In the context of recently paying $1.5bn for FlightSafety, Warren Buffett, in his 1996 letter to shareholders, emphasized that intelligent investing is not complex. Flightsafety’s technology might be complex but the evaluation of the business is relatively straightforward. It was the dominant supplier of flight training outside of government and major airlines. It had the best trainers and an excellent team of managers. It had a deep moat that is dangerous for potential rivals to try and cross because it has the reputation, the technical knowhow and the facilities, a combination hard to replicate.
While intelligent investing is not complex it is far from easy. Not everyone has the focus, inclination or the business knowledge to be able evaluate matters such as strategic positioning, and competence and integrity of leaders. Many would rather focus on squiggles on a chart, guess the mood of the stock market or get a feel for the next big thing (is it lithium or online payment firms or bitcoin this month?) than look at businesses. To invest successfully you don’t need beta, option pricing theory, or modern portfolio theory (And I authored the best selling corporate finance textbook on this stuff! - but, after explaining the theory, I do take a sceptical line about practical application as well as theoretical problems). Buffett tells us that “what an investor needs is the ability to correctly evaluate selected businesses.” The word “selected” is very important. You cannot be an expert on every company, or even many businesses. But that doesn’t stop you from being an intelligent investor. “You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.” You need to learn two things:………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1
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How Warren Buffett makes a deal to buy a company - the example of FlightSafety International26/11/2020 Many large companies approached the founder and 37% shareholder of FlightSafety, Al Ueltschi, in the 1990s to ask whether he would consider selling the company. After all, he was already well into his seventies and needed to think about what might happen upon his death, e.g. tax would have to be paid from his estate.
He could not bring himself to sell his creation, with its cadre of first-class trainers and technologists, many of whom were dear friends, to one of Wall Street corporate raiders. They might leverage it up, bring in their own inexperienced and clumsy managers, and/or sell it off piecemeal. He said “I’ve seen big companies when they buy little companies; they’ll try to change everything. And I didn’t want to do that. A lot of our workforce had been there for years, and I wanted to see that it could carry its mission of making aviation as safe as we can. These are good people.” Ueltschi had not met Buffett despite him sending his pilots for training at FlightSafety (Berkshire had bought an airplane for Buffett to move around the country, which he named "The Indefensible”). In fact, the idea for a merger didn’t come from either of them. Buffett’s “heroes” of this story are Richard Sercer and his wife, Alma Murphy. Sercer was familiar with aviation and the market commanding position of FlightSafety because he was an aviation consultant. He was also a shareholder in the company. Murphy, an ophthalmology Harvard Medical School graduate finally, in 1990, wore down her husband’s reluctance to buy Berkshire Hathaway shares (they had seemed expensive to him in the 1980s). Thereafter they attended every Annual General Meeting and so knew Buffett’s criteria for acquisition. They judged FlightSafety would make a perfect fit. They also thought that Ueltschi would welcome a deal because it would give a good home for his business without disturbing the business model or the leadership. Making a pitch Sercer had long had a good working relationship with FlightSafety’s Vice President of Marketing, Jim Waugh, built on his work for corporate aviation clients. On July 24, 1996 the two met. Sercer took along Buffett’s “Owner Manual”, an updated version of which had been given to Berkshire shareholders the previous month (the original was written at the time of the Blue Chip merger in 1983). In this document (available at https://www.berkshirehathaway.com/ownman.pdf) Buffett sets out the thirteen principles by which Berkshire Hathaway will be managed such as, “our attitude is partnership…we eat our own cooking…[aim] to maximize Berkshire’s average annual rate of gain in intrinsic business value on a per-share basis…use debt sparingly”. He also gave Waugh copies of Berkshire’s acquisition criteria which include some very attractive stances for managers who might be interested in selling a business, such as, “Management in pla ………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 Today I'll continue the story of how a strong economic franchise business was created from virtually nothing. It became so strong that Warren Buffett paid $1.5bn for it (I'll describe the making of that deal in tomorrow's newsletter)
