value and opportunity

A few short updates:

Microsoft:
As announced, I sold the shares at USD 25.51 or EUR 19.02. IIncluding the quarterly dividend received, the total gain was around 4%. Almost all of the gain is a result of the USD appreciation, as I bought the shares at USD 25.88 and an exchange rate of 1,41 USD/EUR.

So despite some big gurus like Seth Klarman (and benny_m) being invested, I still think that better opportunities might come up.

Frosta
In order to refinance the EMAK position, I already mentioned that I have to sell one other 2.5% position of the portfolio. I finally decided that I will sell Frosta. Although I think it is a “good and honest” company, at current levels there is not a lot of margin of safety in the stock. The problem is also that a lot of stocks have become much more attractive on a relative basis. So I will exit the position beginning next week.

AIRE KGaA

Since yesterday some pretty strange action is going on with AIRE KGAA. Today, around 20 k shares have been traded, yesterday around 33 k after hibernating for a couple of weeks.

I didn’t find any news, however this reminds me about the trades earlier this year when Grevenkamp built up his stake. The 50 k plus shares represent more than 1% of the company.