Colgate ($CL) podcast mentions
Timestamped Colgate ($CL) mentions across our podcast corpus.
There are times when the consumer packaged goods stocks roar higher for for reasons that have nothing to do with the underlying companies. Procter, like all the consumer packaged goods place, is a recession stock because its earnings tend to hold up during a slowing economy. Its stock roars when we get lousy economic data. If you buy these stocks because you believe in the business, but then they go higher as part of a sector rotation that has nothing to do with the business, you still got to win. The bank isn't going to tell you that they can't take that money because they don't accept profits from expectations. But you don't want to get caught with your pants down because the market suckered you into believing that Procter Gamble was going up based on the fundamentals when really it was benefiting from rotation into the whole consumer packaged goods stock sector. You know, the Colgate, J&J. This is what I meant earlier about filtering out the signal from the noise. And it is hard to do.
Jim Cramer · Mad Money w/ Jim Cramer · Mad Money w/ Jim Cramer 8/28/26 · 2026-08-28Thanks for the call. Lastly, let's talk about packaged food companies. We're talking about the big names from ConAgra, General Mills, Smucker's, Pepsi, etc. North American or US volumes were flat to falling at all of these food companies. And even in household products like Colgate-Palmolive. Why? These consumers are trading down. And it's showing in these, in the Consumer Staple Index. Since early 2023, that index is up 14% where the S&P has nearly doubled. And so the old marketing playbook of having commercials does not work anymore. And the middle class and Gen Z especially are trading down. And the boomer generation that have, that grew up on Heinz ketchup, yeah, they're, they have a lot of money, but they're not spending a lot more at the grocery store. And we know you get older, some of them are passing away. At US brick-and-mortar retailers, they sold 9.3 billion fewer units of food and consumer packaged food in the past 12 months than 5 years ago. And there's a health aspect of this as well. People are shopping not in the middle of the store, on the outside of the store, either in the fresh food section or the freezer section, not in the packaged food section. And then the brands that are taking share are the up-and-coming ones. So that's really what's happening. There's a lot of smaller brands that are organic or just more interesting than, you know, your Prego's of the world. And the volume decline continues to accelerate. So people are trading down to store-bought brands. There's a health food aspect to this. And then there's just a marketing aspect that they can't— they don't, they don't— the mac and cheese commercials aren't working anymore. And so when you go look at these companies on the market, understand why their stocks are struggling. It's not a great value. It's a value trap. So be aware. Well, I'm Justin Klein, reminding you about KPP Financial's parallel investing. We make a trade for our clients, make the same trade for ourselves, same day, same price, same percentage, no front running, no special treatment. We invest right alongside our clients. We share the same risk and potential for success. You can learn more at investtalk.com. Please tell your friends and family about our free podcast downloads.
Justin Klein · InvestTalk · Regulation catches up to digital assets · 2026-08-25Rotation, rotation, rotation. There are times when the consumer packaged goods stocks roar higher for reasons that have nothing to do with the underlying companies. Procter, like all the consumer packaged goods plays, is a recession stock because its earnings tend to hold up during a slowing economy. Its stock roars when we get lousy economic data. If you buy these stocks because you believe in the business, but then they go higher as part of a sector rotation that has nothing to do with the business, You still got to win. The bank isn't going to tell you that they can't take that money because they don't accept profits from rotations. But you don't want to get caught with your pants down because the market suckered you into believing that Procter Gamble was going up based on the fundamentals when really it was benefiting from rotation into the whole consumer packaged goods stock sector. You know, the Colgate exchange. This is what I meant earlier about filtering out the signal from the noise. And it is hard to do.