In the late 1940s a number of companies bought corporate airplanes to provide greater flexibility and save the time of their executives. Ueltschi knew most of the pilots working for the directors because they would frequently meet at airports all over the country. He noticed that some needed to update their flying skills. The training at Pan Am, where Ueltschi worked as personal pilot to the founder Juan Trippe, was rigorous and never-ending, with pilots forever going back to the school to learn the latest system or navigation technique, or simply to refresh old knowledge. The head of operations was stickler for precision and professionalism. As Ueltschi recalls it,“we were tested to be sure we knew what we thought we knew. All of us understood that was what it took to be safe.” Ueltschi was often assigned to help out older pilots with the transition to DC-6s and Constellations. In contrast, corporate pilots had generally ceased training years before, many after leaving the military. The lack of up to date knowledge was a problem because new high-performance aircraft were coming into the corporate fleets. These were much faster than slow and low flying boats and other light aircraft they were used to. While major airlines were forced to keep up, through both internal pressure to be safe and government six-monthly proficiency tests, business aviation pilots were out on their own with no requirements to demonstrate competence. Ueltschi thought about the problem for a long time, eventually concluding that there might be an opportunity to establish a business serving their needs, offering a training system as good as the ones provided at the major airlines. He went to Trippe with the idea who thought it excellent; it would improve aviation and it was a good business opportunity. Ueltschi also talked to Bernard Baruch, a leading financier, advisor to Presidents and a friend, who was much more cautious, "You'd better be careful. You've got a good job at Pan Am, and you might lose everything." Ueltschi had to solve the problem of combining family security – by then he and his wife, Eileen, had four small children – and at the same time, follow his dream, His solution was to, first, take a $15,000 mortgage on their house and rent a 200 sqft office on the third floor of LaGuardia Airport for the new company, FlightSafety, in 1951. It had one paid employee, a secretary, who was to mostly type letters soliciting business. Ueltschi himself would be unpaid by the company (for 17 years). Second, he would hold onto to his job at Pan Am. Trippe was okay with that, so long as he restricted his FlightSafety business to his off hours and days off. For years there was little business because the older pilots generally couldn’t see the need for training. According to Ueltschi the typical attitude was “They already knew how to fly just fine, thank you, so why did they need advice from a bunch of outsiders?” Trippe was Ueltschi’s greatest supporter, and he convinced many of his pals at the top of Fortune 500 companies that they really need to be flown around by pilots fully conversant with modern airplanes. “We hung in there, and one by one the customers came a ………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 The story I'm going to tell over the next few days shows how a talented manager can create a business with a deep and dangerous moat given enough time and dedication, even in an industry dependent on the notorious unprofitable airlines. There are many lessons for today's value investors.
Al Ueltschi fell out of an aeroplane in 1940 when he was 23 years old. One moment he was sitting comfortably, the next “the whole airplane was missing!” he says. The seat, with him strapped to it, had simply detached when the biplane was upside down. He was no longer an instructor pilot, “but rather a falling object heading straight for a patch of Ohio farmland”. It was very cold, but he knew he had to rip off his gloves to pull the rip chord on his parachute. The chute exploded through his legs, “so I guess I was upside down”. With only 150 feet to go the canopy finally opened. The episode was so jarring that the leg straps ripped his underwear. He landed in a briar patch, tearing more of his clothes. “Apart from some minor scratches and a severely bruised ego, I was fine”, he says. But the lesson in the importance of having a well-trained pilot who you could trust in all circumstances was truly learned. He had put his life in the hands of someone under his instruction. The student was trying a half snap roll. He kept failing and stalling the aircraft. The last attempt was so abrupt that Ueltschi’s seat simply fell out of the biplane. In those days, most training took place in the air, rather than in simulators, which resulted in more deaths by accidents in training than in normal flying. It was the same Al Ueltschi (pronounced Yule-chee) who 56 years later sold his pilot training business to Berkshire Hathaway for $1.5bn. He swapped his 37% holding for around $555m worth of Berkshire shares. The aviator who had flown solo at 16, continued to be in charge of the company until his death in 2012, aged 95, by which time his shares were worth $2bn. Much of that money has been used to provide millions of people in the developing world with sight-saving operations through the charity he established, Orbis. Today, FlightSafety International dominates the pilot training industry. Lindbergh and the love of flying Ueltschi was the youngest of seven born on a Kentucky farm in 1917. As he grew, he observed how his parents work all day, seven days a week for a meagre profit at the end of the year. He didn’t want to be