Monthly Archives: October 2018

Some links

Very good write-up on UK Hospital supplier Tristel

A good presentation (from April 2018) on Tech company Box Inc

Neil Woodford’s fund has been cut down by half (search result, h/t Monevator)

Notes from the “Invest for Kids” Chicago conference and from the Great Investors Best Ideas Dallas Conference

The Fall 2018 issue of Graham & Doddsville is out

How will the Saudi issue effect Tech valuations in the Valley going forward ?

A good collection of Spin-Off links


Updates: DOM Security, April SA, Metro Bank Plc & Metro AG

A few (random) updates on stocks I own or looked at in the past:

DOM Security:

Already 3 weeks ago, they issued a document how and when the merger will be completed. If I understood everything correctly, the ratio will be 20 SFPI shares for one DOM Security share and completion is on or around 13. November 2018.

DOM currently trades at 53 EUR, SFPI at 2,61 EUR, so the relative price is pretty efficient. I plan to stay invested and over time increase the position from 3% currently (after selling 40% at the tender offer at 75 EUR) to a full position. I think it makes sense to stay with founder Mr. Morel for the future.

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Some links

Interesting analysis of Customer acquisition cost (CAC) and life time value (LTV) of Netflix users

Recommended: UK stock blogger Maynard Paton (h/t Alan who linked to this in the comments)

Concentrating bets sometimes doesn’t work even for very smart investors: Eddie Lampert  & Sears

The Crypto ICO market has cooled off significantly

Great post on moats in the digital age (Booking, Landstar)

The build-up of “almost-junk” debt is astonishing

Good write up on Herny Schein

System1 (ISIN B00B1GVQH21) – Warren Buffett “Collateral Damage” or Structural Headwinds ?


System1 (or under its old name Braijuicer) is a good example for a stock where it didn’t pay off to hold if we look at the chart:


I had looked briefly at them when Ben from Wertart bought them in early 2016 but back then didn’t take the time understand what the company was all about. After the huge drop I decided to have a deeper lok at the company.

The business

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Some links

Must read: Rob Vinall’s latest letter (RV Capital 10th anniversary)

An interesting expirement: Trying to analyse the readability of annual reports

The Big Hack: How China “hacked” motherboards by inserting some extra chips

Great story on how difficult it is to break into the Rating oligopoly

Somehow, Oracle seems to struggle in the transition to the cloud

App only banks are becoming a thing

Must read (2): How (and when) 5G will effect us

FitBit (FIT) follow up: Enough upside to justify the risk ?

This is not investment advice. Please do your own research and don’t follow any anonymous bloggers.

Let’s continue with this nice “anti Buffett” stock from my post last week.

The people / founders

FitBit’s original founders from 2007, James Park and Eric Friedman are still on board.

Interestingly, although both ar only 41 years old, FitBit was the third company they founded together.

The other companies were Windup Labs, a photo sharing company they sold in 2005 and Epesi, a B2B software company that didn’t work out.

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Performance review 9M 2018 – Comment “Anti Buffett or Beyond Buffett ?”

Performance 9M 2018:

In the first 6 months of 2018, the Value & Opportunity portfolio gained +3,38% (including dividends, no taxes) against -2,2% 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: +6,95%
Profitlich/Schmidlin: -0,21%
Squad European Convictions +1,97%
Ennismore European Smaller Cos +2,16% (in EUR)
Frankfurter Aktienfonds für Stiftungen -4,42%
Evermore Global Value -1,59% (in USD)
Greiff Special Situation -1.91%
Squad Aguja Special Situation -3,86%
Paladin One +1,5%

Performance attribution:

The top 3 performers on a weighted basis were for 9M 2018 were:

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