Jim Cramer · Mad Money w/ Jim Cramer · Mad Money w/ Jim Cramer 8/19/26 · 2026-08-19But this year is going to be different, right? First, though, let's do the numbers. Dow Industrials off 272 today, about a half percent, 53,459. The NASDAQ down 84 points, 0.3%, 26,644. The S&P 500 down 40 points, about 0.5%, 7,745. Mitchell was telling us about the state of the consumer economy. Well, here you go. Procter Gamble, maker of Bounty paper towels, Tide detergent, Pantene hair products, decreased 1%. Competitor Colgate-Palmolive, which owns Fabuloso cleaners, Hill's pet food, and— and I thought this was independent, actually— Tom's of Maine toothpaste declined 1.9% on the day. Newell Brands makes Graco baby products, Rubbermaid storage totes, and Sharpie markers, plunged 3.2% on the day. Sabri was telling us about China. The Chinese hotel conglomerate H World Group Limited reported earnings today. They're based in Shanghai, one of the world's biggest hotel chains, 1.3 million rooms. Their depository receipts soared 11.3% on the day. Bonds down Yield on the 10-year T-note rose 4.73%. More on bonds coming up at the end of the program. See how I teased that? More on bonds. Keeping you around. You're listening to Marketplace.
Kai Ryssdal · Marketplace · Consumer sentiment takes a tumble · 2026-08-17In— since I graduated from dental school in '87, you already had all the big brands of Colgate and Crest, sure, Listerine and all that stuff. The only global brand that I've seen come up is Invisalign. You know, when I would lecture around the world, I'd always take my boys with me. And I don't care if you were in Cambodia, South Africa, Malaysia, China, it didn't matter where you were. You'd be sitting at a restaurant and they— if it came up, you're a dentist, they'd say, oh, do you do Invisalign? And I mean, it's like they knew that word in Tokyo, everywhere. I've never heard another brand. I mean, my God, that's a big brand. And then that polymer science makes sense because I remember when all your patents expired and all the— and then I think like, I don't know how many, but it seems like, like 25 knockoffs came out of nowhere. And, you know, we're on, you know, we have Orthotown and the orthodontists, they always say, yeah, but there is— it's their plastic, it's the material, it's the— it's not price, it's not cheap. It's like there's a massive difference in your polymer.
Speaker A · Dentistry Uncensored with Howard Farran · Joseph Hogan, CEO of Align Technology : Dentistry Uncensored w/ Howard Farran #1720 · 2026-07-29Of course. And that's what we want to look to, the consumer ones, because the big list would be too much to get into. So if you start with Tuesday, we start with Coca-Cola and then we go to Visa. So that's for Tuesday. If we go to Wednesday, Procter Gamble, we have Microsoft and Meta as well. Thursday, we have MasterCard, Apple, Amazon. Friday, Colgate-Palmolive, Chevron and Exxon. So two big oil—
Speaker G · Bloomberg Intelligence · Bloomberg Money: Inflation Angst Returns & Micron Millionaires · 2026-07-25And that's what we want to look to, the consumer ones, because the big list would be too much to get into. So if you start with Tuesday, we start with Coca-Cola and then we go to Visa. So that's for Tuesday. If we go to Wednesday, Procter Gamble, we have Microsoft and Meta as well. Thursday, we have MasterCard, Apple, Amazon. Friday, Colgate-Palmolive, Chevron and Exxon.