a farmer. The ten-year old Alfred was enthralled when Charles Lindbergh flew the Atlantic. His ear was glued to the family vacuum-tube RCA radio, “listening for every scratchy- sounding news report on the progress of his flight. When the bulletin came announcing that he had landed in Paris and was carried off the field on the shoulders of thousands of cheering Frenchmen, I was hooked.” From then on there was no doubt in his mind, he was to be a pilot. (Running ahead of the story: Ueltschi and Lindbergh became friends and 35 years after the biplane mishap they ended up sharing a room at Le Bourget, the place in Paris where Lindbergh had landed all those years before. The pair were in France to evaluate an airplane). The young Alfred quickly recognised that farming would………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 Bill Child took a 600 sq ft store with annual revenue of $250,000 to a dominant position in Utah furniture retailing with $256m turnover. For him to succeed he had to follow sound principles to gain the trust of customers and the admiration and loyalty of employees. These are useful pointers for investors: if you see this sort of combination being implemented at a company it is likely to be one with a bright future. Fortunately for us he has written about his rules for success:
When 22 year old Bill Child intended to graduate and become a teacher. Things turned out differently. He instead built a business that was sold to Warren Buffett's Berkshire Hathaway for $175m. It had a very unpromising start. However the early days imbedded the values - and hence reputation, and then to competitive advantage - which led to later success.
Teacher Bill Bill Child, in 1951, married RC and Helen’s youngest daughter, Helen Darline (they were sweethearts from childhood). Greatly helping him in his ambition to be a teacher, Bill had recently gained a scholarship to study at the University of Utah. A few months later, when Darline was expecting a child, RC and Helen gave a small piece of land 50 yards from the 600 sq ft store for Bill and Darline to place a modular house. Bill worked the summer at the store. Not only was he strong and worked hard, but he had a natural caring way with people, putting them at their ease, and going out of his way to serve their needs. During term time Child would work in the store evenings and on Saturday. Here’s an indicator of the nature of the community: on many Saturday’s RC and Child would go off to the local baseball game, leaving a message on the open door “Gone to the ballgame…Come in and look around” (Benedict, Jeff (2009) How to build a business Warren Buffett would buy: the R.C. Willey story). Trouble In spring 1954 RC felt discomfort in his stomach. Thinking he had ulcers brought on by the stress of coping with annual revenue of $250,000 with only him and Lamar Sessions as full-timers, after first trying to soldier on, he announced that he really needed a vacation to get rid of the ulcer. He booked two weeks in California and asked Sessions to keep the business going while he was away. At first Session protested there would be too much for him to do, but something RC said stunned him, “You know, Lamar, when you think you’re going to die, you’ll do most anything to prolong your life.” Around that time Child was offered a secure job as a teacher in Syracuse junior high. All he had to do was sign the school contract and his work life was set. On Child’s graduation day (June 1, 1954) RC went to Bill and Darline’s house to explain his need for a vacation, and handed the keys to the store to Bill, asking him to oversee it while he was away. Ominously, RC and Helen returned a week early because he was feeling too ill to continue. Then the bad news: he was diagnosed with pancreatic cancer and was unlikely to leave the hospital. Bill Child faced a dilemma. On the one hand he could take up the teaching contract he had always wanted. On the other, there was a business that really needed him, a business that supported the family. The store had obligations to customers, suppliers and to Sessions. Perhaps the head teacher would allow him time to get the business on the right path and then he could come to the classroom? But there was more bad news to come. First the tax man arrived at the store to conduct an audit. The 22-year old Bill hadn’t a clue as to what was happening at first. It turned out the outside accountant had not been making any tax payments, for years. Over $10,000 was due. Then the bank called and told him to stop writing checks at once; there weren’t funds to cover them. Then RC died on 3rd September. After the funeral, the bank manager called a meeting with Bill and Helen to explain just how bad the finances of the business were. RC had borrowed $9,000 and the unpaid interest was mounting up. In addition, the bank had been financing credit given to customers. That finance was guaranteed by the business. It turned out that two-thirds were behind on their payments. Of those, one-half had failed to pay anything in nine months. For a business with a turnover of $250,000 and $150,000 on credit that is a lot of money to have outstanding. The bank manager wanted the store to immediately repurchase $50,000 of delinquent accounts. The bank clearly had little faith in a 22-year old business ingénue with teaching ambitions. “Helen” the