, compared to companies like Kering, Hermes, Burberry, and Richemont, Hermes has by far the best numbers.
It has had higher sales growth than LVMH, 40%+ returns on capital on average over the last 5 years, and a free cash flow margin that is 8 to 18 percentage points higher than these other luxury companies. But at the same time, it trades at more than 60x free cash flow, so youâre paying a massive, massive premium to own this incredibly high-quality company.
MC = LVMH, RMS = HĂŠrmes, CFR = Richemont
And with LVMH, itâs a much more diversified conglomerate, meaning it doesnât grow as fast and its returns are lower, both in profit margin terms and returns on capital terms, probably because they have had to make a number of costly acquisitions to keep growing outside of their core leather goods business.
So, in an industry defined, literally, by quality, LVMH is probably not the highest quality based on just the financial metrics, but in valuation terms, it is right there in line with Kering and Burberry at 17x free cash flow (see below), yet I do think thereâs a good argument for LVMH being a significantly better business than either of these companies. Kering, for example, hasnât really grown sales at all in the last few years, and its free cash flow margin is half that of LVMH, so I donât think it has any business trading at the same valuation as LVMH.
And itâs the same story, and actually worse, at Burberry. It blows my mind that LVMH is valued similarly to these clearly inferior businesses.

MC = LVMH, RMS = HĂŠrmes, CFR = Richemont
Betting on normalization in multiples isnât something I like to make a driving factor in my investments, but this relative pricing of LVMH, combined with everything else weâve covered today, could certainly get me bullish.
Not to say LVMH should trade at 60x free cash flow like Hermes, but it should be somewhere in between these two extremes, in my opinion. As recently as March 2024, thatâs exactly where LVMH was valued at, too, at 37x free cash flow, so itâs pretty incredible how much the valuation multiple on it has contracted.
Over the last decade, its median price-to-free cash flow valuation has been 25x, so again, relative to its own valuation history and some lower quality peers, LMVH just seems way too cheap at the moment.
In relative pricing terms, you could argue that itâs maybe 20-30% underpriced, but again, Daniel and I donât use that as a driving factor alone for an investment.
How Does the Stock Look Through a More Traditional Earnings Valuation?
I made three different models: a bull case, a base case, and a bear case.
In my base case, I try not to make any assumptions that are too optimistic, so even though LVMHâs P/E ratio is at historically low levels, I didnât bet on that multiple increasing significantly over the next few years. Doing so is ultimately speculative. A company can, to some extent, control the earnings it produces, but not the price the market is willing to pay for them.
In my bull case model, I give myself a little more space to indulge my optimistic side. And so, for a bullish outlook, I bet that its valuation can converge toward more historically average levels, and if that proves true, that would, of course, be, well, very bullish, since it is, after all, the bull scenario.
In that bull case, I also anticipate some moderation in sales growth, but itâs definitely higher than the base case and anticipates a total revenue CAGR of over 6% per year, which doesnât sound crazy but is a good bit for a company of LVMHâs size. I also model out some more improvement in their operating profit margins for each segment, matching more closely what the average of the past 5 years has looked like.
Global luxury sales are somewhat cyclical, and 2024 was a low point coming out of a booming Pandemic period, so I imagine that their margins might, in the bull case, rise five percentage points from 23% in 2024 to 28% or so by 2029.
Thereâs a lot of looking at what type of growth is precedented and what normalized profitability looks like, averaging out margins over several years.
And in the bear case, shown below, I try to think through everything that could reasonably go wrong. Maybe some flat or declining sales that further reduce margins and also drive a lower valuation multiple, for example.
And so, across these three scenarios, you can imagine I get very different price targets. In a base case, the stock starts to look attractive at about 400 euros per share, which is a 10-15% discount to current levels.
But in a bull case, which I should say, is not even the most aggressive bull case youâd find out there, the stock looks considerably undervalued, and at todayâs prices, you could plausibly underwrite an estimated return of around 18-19% per year on paper.
I should emphasize, though, that this is the bull case, so it only takes up a small weighting in our overall price target calculation, as this is meant to reflect a world where everything goes right for them.
From there, I calculated the target buy prices for all three scenarios, and then gave a 60% weighting to the base case, since itâs what I view as approximately most likely, and then a 20% weighting to the bull and bear scenarios.
And when we do that, the blended price target is about 412 euros, which is the price that I estimate weâd need to be able to buy at to clear our hurdle rate of 12% annual returns, relative to the current market price of closer to 450 euros.
Final Thoughts
While I think LVMH is likely cheap on a relative basis, I have trouble getting as comfortable with the fundamental valuation, and itâs hard for me to see much organic growth for this business, plus they may be running out of attractive acquisition targets that move the needle, adding to their growth challenges. Itâs the same issue at Berkshire.
Iâll be the first to say, though, Iâm not an expert on luxury or fashion, which is in part why I canât get as comfortable with this opportunity as Iâd like. Iâm sure there are readers who know far more about LVMH and can more confidently project higher rates of growth, but itâll take me more time and research to get to that point.
The stock has gotten closer to being screamingly cheap since I first looked at it, but still not enough for me to wave away my concerns. So, Daniel and I agreed that this will probably not be the last luxury company we cover, and as we get more familiar with the industry, or if the stock falls dramatically, we may take a second look. And, of course, weâll let you know if we do. For those interested, you can access our full valuation model on LVMH here.
In our podcast, we go even deeper on LVMH, exploring a backdoor way to invest in LVMH through Diorâs stock listing that may offer as much as a 20% discount. Listen to the episode here.
Weekly Update: The Intrinsic Value Portfolio

We started the year with 100% cash and have been slowly investing it
Notes
Evidently, no major changes this week. In fact, itâs been a few weeks since weâve added anything to the Portfolio, reflecting how hard it is to find great opportunities at the moment. Looking back, our decision to âbuy the dipâ in April, in response to the initial tariff headlines, worked out well, but now, as the markets have rallied, most of our favorite stock ideas look less attractively valued to add to or initiate new positions in.
Last week, we did a more comprehensive review of our Portfolio, with updates on the companies we follow. If you missed it, you can read our mid-year Portfolio update here.
Quote of the Day
"A good product can last forever.â
â Bernard Arnault
What Else Weâre Into
đş WATCH: Jeff Bezos interview with 60 Minutes during the early days of Amazon
đ§ LISTEN: How Warren Buffett became Warren Buffett, with Kyle Grieve
đ READ: Aswath Damodaran on the uncertain payoffs from alternative investments
You can also read our archive of past Intrinsic Value breakdowns, in case youâve missed any, here â weâve covered companies ranging from Alphabet to Airbnb, AutoZone, Nintendo, John Deere, Coupang, and more!
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