Lisa Mateo · Bloomberg Surveillance · Bloomberg Money: Inflation Angst Returns & Micron Millionaires · 2026-07-24My mission is simple: to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people, my friends, I'm just trying to save you a little bit of money here. My job is not just entertain, but to do some teaching. So call me at 1-800-743-CBC. Tweet me, Jim Cramer. The crosscurrents are roiling. This is almost always what happens during this particular portion of the earnings season. We have situations that are hard to understand without much time to understand them. We have companies that expect us to look at metrics that seem made up to us, and we have all sorts of macro inputs— oil, interest rates, war. And that's how you get open field running, where stocks reverse on a dime, as can the averages, which traded all over the place until the Dow finished down 6 measly points. S&P declined 0.14%, but the Nasdaq lost 0.57%. Now, it may help to understand the backdrop. Okay, I'm back to waking up at 2:47 AM again. I mean, not a lot of people up at that hour. So you fire up the machine and boom, what do you see? SK Hynix— oops, SK Hynix— down huge and oil up gigantically. So, you know, at 2:49 AM, it's going to be a bad opening, and it is. But things are so fluid and confused because we're in the fog of earnings season. The snap judgments are whipsawing everything. I'm going to give you some examples. This morning we had a watershed moment we've all been waiting for. One model from OpenAI, searching for an answer, hacked its way out of what was thought to be a contained testing environment known as a sandbox, then went online and hacked into Hugging Face's server. Come on, this was amazing. Then Hugging Face used a Chinese model to stop it. I mean, this is insane. It means that the impossible has indeed happened. Agents went rogue. It's how it's WarGames. It's Asimov. Hopefully it's not Terminator. I'll be back. I think this is one of the biggest stories out there. In a world where AI agents can go rogue, what do you do? Well, you should just buy the stock in CrowdStrike. They have a cybersecurity product that will stop it. But the stock was down big and traders ignored their solution entirely. So much for that idea. Then there's Gevo Nova. We're all sure of one thing in this world. There's going to be a surge in turbine production because we're short on power. The demand for these things is insane. So you got to own Givernova, right? The biggest turbine company in the world, one I've been recommending kind of forever. And what happens? It misses the quarter. Not misses, it misses by a mile. You look underneath, though, and the cash flow is terrific. The orders are used to build out, it's gigantic, but the earnings are the earnings. And Givernova didn't have them. So the stock plunged nearly 9%. So, so, so— more on that one later. Meanwhile, we've heard nothing out of NVIDIA of late, right? Make no mistake. Make no mistake about it, I think the world of NVIDIA— I wore my NVIDIA cufflinks for the morning show just for good luck, but lately there hasn't been any news. Perhaps we can say that Supermicro, a customer of NVIDIA that then sells NVIDIA product, had great orders, and therefore we can assume maybe that Dell and HP Enterprise, Supermicro's competitors, must have good orders too. That market sure thinks so. That could be great. Then NVIDIA opens down a couple of bucks and, well, there goes that theory. But wait a second, out of nowhere, mid-morning, the stock does a 180, ending the day up $4.77 or 2%. I searched all day. Can't really give you a reason why. Delayed reaction, bull confusion. That makes sense. I've been pounding the table on Johnson Johnson for days now. I thought the quarter was excellent. Nobody agreed with me. The stock got hammered. I've been screaming about how terrific its technology is, saying perhaps it's okay to diversify away from disk drives into J&J. No, nobody seemed to care. Then today we found out that J&J got a green light from the FDA for its Otava robotic surgical system. Next thing you know, the stock's going bonkers. Investors realize that J&J, wow, they're a technology company. I say, duh, no kidding. But the market's shocked. Look out, change is tech, although it won't matter for a few years. It doesn't stop there. For months, the markets hated enterprise software stocks— Salesforce, Workday, ServiceNow. You have to think these darn things deserve a break, right? I mean, these are some of the finest companies revered for years. They keep getting savaged. We're talking to ServiceNow tonight to see if this quarter can turn itself around. But it's amazing. Enterprise software stocks simply cannot catch a bid. And ServiceNow got crushed during the day before we even saw the quarter. This is not supposed to be happening. Then by mid-morning, oil starts to come down and we start thinking, ah, here it comes. President's going to talk about how the Iranians are begging for a deal, that the talks are going well, that they agree to be defeated and stop developing nuclear weapons. Same story from the spring. Instead, we get the exact opposite. The president ratchets up the stakes, talks about taking out bridges if the Iranians attack shipping. Secretary of State says there are no talks. Then oil reverses and goes down on that news. Now, that makes no sense at all. It should be spiking like mad, but it