banker said, “you need to sell the business and let Bill go teach school.” They agreed the family needed a little time to discuss what to do. Bill had only taken on the task of running the business for what he had assumed would be a short period and he had the school job lined up. Why not just sell up? But, because of all the debt, it was unlikely it would fetch a good price. Furthermore, RC had not saved any money for Helen. As profits came in he would spend it freely on his family and would give it away to needy people he met. If the business were to close his widow would have little on which to live, and no one in the family could support her. He had to turn the business around. Given the enormous goodwill it had built up over the years it still had potential. The accidental businessman Bill Child spoke with the school princi………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 I've been looking for investment lessons for today's investors in the analysis and approach Warren Buffett took when buying the shares in the dominant furniture and appliance retail chain in Utah. When Buffett bought it for Berkshire Hathaway, R.C. Willey commanded one-half of all furniture sales in Utah and one-third of all electrical goods sales. It has since gone on to dominate furniture and electrical goods retailing in a number of other states.
The R.C. Willey story is one of mid-western values of hard work, decency, business-smarts and devotion to community leading to outstanding success. It is the story of three men who epitomised those values: Rufus Call Willey, Bill Child and, of course, Warren Buffett. Rufus Call (or RC) Willey sold electrical appliances in 1932 from the back of a pick-up truck in the area north of Salt Lake City, Utah. A consummate salesman he had an amazing ability to engage with people, often to sell them things they thought they didn’t need. When people in the farming communities around his home town of Syracuse said they could not afford a refrigerator he would gently suggest that they just try it for a week without charge, “and if you don’t want it after a week I’ll come back and take it out – no obligation”. Naturally, once they experienced the benefits they generally found the money from somewhere. When competitors complained to manufacturers that RC had a competitive advantage in avoiding the overheads of a store, and therefore they should stop supplying him, RC simply built a simple 600 square foot cinder block store next to his house and stocked it with fridges, stoves and other appliances. His 22-year old son-in-law, Bill Child, helped out in the store evenings and Saturdays when he wasn’t studying at the University of Utah in preparation to take up a teaching position in Syracuse. When RC died suddenly in 1954 the responsibility for the tiny store landed in Bill Child’s lap. While it had a tremendous reputation with customers there was pile of debts and it was touch and go as to whether it could survive. With tremendous resolve, ingenuity and a family pulling together, it got through. Over time, extensions were added to the single storey building. Low prices and great customer service drew customers back time and again despite being located down a side road. Then a second store was added. Eventually there were six, all in Utah. By 1995 annual revenue was over $250m, profits and return on capital was great and there was little debt. Bill Child, at 63, looked to secure the future of the enterprise beyond his tenure as CEO. Remembering that RC had died at a much younger age, he was concerned that his own death might result in enormous taxes to be paid which the family would only be able to afford by selling a large portion of their shares. A much better solution was to swap those R.C. Willey shares for Berkshire Hathaway shares. Not only would the tax burden be better managed, but the team and its unique ethos would be preserved. Warren Buffett could see the values he most admired lodged in Child. He wrote, “Bill Child represents the best of America. In matters of family, philanthropy, business, or just plain citizenship, anyone who follows in his footsteps is heading true north…By doing the right things for his customers and associates, he eventually left once-strong competitors in the dust…He just applied the oldest and soundest principle ever set forth: Treat the other fellow as you would like to be treated yourself” (Warren Buffett’s foreword to Benedict, Jeff (2009) How to build a business Warren Buffett would buy: the R.C. Willey story). Buffett advises us to examine the lessons from Child’s life and apply them to our own, to lead a happier, more productive life. This short series of newsletters describes those lessons and values, and why Buffett was more than willing to pay $175m for the company. Rufus Call Willey Rufus Call, born in 1900 in Syracuse, 25 north of………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 The seller of Helzberg Diamonds, Barnett Helzberg was very pleased that it found a home within the Berkshire Hathaway family. He was able to step back from the business and devote more time to his family and philanthropic pursuits. The family were diversified now with a large holding in Berkshire which gained income from a broad spread of business sectors; and they could sell the highly liquid Berkshire shares at any time to diversify further.
