Monthly Archives: January 2012
Magyar Telekom & Hungary & Forinth
Magyar Telecom
In case someone is interested in even more in depth details with regard to the SEC settlement, you can read much more here.
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Strategy 2012
After the 2011 review, I wanted to quickly summarize my general strategy for 2012.
1. In general I don’t think that I am able to predict any stock market levels, fx rates or interest rates. For me, “tactical” assets allocation, which means siwtching assets classes or moving in and out of cash does not provide any systematic upside. However I believe that absolute market levels (esp. FX and interst rates) have some predictable influences on certain business models.
Core Value – Westag and Getalit: Reversion to the mean ?
wug3Another of my “core value” holdings is Westag und Getalit, a German based manufacturer of building materials and suplies. Mostly, they produce doors, panels and other wood products.
When we started the portfolio, we chose Westag because it was a “cheap” stock (single digit P/E) with almost no debt.
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WMF AG – Hidden Champion part 3 – Potential catalyst and Private Company Valuation
After part 1 and part 2 I had concluded the following:
–> from a pure Asset perspective, the Stock seems currently fairly valued
–> from an EPV perspective, one could assume an upside of 25-43% if one assumes constant cash flows going forward based on 2010 results
So overall, the upside is there but certainly not “super exciting”, so why bother ? Maybe the reasons are to be found in what i would call more the “qualitative” angle ?
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2011 – Portfolio and Performance Review
Performance (see also the current portpolio page)
December 2011 was the best month for the portfolio in absolute terms so far with + 4.03% against -1.62% of the Benchmark (50% Eurostoxx50, 30% Dax, 20% MDAX). For the whole year, this results in a performance of -4.1% against -13.8%. On a monthly basis, the picture looks as follows:
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value and opportunity 