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
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.
An exception is the German company Creditshelf, which despite being a pretty early stage startup, has just successfully completed its IPO on July 18th.
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)
A few thoughts on Overstock.com
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
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:
- have more positions to diversify or should I have less positions to concentrate on the remaining ones ?
- allocate more money to other money managers or even start investing into ETFs ?
- try to focus on less risky stocks ?
- just do shorter company analysis and focus on the essentials ?
- or even go back to a more mechanic approach (BOSS Score) ?
- focus more on my Circle of competence and skip trying to extend it ?
- Or even focus only on a small universe of the highest quality stocks ?
- increase my minimum holding period to slow down turnover ?
- Avoid “Higher maintenance” positions like M&A arbitrage etc ?
- Do more “shadowing” of investment managers I admire ?
- What should I do with the blog ?
-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%
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%
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%.