Most importantly, the future of the company was in good hands. There was a solemn commitment from Buffett and Munger to continue the firm’s business philosophy, to retain the current associates and to maintain the corporate HQ in the Kansas City area. Jeff Comment, CEO, expected his new boss to give him some instructions. Buffett did indeed ring him up the day after the sale (May 1, 1995), but all he said was “Guess what you get to do today. Start breaking all your banking relationships, because from now on I’m your bank.” (Jeff Comment in an interview with Robert P. Miles in The Warren Buffett CEO (2002) John Wiley). Thus Buffett required control of capital allocation across the group. But apart from that, Comment was free to manage the business how he thought best “Berkshire hasn’t asked me to do anything that’s really changed the business”. He told the Kansas City Star paper that Buffett had said that he doesn’t call his presidents but “I like hearing from you guys once in a while.” Jeff Comment says that Buffett and he are very different people, but they really trust one another, and have a high degree of mutual respect. He thinks that is the case with all of Buffett managers, there is a sort of chemistry. “That chemistry is missing in a lot of businesses today. They’re functional, they’re tactically correct, but boy do you lose the passion, and you lose the love of the business. That doesn’t happen here…Warren is an incredibly cordial, warm, personable person.” (Bob Miles's book) Why not put Borsheims and Helzberg together? Most business groups already holding a jewellery retailer then adding another would instinctively look for “synergy”, such as buying economies or rationalising the store estate. They would put them under the same management. But Berkshire is no ordinary group. First, Buffett had promised that the businesses would be largely autonomous, each with their distinctive cultures and leaderships. Second the synergistic gains would be pretty small compared with the loss of focus, damage to the esprit de corps and confusion over strategy. On the latter point Buffett wrote in his 1995 letter that “Helzberg's…is an entirely different sort of operation from Borsheim's, our Omaha jewellery business, and the two companies will operate independently of each other.” He expanded on that thought in at the Meeting in May 1996, “Both [Borsheims and Nebraska Furniture Mart] offer this incredible selection, low prices brought about by huge volume, low operating costs, and all of that. Operating multiple locations…you would lose something, in terms of the amount of selection that could be offered. There’s $50 million-plus at retail of jewellery at Borsheims’ one location. Well, when someone wants to buy a ring, or a pearl necklace, or something of the sort, they can see more offerings at a place like that than they possibly could at somebody who i………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 When asked at the Annual Meeting in May 1996 for detail on his discounting method, for example, how many future years does he extend the calculation to, Buffett explained that, yes, the discounted owner earnings is the framework at the heart of investing or buying businesses, but, no, there are no written down calculations at Berkshire with cut-off dates for calculating what is called in “the terminal value”.
He said that though the equation is simple and direct “we’ve never actually sat down and written out a set of numbers to relate that equation. We do it in our heads, in a way, obviously. I mean, that’s what it’s all about. But there is no piece of paper. There never was a piece of paper that shows what our calculation on Helzberg’s or See’s Candy or The Buffalo News was, in that respect.” Buffett and Munger fear that people get hung up on the illusory appearance of “scientific” quality when using apparently sophisticated numerical analysis. In reality, inputs to the formula are of an imprecise nature. What you need are good ballpark estimates after taking on board the all-important qualitative factors that create shareholder value (quality of franchise and management). “We are sitting in the office thinking about that question with each business or each investment. And we have discount rates, in a general way, in mind. But we really like the decision to be obvious enough to us that it doesn’t require making a detailed calculation. It’s the frame Since Covid-19 struck Warren Buffett has been active in selling a number of long-held shares and in spending billions purchasing stakes in other companies. I’m going to speculate about his motivations.
