An interesting collection of investment ideas are “SumZero’s top stocks for 2019”
Seth Klarman these days is concerned about capitalism as such
It’s maybe a good idea to stay away from industries where everyone seems to be a winner
The Bank of the bAnks (BIS) surprisingly doesn’t think that Proof-ofWork Cryptocurrencies like Bitcoin will work in the long run.
Elliott has released a plan how to make EBAY “great again”….
Forager likes Fast Fashion Retailer Glasson
Recommended: TGV Partners 2018 letter to shareholders and TGV Truffle 2018 letter to investors
Ben Evan’s doesn’t think that 5G networks will be a revolutionary new technology
Is Computime really a “high quality Net-Net” stock ?
Good write up on Edgewell Personal Care which looks like a cheap defensive consumer stock
An interesting portrait of Masa Son from Softbank as the “Most powerful man in Silicon Valley”
An excerpt of the 2018 letter to investors from Rangeley Capital
You think your personal data is worth a lot ? Maybe think twice….
Rob Vinall (RV Capital) has released his 2018 letter with deep thoughts on subscription models. There will also be a Live Stream of his upcoming investor meeting
Marketfolly has good write ups on the London Sohn Conference
Interesting thoughts on the strength of different platform business models
GreenWood Investors explains its “12 month re-underwriting” process
Fellow blogger Wexboy with his 2018 review as does JohnKingham (UK Value Investor)
Strong versus weak technologies
Yet another value blog with write up on Radisson Hospitality and Telecom Italia
Disclaimer: This is not investment advice. Please do your own research.
April SA is an “Old friend” on this blog. I owned the stock in the past and last time I looked at them when a rumour came up that the company is for sale in late October.
This is what I said back then:
April had shown actually pretty decent growth in Q3 and I actually considered buying some shares but maybe this is not so sustainable and the founder wants to sell before it is getting worse again ? Who knows…
My fundamental assessment of April is that they have a strong core business (French Broker) but have over extended themselves internationally and the founder, Bruno Rousset, who stepped down in 2014, does not have the energy anymore to turn this around himself.
Well, things have progressed. There had been a “beauty contest” with PE bidders and it looks now that PE shop CVC is highly interested in buying the stake of the founder and majority owner. This is from a piece of news released by April SA and CVC end of December:
Farnam Street on how not to be stupid plus its 2018 review
And ValueInvestingWorld with a fitting “final checklist” before making an investment decision
An interesting view on how “factors” like size, EV/EBIT etc. performed in 2018
Honeywell looks potentially interesting after the spin-off as well as ARLO
Good feature on Paul Singer (Elliott)
Four blogs with totally “off the beaten track” portfolios have posted 2018 reviews:
– GlobalStockPicking
– Alpha Vulture
– Value Investing France
– Clark Street Value
David Einhorn had a catastrophic year in 2018
In 2018, the Value & Opportunity portfolio lost -11,3%* (including dividends, no taxes) against –15.4 % for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).
Links to previous Performance reviews can be found on the Performance Page of the blog.
Some other funds that I follow have performed as follows in 2018:
Partners Fund TGV: +1,74% *
Profitlich/Schmidlin: -8,27%
Squad European Convictions -9,75%
Ennismore European Smaller Cos +2,65% (in EUR)
Frankfurter Aktienfonds für Stiftungen -13,72%
Evermore Global Value -20.92% (USD)
Greiff Special Situation -7,02%
Squad Aguja Special Situation -11,7%
*TGV Partners as of 15.12.2018, to be updated
Since inception (01.01.2011), this translates into +152,6% or +14,0% p.a. vs. 66,6% or 6,0% p.a. for the Benchmark.
Current portfolio / Portfolio transactions
The current portfolio can be seen as always on the portfolio page. I have already mentioned the 2018 transactions in the “My 22+1 stocks for 2019” post.
value and opportunity 