never visited the highs of the wee hours of the morning. Meanwhile, interest rates are going higher anyway. The 10-year is testing its high. Oh, well, then that means all the interest rate-sensitive stocks should be going down, right? Oh, no, not at all. Wrong. Best performing sectors, utilities. AP Sempra, Dominion, Duke. It gets even crazier. PulteGroup, one of the biggest homebuilders, reports a strong quarter. It's incredibly counterintuitive, especially if the president slaps a big tariff on Canadian lumber. It gets even nuttier, people. The consumer goods stocks should be getting clobbered on higher rates. Their dividends aren't worth as much as when you get better returns in the bond market, risk-free. Plus, they're being hurt by inflation. Higher oil really stymies their earnings power. They should be going down. Yet it turns out to be a Procter Gamble day. Kimberly-Clark, Colgate rally. J.M. Smucker is breaking out. Kraft Heinz is starting to— Kraft Heinz, fantastic short. You can't make this stuff up. Then tonight, Alphabet reports. And this is a perfect example of how confusing things are these days. The company reports an absolutely enormous earnings beat with earnings per share of more than $9. Wall Street was expecting less than $3. But you must forget about that immediately because the quarter included $99 billion, just $99 billion in other income, which relates to the company's investments in SpaceX and Anthropic. Good hunting. The rest of the quarter mix. Google Cloud terrific, up 82% versus last year. That's incredible. This isn't a small division, but the bread and butter Google search business, tad light, which is what the bears are warning about as we move to the AI era. But the most important line might have been free cash flow, or actually negative free cash flow, much worse than expected, down nearly $6 billion as a result of the company's enormous CapEx spending. And it helps explain why the company is issuing $85 billion in stock to help pay for all these investments. The stock's been all over the place after hours, but the cash flow might have been the swing factor and the reason shares ultimately moved lower after hours. Somehow I don't think we've heard the last word on this one yet, though. You can say that these moves make a ton of sense. You just need to think through them. Or you can say, forget it, Jake, it's earnings season. You can't possibly figure this stuff out on the fly. Information is on overload and you can't just go to the chatbots for answers because they don't know either. You know what? I think these things have the mind of an intern, but the language of a CEO.
Jim Cramer · Mad Money w/ Jim Cramer · Mad Money w/ Jim Cramer 7/22/26 · 2026-07-22In the news this weekend, the U.S. military launched airstrikes against Iran's Islamic Revolutionary Guard Corps on Sunday in retaliation for an attack in Jordan that killed 2 American service members and wounded 4 others, further escalating tensions between Washington and Tehran. And Walmart said it pulled 4 bagged iceberg lettuce salad products after receiving a notice from supplier Taylor Farms as recalls linked to a cyclosporiasis outbreak, which causes explosive diarrhea, continue to widen. Taylor Farms is one of North America's largest suppliers of fresh vegetables and packaged salads. Its customers include not just Walmart, but also Costco, Whole Foods Market, McDonald's, and Taco Bell. And for income investors, Caterpillar and Colgate-Palmolive go ex-dividend on Monday. Caterpillar pays out on August 19th, while Colgate-Palmolive pays out on August 14th. Dell goes ex-dividend on Tuesday with a July 31st payout. Pfizer goes ex-dividend on Friday and will pay its dividend on September 1st. That's all for today's Wall Street Brunch. Look for links to stories in the show notes section. Don't forget, these episodes will be up with transcriptions at seekingalpha.com/wsb. And join the elite community of real investors to unearth great investing ideas. Just head to seekingalpha.com/subscriptions.
Kim Kong · Wall Street Breakfast · Tesla reports as earnings season revs up · 2026-07-19Oh, thank you. Right, so Jim, here's what I got. I'm heavy in tech and all the AI and semiconductor craze right now, but I kind of want to diversify out of it. I think this time is a good growth outlook. I'm talking about the bottler for famous drinks like Sprite, Dr Pepper, and Coca-Cola. It's ticker Coke. Well, it's real good, but you know what, take a look at the actual Coke, K-I. This is the stock, by the way, in April of 2000 when we had the big reversal out of the dot-coms into stocks. They went for Coca-Cola and they went for Bristol Myers. I would go for Coke. I think that's a better stock. Let's go to, uh, Matt in Ohio. Matt. Hey Jim, thanks for taking my call. The stock I'm calling about feels like it's been trudging through the mud uphill. I don't know whether to stay with it or whether to move on to something else. Stock I'm calling about is Clorox. You know, I read my first positive note about Clorox in a great deal of time today. It was a price target increase that made me say 5% yield. You know what? We want to buy it. By the way, price target increase in Colgate. And I think really incredible. I think this Kimberly tie-up with Canview is going to produce some terrific results. Let's go to Dolly in New Jersey. Dolly. Hey, Dolly. Hey, Jim, how are you?
