Ben Thompson on Uber and other “Tech” companies that interface with the real world
Direct Listing vs. IPOs with VC legend Bill Gurley (Podcast)
An update from the Stock Spin-off Investing blog
Fascinating story about “Yuutai Investing” in Japan
Safal Niveshak on the “death of businesses”
The Brooklyn Investor doesn’t think that we are in a stock market bubble
However, FTAlphaville is concerned about the “Big Balance Sheet Economy”
Innogy Tendered Shares
A quick update on this “cheap option play”: To a small extent this has developed better than I intitially thought as I had mentioned in the comments. My initial expectation would have been a small loss. However, E.On now has increaesd the price for the tendered Innogy shares voluntarily to 37.59 EUR which, inclding the dividend of 1,40 will lead to a small profit (before taxes and cost) . However the ultimate upside, if there is a lawsuit, will be smaller as the E.On shares dropped to 9 EUR and the theoretical value of the tendered shares is now 4.371*9= 39,34 EUR.
Post number 4 in this series. This tiem a quick upfront remark what I do with the “watch list” that I create out of this: The watch list will be used to actually just watch these shares more actively and maybe follow up with a deeper analysis when time allows. In general I do think there is no time pressure with German shares. Germany has technically entered a recession and a lot of shares are still not cheap.
Nr. 30: Centrotec Sustainable AG – ISIN: DE0005407506
A 215 mn EUR market cap company with a very interesting product portfolio, i.e. specializing in energy efficient technologies for buildings. Majority owned by the founder, quite cheap (P/E of 12) and growing. Tailwind from new “climate saving” initiative from the German government which bumped the share price in the last few days. The company unfortunately is not very profitable (EBIT margin ~4-5%) despite the construction boom in its core market Germany. I have also doubts how long the ccurretn real estate boom in Germany will last. Nevertheless one for the “watch list”
A good long read on Moats (for startups)
The Aleph blog is back with thoughts on Value Investing’s potential comeback
GlobalStockPicking does a portfolio review
Prof. Damodaran on Venture Capital pricing & WeWork, Uber and Peleton
European banks seem to under invest into IT
And finally Safel Niveshak with 5 sure ways to destroy your wealth
And the next 10 shares in this series:
Nr. 20: Magforce AG
123 mn EUR Nano-Medtech company claiming to develope a cancer cure. Sales so far negligible. Not my area of competence, so “pass”.
Nr. 21: Bijou Brigitte AG – ISIN: DE0005229504
This is part 2 of the series with the next batch of 10 stocks.
Nr. 11: Metrci Mobility Solutions AG:
Insolvent Nanocap (40K market cap). “Pass”.
Nr. 12: Stabilus SA – ISIN: LU1066226637
1.1 bn Market cap automobile and industrial supplier specialising in gas springs. Stock has been hard by the automobile industry downturn (-50% from peak stock price in 2018):
Read more
Prof. Damodaran with a deep dive into WeWork
Woodford’s problems might lead to some value opportunities in Tech (search result, H/T Monevator)
A good reminder that value investing works over the long term because it often doesn’t work in between
Interesting post on banking (and German Banks) from Bruce Packard
VC “legend” Fred Wilson on the merit of positive Cash Flows
A16Z on how even successful platforms are at risks to be “unbundled” into new verticals
Stitch Fix looks like an interesting company / Stock
This is part 1 of the “All German Shares” series. As mentioned in the intro a few days ago and as a reminder:
Ok, so let’s start:
Nr. 1: DEMIRE (Deutsche Mittelstands Real Estate) AG – ISIN DE000A0XFSF0
DEMIRE is a listed real estate company focusing on “secondary” location commercial real estate objects, i.e. locations that are not “Prime”. The company has a market cap of 530 mn EUR and is stating an NAV of ~5,85 EUR compared to its latest stock price of around 4,90 EUR.
Background:
My roots as an investor are domestic German stocks. For the first 10-15 years of my investing “career” I would only look at German stocks (with minor exceptions during the Dot.com boom), only after some time I moved on to a more international focus. Even at the beginning of this blog in December 2010, the majority of our shares back then were still German.
These days, I only have a relatively small domestic stock allocation left (P. Hartmann, Draeger, Innogy) and mostly screen for international stocks.
One interesting thing happened in the meantime: I kind of lost my comprehensive knowledge about German shares. A lot of companies have newly been listed or disappeared and somehow I never ket track of what was happening. Also I didn’t follow the good ones very closely.
The UK Value investor with a deep dive on UK utility SSE
Great summary on what investors can learn from operators and vice versa
Must read from Ben Thompson: What is a Tech Company
Recommended: The “Ruffer Review 2019” with a lot of interesting but cautious stories on financial markets
The “Drone Bubble” seems to finally burst
Google tries to keep search users on their site more and more
The WeWork IPO seems to come at a lower valuation as inititally thought
value and opportunity 