US packaged food companies are struggling
Prof. Damodaran on Amazon
Deep thoughts on Cryptocurrencies and the new Basecoin
Excellent post on how to look at (and evaluate) Startups at the seed stage
The UK Value Investor with an in-depth look at Morrisons
Some details about WeWork and the Softbank Vision fund
Interesting thoughts on how to “fix” the Price-to-Book Ratio
Deep thoughts about the recent strategy change at Zillow
Prof. Damodaran has a look at Google. And Google has screwed up messaging again.
A more pesimistic view on the future of tech stocks
Forager on the disadvantage of size in fund management and their thesis on Auto Trader (UK)
What Hugh Hendry is doing these days after closing his Hedge Fund
Long Term Value Blog with a portfolio update
The Global Stock Picking blog likes Rezidor Hotel Group
Deep thoughts from (and about) the founder of Constellation Software
Forager on the potential long term downsides of large moats
Ben from Wertart with a deep dive into Sarine Technologies
At USG, Buffett goes somehow activist by teaming up with German Knauf against the Board
Express Scripts looks like a potentially interesting Special Situation
Red Corner blog is back with a write-up on CVR Partners
Prof. Damodaran updates his Facebook valuation
Performance Q1 2018:
In Q1 2018, the Value & Opportunity portfolio lost -1,38% (including dividends, no taxes) against -3,90% 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 Q1 2018:
Partners Fund TGV: -10,79%
Profitlich/Schmidlin: -4,45%
Squad European Convictions +0,19%
Ennismore European Smaller Cos -1,40% (in EUR)
Frankfurter Aktienfonds für Stiftungen -0,47%
Evermore Global Value -3,03%
Greiff Special Situation +0,65%
Squad Aguja Special Situation -5,38%
Paladin One +0,57%
Forager on buying high risk stocks
Bill Ackman is having issues at Pershing
Great portrait of the very frugal CEO of Fastenal
An interesting approach to value Bitcoins
“The Profit” seems to be a really interesting TV reality show
Who is to blame for GE’s problems ?
Monish Pabrai’s new 5 stock “Uber Canibals” portfolio
Electrica is the only remaining “Emerging Market” stock in my portfolio. I bought the stock in December 2014 and now after 3 year and some months it maybe time to assess how the situation looks against my initial expectations.
Including dividends, the stock is up ~18% in total since then, in my portfolio however the stock is flat because I bought more of Electrica at higher prices. Compared to a +53% performance of the portfolio in the same period, the stock is clearly a underperformer and the question is clearly if I should keep the stock.
My initial thesis relied on the following assumptions:
What happened ?
Japan seems to have changed a lot in the last 10-15 years
Deep thoughts on un-bundling, re-bundling and Robo Advisors
Good thoughts on the probable path to autnomous driving
A detailed and rare feature of Eddie Lampert
UK Funeral company Dignity could be an interesting stock after dropping -70%
Very interesting thoughts about spin-offs from Greenwood
Bill Ackman had another pretty bad year in 2017
value and opportunity 