Jim Cramer · Mad Money w/ Jim Cramer · Mad Money w/ Jim Cramer 7/16/26 · 2026-07-16Let's talk about dividends. We just had our webinar which discussed income investing overall, but I want to talk about is the shifting shape of corporate America and how dividends are not like they used to be. There's not as many companies paying dividends. There's not as many companies paying, uh, high dividends, and those that are oftentimes are value traps, and total returns tend to be fairly muted because their businesses' returns tend to be struggling or declining. You know, years ago, companies were showing— were paying dividends because they show— wanted to show shareholders that they had good cash flows, that it wasn't just about accounting gimmicks. They were able to grow those dividends because they had competitive advantages. And it showed that the, the boards approving those dividends showed that they had confidence in their ability to continue to generate those high future cash flows. It also made the leaders of those companies more careful when it came to M&A activity so that it didn't stretch their balance sheet and force them to cut their dividend, because that's something no leader wants to be a part of— be the ones who actually cut the dividend for whatever reason, especially for those companies that have been paying for decades. And really since the late '90s, the corporate American landscape has changed dramatically. Why? Because there's never that— there's not that company anymore that you can just put in a drawer and forget about it. Used to be that. There's very few of those companies. Why? Because it's a lot easier to start a new business, start a new division to compete with a company that maybe is, is growing dramatically and taking market share. I just think of Netflix as a good example. Netflix kind of started the streaming industry and then others followed. And yeah, maybe they haven't been as competitive or has built a good business as Netflix, but a lot of them have done fairly well. So it's a changing landscape here. And nothing says more about the changing landscape of corporate America like the consumer staples industry. You will go there and you will find many companies that pay very high dividends, 5, 6, 7, 8% or more. But if you dig into the quality of those dividends and the quality of the business, you'll see that many of them have stretched balance sheets. They have high payout ratios. They have businesses that are melting ice cubes. Why is that? Well, because advertising has become disintermediated. They used to just be able to advertise on the big TV shows or TV channels, get broad distribution of their brand and brand recognition. And that would translate into loyal customers. But now with social media, it's more difficult to get those brands in front of As many people at scale. So you have more influencer marketing, you have private labels at places like Costco. Then you have GLP-1s that are reducing demand for sugary products. And a lot of these names are slashing their dividend or at risk of, and many that are dividend, quote unquote, dividend aristocrats are just holding on by a thread. Names like Colgate-Palmolive, Cisco, Stanley Black Decker, They're all raising their dividend by just 1 cent to stay in compliance with the dividend aristocrats. Then you have liquor companies that are declining because less people are drinking and more and more companies are focusing, especially younger ones, on buybacks, which are a lot more flexible. They're more tax efficient, which means that when you— it's why when you look at the S&P 500, the dividend yield is very low, but the buyback yield is often much, much higher. In fact, buybacks have been out— have been, been outpacing dividend payouts for, uh, you know, most of the last couple of decades, about, about 15, 16 years, really since 2010. So when you're looking at being a dividend investor, you have to understand this. It's no longer just about the dividend. It's about the buyback. That's what you have to focus on more is the shareholder yield, not just the dividend, because dividends in many ways are now passé. I'm Justin Klein reminding you about KP Financial's parallel investing. We make, make a trade for our clients, make the same trade for ourselves in the same day, same price, same percentage, no front running, no special treatments. We invest right alongside our clients. We share the same risk and potential for success. Head over to InvestTalk.com to learn more. And please remember, you can tell your friends and family about our free podcast downloads, which you can find anytime at iTunes or Spotify. And then go check out our YouTube channel as well. And be sure to rate and review us on iTunes. We love that. Independent thinking, shared success. This is InvestTalk. Good night.
