Amaysim (AU000000AYS5) – The “Freenet of Australia” ?

amaysim_4d61ab0ab2142

Business & Business model:

Amaysim is a 320 mn AUD market cap Australian company which went public in July 2015 and  offers mobile  subscription plans without owning the physical network in Australia. So they are effectively a reseller (like Freenet in Germany). As a specialty, they do not package the plans with “free” phones and long lock in periods,  but offer “clean” and customer friendly  contracts which can be canceled on a monthly basis.

Essentially, this is a distribution / billing service. Their value proposition both, for the networks and end clients is that they can offer this service better and cheaper than the networks. If they can do this, then it is “win win” for both sides.

Read more

Some links

Richard Branson’s must read book list (70 books) (h/t valueinvestingworld)

For fans of Contingent Value Rights (CVR), Innocoll might be worth a look

How PE funds “pump up” their returns. Howard Marks with more thoughts about the use of these “subscription lines” in PE funds.

Facebook behaves like an old school monopoly

A detailed analysis of H&M the Swedish clothing retailer

Why price setting at online retailers these days is similar to High Frequency Trading

 

Special situation: Liquidation of KANAM Grundinvest fund (ISIN DE0006791809)

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!

Background:

This investment is not an original idea, but rather a “me too” investment. Ben from Wertart has a very good write up from November last year, so I spare myself to go into too much historic description.

Just the short version: Kanam Grundinvest is one of several formerly open real estate funds in Germany which have been put into liquidation. The major difference to almost all other funds is that in the Kanam case investors actually didn’t lose any money over the lifetime of the fund as the real estate seems to have been relatively high quality. As of December 31st 2016, the fund has sold 95% of its real estate and is now effectively a cash box with some remaining real estate exposure.

So let’s focus on what has changed since Ben wrote his post:

Read more

Book review: “Great by Choice” – Jim Collins

41hqlz67n1l-_sx327_bo1204203200_

“Great by Choice” seems to be the most recent book (2011) from management “guru” Jim Collins. Similar to “Built to last” he focuses on companies that have achieved great success. However in “Great by Choice” he includes a certain twist: He looks at 8 pairs of competing companies which more or less had the same starting point, but where one of them became super successful and the other not.

He then tries to work out why the successful ones were successful. The pairs are as follows:

Read more

Some links

Don’t miss: Jeff Bezos’ 2016 letter to Amazon share holders

A great collection of business/investing book reviews from Abnormal Returns

An interesting write up on German “Amazon for animal feed” company Zooplus

Good idea: Write down everything what you have learned about investing in simple sentences

A good collection of articles about Blockchain technology

On the virtues of writing for investors

 

 

Travel series (5): Flight Centre – “Outsider” Company or off line Dinosaur ?

This is part 2 of the Flight Centre analysis after the book review last week.

flight-center-image1

The “old” business model

The Australian based company is a classic “travel agency”, both, running physical agencies as well as offering airline tickets and tours over web sites.

A traditional travel agency usually works like this: They offer flights from preferred airline partners and hotels or packages also mostly from certain partner companies. Traditionally you would go into a travel agency and ask if they can recommend you a destination, then you would be offered some colorful catalogues where they list the offered hotels (with prices mostly depending on the official “star system”) and then gladly sell you the “Bundle”.

Read more

Some links

Intelligent thoughts on second and third order effects of electrical / fully autonomous cars. However with regard to car insurance it seems there are some unexpected side effetcs of this trend.

The Brooklyn investor has a look at the Jamie Dimons letter to JPM shareholders

Horzon Kinetics with some interesting observation on Index ETFs

Alpha Vulture on Italien Real Estate Funds. By coincidence also Ben from Wertart covers two of those vehicles in more detail.

Why Softbank bought Fortress (with a lot of stuff about “alternative” asset managers)

A pretty wide and deep view on what matters with regard to Brexit

« Older Entries