Monthly Archives: July 2018

Some links

Unintended consequences: Ride hailing apps seem to increase inner city traffic

The “Old” valuation ratios don’t work that well anymore

Quant Investing is now a thing in Venture Capital, at least at Google

Seth Godin with a good list of books worth reading

Great piece from VC investor Fred Wilson on “investment pace”

Forager defines its own “investment edge”

Y Combinator’s Summer 2018 book list

Edit: Don’t miss the 2018 half year report from the TGV Truffle fund

creditshelf – Hot Fintech disruptor or overpriced hype IPO ?

Intro: Why am I looking at this ?

Fintech companies these days are hot. Not many days past that not another big deal is announced. Most of the “action” though takes place in the Venture Capital market which is normally closed for most retail investors.

There is clearly a lot of hype in the sector, on the other hand there are more and more really disruptive business models that might do to traditional finance (Insurance, banking, Asset management) what Amazon has done to retail

As financial services is one of my core interests in investing, I think it will pay of to keep an eye on what is happening in Fintech.

Credishelf IPO


An exception is the German company Creditshelf, which despite being a pretty early stage startup, has just successfully completed its IPO on July 18th.

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Some links

Must read: Extremely wise words from Marc Andreessen on how to grow a (Tech) Company

It’s half-year report time:

TGV Partners fund (among other with Grafenia Plc as new position)
Rob Vinall’s RV Capital (AddLife and PSG as new positions)
TGV Rubicon

A few thoughts on

Best Buy is thriving again despite Amazon. A blue print for others ?

The UK Value Investor with 4 rules for selling stocks

And don’t miss Wexboy’s Half year update




Investment philosophy: How to cope with less time available ?

For several personal reasons (don’t worry, all of them VERY positive !!), I already have less time and will have even less time for detailed company analysis in the future. So the question for me is: What do I need to do with my portfolio (and the blog)?

A few questions I have been asking myself were:

Should I

  1. have more positions to diversify or should I have less positions to concentrate on the remaining ones ?
  2. allocate more money to other money managers or even start investing into ETFs ?
  3. try to focus on less risky stocks ?
  4. just do shorter company analysis and focus on the essentials ?
  5. or even go back to a more mechanic approach (BOSS Score) ?
  6. focus more on my Circle of competence and skip trying to extend it ?
  7. Or even focus only on  a small universe of the highest quality stocks ?
  8. increase my minimum holding period to slow down turnover ?
  9. Avoid “Higher maintenance” positions like M&A arbitrage etc ?
  10. Do more “shadowing” of investment managers I admire ?
  11. What should I do with the blog ?

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Some links

Mega Unicorn WeWork forbids its employees to expense meals containing meat

Ever wanted to own a piece of an Airbus A380 ? OTC Adventures has found a way to do so.

Smart phone cameras are the enemy of secretive hedge funds

Nick Train thinks that (deep) value investors should be VERY careful these days

A nice profile of value investor Chuck Allmon

Are you looking for trouble in the financial markets ? BBB Corporate bonds are a good place to start

Some links related to Stock spin-offs. Veoneer looks actually very interesting.



Some links

The UK stock market seems to be fairly valued at the moment

Good story on how fights back against AirBnB

The similarities between Intel’s fail at mobile and ICOs

The incredibly shrinking balance sheet of Steinhoff

29 life changing lessons thar one of my favorite authors (Ryan Holiday) learned from another (Tyler Cowen)

A great and comprehensive overview how things are currently in Italy

The Andreessen Horowitz summer nook reading list


Performance review 6M 2018 – Comment: “Skate to where the puck is going”

-Performance 6M 2018:

In the first 6 months of 2018, the Value & Opportunity portfolio gained +1,45% (including dividends, no taxes) against -2,88% 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: +4.68%  
Profitlich/Schmidlin: -1,67%
Squad European Convictions +2,22%
Ennismore European Smaller Cos +1,72% (in EUR)
Frankfurter Aktienfonds für Stiftungen -0,54%
Evermore Global Value -0,39%
Greiff Special Situation -0.92%
Squad Aguja Special Situation -5,45%
Paladin One +1,8%

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Dom Security – Nice offer but now what ?

Dom Security was a French small cap that I discovered 2 years ago. My thesis back then was that the underlying business was attractive, that profits will recover and that I will own this “Boring” stock for a long time.

Well, almost exactly 2 years after I have invested, Dom Security came out with some news a few days ago.

The good part: EUR 75 Tender offer (10%)

Dom is planning a tender offer (share buy back) offer for 10% of the outstanding shares at a price of EUR 75 per share. Free float is currently around 30%.

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