Justin Klein · InvestTalk · Defense Tech Stocks in 2026: Is This the New Growth Sector Investors Have Been Waiting For? · 2026-07-09I love you to death. Thank you for everything you do. Thanks for making us money. More importantly, thanks for keeping us from losing money. When you're picking stocks, you need to be very careful about doing the right thing for the wrong reasons. This happens more often than you expect. Let's say you find a great company, well-managed, strong fundamentals, good dividend. You buy that company's stock and it goes up. So in natural conclusion, the stock's rallying for all the reasons that you liked it in the first place. That's not always true. You might think a win is a win, but sometimes it's more complicated than that. If you don't understand why a stock's moving up or down, you're probably going to be very confused when it stops doing that and goes in the opposite direction. And when we're confused, well, guess what happens? We make really lousy decisions. Conclusions. For example, there are a bunch of excellent, well-run consumer packaged goods. They call them CPG companies. Maybe you want to buy Procter Gamble, longtime favorite. There are lots of logical reasons to like them. But like I told you earlier, logic is rarely what drives the stock market on a day-to-day basis. So let's follow through here. Suppose you pick up some Procter Gamble because you really believe in management or you like the dividend or you think that plastic and fuel costs are going down, which will boost the company's gross margins. That's a huge part of the expense. So you buy the stock and then it explodes higher. What's next? Well, you have to ask yourself, why is it rallying? It's very easy to tell yourself, I nailed it, this market's finally giving Procter the credit it deserves. When you buy a stock and it goes up, that means you were right. Why would you second-guess yourself when you're right? Well, the answer is simple: because maybe you were just lucky. As I've told you before, it's better to be lucky than good. But either way, you need to be able to tell the difference. So when you pack— yeah, let's say you rack up a nice win in Procter, you should ask yourself if you were right or if you simply happened to be in the right place at the right time. What do I mean by right place, right time? Rotation, rotation, rotation. There are times when the consumer packaged goods stocks roar higher for reasons that have nothing to do with the underlying companies. Procter, like all the consumer packaged goods plays, is a recession stock because its earnings tend to hold up during a slowing economy. Its stock roars when we get lousy economic data. If you buy these stocks because you believe in the business, but then they go higher as part of a sector rotation that has nothing to do with the business, you still got to win. The bank isn't going to tell you that they can't take that money because they don't accept profits from rotations. But you don't want to get caught with your pants down because the market suckered you into believing that Procter Gamble was going up based on the fundamentals when really it was benefiting from rotation into the whole consumer packaged goods stock sector. You know, the Colgate, Xanadu. This is what I meant earlier about filtering out the signal from the noise. And it is hard to do.
Jim Cramer · Mad Money w/ Jim Cramer · Mad Money w/ Jim Cramer 6/24/26 · 2026-06-24Sure. You know, I think it's important to sort of have a North Star when you invest, when you do long term fundamental investing. And our North Star, we call it resilient wealth creation. And what does resilient wealth creation means? It means we really concern ourselves about avoiding the permanent impairment of capital for our clients. Think about it as participating in the march of man, but avoiding the potholes along the way. Now, how we do that bottom up is the vast majority of our portfolios are invested in equities. And we tend to be global, we tend to be quite well diversified. And for very long term, the portfolio tends to turn about 10 to 15% per year, which means the holding period is seven to 10 years. When we select those equities, we're value investor, it's a global value team. But value investing, as you know, means different things to different people. On the one end of the spectrum, sort of, let's call it the Benjamin Graham types, scouting or screening the world for the statistically cheapest securities one can find. The other end of the spectrum, let's call it the Warren Buffett end, you start to search processes, looking for good businesses. I would say we gravitate more towards that Warren Buffett end of the spectrum. But that gets us sort of to the next broad or loose term, which is what is a good business. And the way we think about a good business is we are looking for businesses that embody scarcity, that have something that is hard to replicate. And for us, that