Monthly Archives: October 2019

Some Links

Ding Dong: Next round in the fight between the Financial Times vs. Wirecard

Must Read: Valuesque on Related Party transactions

Notes from the SFC Sohn conference: part 1, part 2

Neil Woodford’s fund empire has collapsed in Record Time

The Fall 2019 issue of Graham & Doddsville

Prof. Damodaran on the IPO vs. Direct Listing question

Swen Lorenz with an interesting post on Virgin Galactic’s upcoming “Back door” listing

All German Shares – Part 6

ANother upfront remark: I publish these posts with some delays, so not all numbers are real time. Also in some cases some news will have been issued afterwards like with Nordex (see below). Sometimes I might miss that…..

Nr. 50: CD Deutsche Eigenheim AG – ISIN: DE000A168270

Struggling real estate developer with 3 mn market cap. “Pass”

Nr. 51: Nordex AG – ISIN: DE000A0D6554

900 mn market cap Windmill manufacturer. Unprofitable, structural issues. “pass”
Edit: 
I wrote this a few weeks ago. In the mean time the stock price has recovered a little bit as Spanish company Acciona increased their stake via a capital increase to > 30% and had to issue a fromal takeover offer:

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Performance review 9M 2019 – Comment: The “Death of Value Investing” revisited

In the first 9 months of 2019, the Value & Opportunity portfolio gained 8,8% (including dividends, no taxes) against 19.4% 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 for 9M 2019:

Partners Fund TGV: -2.25%
Profitlich/Schmidlin: +9,1%
Squad European Convictions +9,8%
Ennismore European Smaller Cos +7.5% (in EUR)
Frankfurter Aktienfonds für Stiftungen 2,3%
Evermore Global Value  +13,7% (USD)
Greiff Special Situation +2% (est)
Squad Aguja Special Situation +9,8%
Paladin ONE 6,61%

Q3 2019 transactions

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Some links

Prof. Damodaran on valuing vs. pricing IPO stocks

Will “Value Investing” ever make a come back ?

Interesting statistics on outperfomance of active stock managers (hint: High conviction helps…)

Good Q&A session with Bill Nygren (Oakmark)

Ben Evans thinks that Machine Learning (ML) is the new SQL

Valuesque with 2 good posts: 1) Adjusting for Hyperinflation (Unilever) and 2) Securitization transactions (Schaltbau)

John Kingham on (long term) lease obligations & IFRS 16

All German shares – Part 5

Again a quick upfront comment: Why did I start that series right now ? I guess it is a combination of bad experience in some foreign stocks (Cars.com, Silver Chef), the expectation of a more economically difficult situation in Germany (which will probably provide some opportunities later on) and curiosity. So far I have to say it is great fun, at least for me.

Nr. 40: Solutiance AG – ISIN: DE0006926504

Another renamed/reactivated company, now something with real etsate management software. 10 mn market cap, around 1 mn sales. “Pass”

Nr. 41: Surteco AG – ISIN: DE0005176903

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