All Swiss Shares Part 15 – Nr. 141-150

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Moving forward with another 10 almost randomly selected Swiss stocks. This time, only one stock looked interesting but in that case so interesting that I initiated a 1% starter position.

141. ASMALLWORLD AG

ASMALLWORLD is a 36.4 mn CHF market cap company that was IPOed in 2018 at 9,75 CHF per share, climbed to over 20 CHF and then dropped big time even pre Covid. According to their web site their are some sort of travel community, whatever that means. Life is too short and there is a big world full of more interesting stocks. “Pass”.

142. Schaffner AG

Schaffner is a 176 mn CHF small cap that seems to be active as a specialist automobile supplier and produces components for electrical systems. A third division active in “Power Magnetics” was just sold to Swedish AQ Group, a company that I covered several years ago.

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Performance review Q3 2021 – Comment “The End of the Easy Tech Money”

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In the first 9 months of 2021, the Value & Opportunity portfolio gained  +17,3% (including dividends, no taxes) against a gain of +13.9% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).

Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 9M 2021:

Partners Fund TGV: +22,5%
Profitlich/Schmidlin:  14,7 %
Squad European Convictions +24,3%
Ennismore European Smaller Cos +19,1% (in EUR)
Frankfurter Aktienfonds für Stiftungen 15,9%

Greiff Special Situation 3,9%
Squad Aguja Special Situation 8,6%
Paladin One 14,8%

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Some links

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Why Theranos was “special” among startups (or maybe not ?)

An interesting review of Michael Milken’s career as the “Junk Bond King”

Some insights into Salesforce’s unique “borderline” culture

Good article on the new Covid “wonder drug” Molnupiravir from Merck 

ValueX Vail conference presentations 

The Music business seems to be back (IPO Universal Music)

Net Interest (Marc Rubinsteins) with a look back to the 2006 ICBC IPO and the Chinese Financial system

 

All Swiss Shares part 14 – Nr. 131-140

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And on we go. Another 10 randomly selected Swiss shares. This time, three companies are going on to the extended watch list and one is actually a current holding of mine. As we are now already at around 2/3 of the Swiss Stock universe, I need to think about the next market to look at.

131. Perrot Duval AG

Perrot Duval is a 13 mn CHF micro cap. According to their latest annual report, the company is already 116 years old. The company seems to have sold its major operating business a year ago or so and now concentrates on the sector process automation, although I did not really understand what their remaining subsidiary called “Füll” really does.

What is kind of interesting is the fact that the company sits on 17 mn CHF of net cash and therefore the market seems to discount a lot. The CEO and Chairman owns 35% of the shares.  In the mean time, the company seems to have made further acquisitions.

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Some links

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When Daniel Ek, founder of Spotify sits down to talk, it is always worth listening

A cautious look at potential negative effects of “Buy now, pay later” offerings

Interesting deep dive into “the mind of Perma-bear Marc Faber”

Some interesting thoughts from Micheal Pettis how China will manage the Evergrande problem and a deep dive into Evergrande’s “accounting”

GlobalStockPicking with a portfolio update 

Guru Copycat investing doesn’t to work so well

Bill Ackman scored big with the IPO of Universal Music

Plus an old song to start the week in a happy mood: Beach Boys – Big Sur

Book review “The Pay Off: How Changing the Way We Pay Changes Everything”

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I usually do favorable reviews of book because I don’t write about the bad ones. However this book is even exceptional among the many very good books I have written about.

There are some books that give you a new idea and/or explain something that I could never explain myself. This book created so many “Aha “moments for me that I am not sure if I have gained the same amount of new knowledge from any other book in the recent years.

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All Swiss Shares Part 13 – Nr. 121-130

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Back to Switzerland with 10 “fresh” and randomly selected Swiss stocks. This time, 5 of the 10 stocks might be worth to watch after a first analysis, although I need to slim down my watch list to a more manageable number at some point in time. Enjoy !!

121. VZ Holding

VZ Holding is a 3,5 bn CHF market cap financial services company, that in contrast to most other Swíss financial companies seems to been able to create some long term value over the last years:

VZ Holding

VZ is an Asset advisor/manager and there is a very decent write-up available from Verus Capital (in German).

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Some links

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Must read: Thoughts on investing (and life) from “The undercover Fund Manager”

Some thoughts on who might be paying the bill for Evergrande’s default and the impact on the Chinese Financial System

Is Facebook the “cigarette industry” of the digital age ? 

Prof. Damodaran is no big fan of ESG Investing 

Good write up on SEA Ltd., South East Asia’s leading internet company

FrenchHiddenChampions has a nice series on Gerard Perrier (and other good stuff)

Interesting insights into the Business model of O’Reilly Automotive

Making Fun of Fundamental investors – The Frank Thelen edition

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Frank Thelen is a household name in Germany. As part of the German version of “Shark Tank” (which he left in 2019), he clearly became the Venture Capital investor with the biggest public exposure (the guy in the back in the middle):

Recently, Thelen announced that he will launch the “German Version” of Ark Invest which he calls 10xDNA Fund. The idea behind is that he, as successful VC investor is able to run a big fund of public stocks that aims at “disruptive technologies”.

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