really comes in two different flavors that we look for when we scout for scarcity. It's tangible scarcity and it's intangible scarcity. Tangible scarcity, those are real assets that are hard to replicate. Think about prime real estate in Manhattan or in London. Think about a copper mine that sits on the low end of the cost curve due to favorable geology. When I think about our portfolios, we own a company called Grupo Mexico. Grupo Mexico, amongst other things, owns the main rail network in Mexico. Good luck replicating that. It's impossible. You're not going to lay more track. That's tangible scarcity. The other flavor is intangible scarcity. So those could be entrenched customer relationships. It could be an iconic brand, it could be dominating a little niche market. And to put in, to put an example to that theory as well, we own a company called Colgate Palmelliv. And Colgate has 40 to 45% global market share in toothpaste. Now Getting to a market position where one in two people on this planet use your toothpaste in the morning to brush their teeth, you know, that's very difficult to do. So we scout the world looking for these businesses that embody scarcity. Then we want to make sure their balance sheets are clean. I mentioned the North Star is resilient wealth creation. So we don't like leverage and we want to make, they're run by people we want to be aligned with. You'll see a lot of family owned companies in our portfolios, a lot of founder led companies in our portfolios because it aligns incentives, especially if you're a long term shareholder like ourselves. When we find these businesses that check the box of scarcity clean balance sheets, people involved that we want to be involved with, we value them. What would a rational buyer pay to own the entire enterprise? And this is where the value investing kicks in. We only deploy capital when we can acquire a stake in those businesses at a significant discount to our sense of intrinsic value. Usually we're looking for about 30% or more. We call it the margin of safety, which is of course a famous value investing term. That's the vast majority of what we do in our portfolio. We supplement that with some gold. We tend to have 10 to 15% of our portfolios in gold. We have that gold as a hedge. We can, we can talk more about that. But again, goes with that North Star of resilience wealth creation. You want to have a hedgehog in intelligence of the markets. And then lastly we episodically have some cash in our, our portfolios. The cash is purely the residual of the ideas we find bottom up. If there's tons of great businesses trading at big discounts, the cash balance shrinks. If we have a harder time finding great businesses at great prices, the cash balance organically rises a little bit.
Christian Heck · The Acquirers Podcast · The Fund That's Beaten the Market for 45 Years by Focusing on What Could Go Wrong · 2026-06-04We've got about three minutes. So I just wanted to ask you about Colgate Palm Oil because that's one that has. Many of the consumer packaged goods type businesses have struggled in a world where it seems that having space on a supermarket shelf and dominating television advertising was a good model in the past and now it's a slightly different model where smaller brands can sell through social media. Makes it a little bit more difficult for Colgate. I know particularly toothpaste seems to be advertised. There's lots of different variations of toothpaste advertised over social media. So how do you get your hands around a problem like that?
Tobias Carlisle · The Acquirers Podcast · The Fund That's Beaten the Market for 45 Years by Focusing on What Could Go Wrong · 2026-06-04Well, two Face is a very interesting category. You actually have exposure to that through Colgate Pummelift but also through a UK listed company by the name of Helium which got spun out of GSK a few years ago and Haley and owns the, the Sensodyne toothpaste brand which is, you know, a little bit higher end more towards sensitive teeth. And one area of Toothpaste that is still quite helpful is a lot of consumers pick their toothpaste based on dentist recommendations. And Colgate as well as Sensodyne is very entrenched with dentists all over the world. They leave free samples, they do some education for the dentist and, you know, the consumer trusts the dentist at the end of the day. I think Warren Buffett used to say, once you put something in your mouth, brand, brand tends to matter a great bit. And I think that combination of, you know, you put it in your mouth and it is technically has medical components to it, makes, makes toothpaste a little bit different from sort of your ordinary consumer staple which, which has been struggling based on the entrance of all brands driven by cheap social media advertising.
Christian Heck · The Acquirers Podcast · The Fund That's Beaten the Market for 45 Years by Focusing on What Could Go Wrong · 2026-06-04