Post Mortem analysis: Cars.com, Expedia & Record Plc

A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.

Expedia:

Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.

What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:

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Some links

A good overview on African capital markets from Ashmore

The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)

VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success

The yetanothervalueblog with one of its typical wide ranging posts (

Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)

Forager’s 2019 Book recommendations

Morgan Housel recommends not to follow any gurus

All German Shares – Part 9 (Nr. 101-125)

And another 25 stock batch with some very interesting companies. At some point in time I will release a table with all the stocks and a link to the respective posts.

Nr. 101: Baumot Group AG

36 mn market cap company that calls itself the “clean air” company. According to the company huge potential if hardware exhaust filtering for problematic Diesel cars would kick in which the company is manufacturing. However, currently the company is in deep trouble, sales tanking and huge losses. Several capital increases and debt equity swap. “pass”.

Nr. 102: BHS Tabletop AG – ISIN: DE0006102007

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Some links

Are AI/data driven strategies to be blamed for the underperformance of Value Investing ?

The UK Value investor discusses his worst investment ever (Xaar)

Great Vanitfair story on WeWork and Adam Neumann

Damodaran on the ARAMCO IPO: Part 1 and part 2

And a (justified) comment from Alpha Vulture on Damodaran’s treatment of “truncation risk”.

Seth Godin on the “Google Tax”

A critical view on Alibaba’s accounting

Book review: “The Man who solved the Market” – Greg Zuckerman

RenTech

This is another book that I have been waiting for to read for some time. Jim Simons is maybe not a household name in investing, but his Renaissance Technology fund (Rentech) has clearly on of the best track record of any investment vehicle in recorded history. However, other than some other famous investors, Rentech was (and still is) so secretive that hardly anyone had a clue how he/they did it.

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Some links

Good “all around post” from the Brooklyn Investor on Jamie Dimon, Steven Shcarzmann, the market and more

Greenwood Investors Q3 letter on the difference between “tourists and pubs”

Prf. Damodaran on WeWork and Softbank

A good portrait of the LT3000 investment blog

The PeridotCapitalist blog answers some questions from readers

Ben Thompson on the “Google Squeeze” (Expedia, TripAdvisor)

An interesting article on holding stocks for too long

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