Monthly Archives: January 2018

Softbank & Masa Son – Mad Genius pumping the Start up bubble or Visionary Capital allocator ? (Part 1)

In the comments to my Kinnevik post some weeks ago, a reader recommended me to have a look at Softbank, the famous Tech conglomerate built by Masa Son. Well sometimes I indeed take suggestions…..

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Masa Son – Founder and “Godfather”

In Softbank’s case it makes sense to start with its founder, CEO and major shareholder (21%) Masayoshi (“Masa”) Son.

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Some links

Prof. Damodaran analyzes the impact of the US tax code changes

Morgan Housel with some deep thoughts on financial markets and addictions

Some thoughts on the Softbank / Uber deal

Software companies usually don’t have big moats (h/t Valueinvestingworld)

The Value Investing France blog with its 2017 review

The 2020 sulfur cap on ships might  lead to profound impact on commodity trading

Forager on symptoms of a stock market mania

 

Spin off check: Getinge / Arjo AB (ISIN SE0010468116)

One upfront comment: I promise to use the auto correct feature of  wordpress.com in 2018 as often as possible. However, as  I do not have unlimited time to “polish” my posts, there will be always bad grammar and bad spelling as I try to focus my available time on analyis and actual content.

Already some week ago, Swedish based “Med tech” company Getinge AB spun off Arjo AB.

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Some links

Mark Zuckerberg wants to look at Crypto Currencies in 2018

Prof. Damodaran has released his annual data update on > 40k companies

Jeremy Grantham sees the “risk” of a near term market “melt up”

UK Value Investor with an in-depth review on why he sold BP

Bloomberg article describing Masa Son’s (Softbank) unorthodox VC investment style

December Issue of Value Investor Insight (h/t Valueinvestingworld)

Plus a selection of the Top 10 Videos of a16z (Andreessen & Horowitz)

Performance review 2017 – Comment: “Keep an Eye on Interest Rates and Credit Spreads”

Performance 2017:

In 2017, the Value & Opportunity portfolio gained +21,7%* (including dividends, no taxes) against 15.6 % for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in 2017:

Partners Fund TGV: +19,97% 
Profitlich/Schmidlin: +8,07%
Squad European Convictions +29.72%
Ennismore European Smaller Cos +9,32% (in EUR)
Frankfurter Aktienfonds für Stiftungen +13,7%%
Evermore Global Value +4.6%
Greiff Special Situation +11,1%
Squad Aguja Special Situation +14,2%

Since inception (01.01.2011), this translates into +186,7% or +16,2% p.a. vs. 95,3% or 10,1% p.a. for the benchmark. Graphically this looks like this:

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