First, the cash holdings Berkshire’s cash and cash equivalents rose over the first six months of the year from $125bn to a massive $142.8bn, most of which is in U.S. Treasury Bills earning a tiny interest rate. By contrast, investments in market-listed equity and fixed maturity securities fell to $226.7 billion from $266.7bn in December. In June $207.5bn was in equities and $19.2bn in fixed income. Most of this reduction is due to price declines, but some is because of decisions to sell equities. Net sales in the second quarter were $12.8bn. Apart from the $207.5bn invested in minority stakes in stock market listed companies Berkshire owns 100%, or near 100%, of dozens of companies from See’s Candy to BNSF and National Indemnity. If these were floated on the stock market such a group would command a market capitalisation - I guess, very approximately - of $400bn. Even allowing for both types of equity holdings, the cash pile is large relative to the amount Berkshire has invested in equities. It is the largest amount of net cash Berkshire has ever had. Indeed, it’s one of the largest cash balances any company has ever had. So, to my first speculative conclusion Warren Buffett is worried about the course of the US and the world economies and so holds cash in reserve firstly, as a precaution, “We don’t want to be dependent on the kindness of strangers, or friends even, because there are times when money almost stops”, he said at this year’s AGM. Buffett does not call market tops and bottoms. He merely continually looks for good investments at reasonable prices. Sometimes there are few to be found (which – not entirely coincidentally - often occurs near market tops), and so cash piles up. Naturally, an assessment of the economic future feeds into the assessment of what is a reasonable price to pay for a company’s future flows. Thus, the prospect of severe economic disruption affects first a judgement of fair value for equity assets, and then into the accumulation of cash. Cash also opens up opportunities in those times when others are selling assets on the cheap: “We have $120bn in Treasury bills and some in cash, paying virtually nothing – a terrible investment over time. But they are the one thing that when opportunity arises, maybe the only thing you can look to pay for those opportunities is the Treasury bills.” (Warren Buffett, speaking at this year’s virtual AGM) Is there anything else to back up that conclusion? What about what he said after selling all of shares Berkshire held in the four largest airlines earlier this year, raising $6bn? He noted that the world had changed for the airlines, “there are certain industries – the airline industry among others – that are really hurt by a forced shutdown.” (Berkshire’s AGM) The airline shares were sold despite Berkshire having to record a loss on their sale, having paid $7 – 8bn. Paying so much made sense when you expected Berkshire’s share of the earnings of those companies to total $1bn per year, “We felt that we were getting a billion, roughly, of earnings in a year – our share of underlying earnings was about $1bn. We thought that number was more likely to go up than down over a period of time.” (AGM) He no longer expects a billion of earnings, not for many years at least: “I don’t know whether 2-3 years from now as many people will flying as many passenger miles as they did last year. They may, or they may not. But the future is much less clear to me on how the business will turn out…The airline business has the problem that if the business comes back 70% or 80% it has a problem that the aircraft don’t disappear. So, you’ve got too many planes. (AGM) It's better to have $6bn in cash available to cope with the possibility of dire economic conditions and for buying opportunities than to have it in assets producing much poorer returns on capital than first envisaged. What about the sales of US bank shares? Buffett has been busy spring cleaning of bank stocks corner. At the beginning of the year Berkshire held $8.4bn in JP Morgan Chase. About two-thirds have been sold, and the shares have fallen from $139 to $101, so the value of its holding is now only about $2.3bn Wells Fargo shares worth $18.6bn on Berkshire’s balance sheet in December (when BH held 8.4% of the bank) are now down to $6bn after selling off 108m shares (out of 346m) and the share price halving from around $54 to $25. All the Goldman Sachs shares held in ………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1 |
Glen ArnoldI'm a full-time investor running my portfolio. I invest other people's money into the same shares I hold under the Managed Portfolio Service at Henry Spain. Each of my client's individual accounts is invested in roughly the same proportions as my "Model Portfolio" for which we charge 1.2% + VAT per year. If you would like to join us contact Jackie.Tran@henryspain.co.uk investing is about making the right decisions, not many decisions.
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