Interesting thoughts on the future of food delivery companies
Must read: Valuesque on how “reverse factoring” can be (mis) used to (temporarily) juice up cash conversion and gross margins
A recent interview with investment legend Peter Lynch
Eddie Elfenbein has released his 2020 buy list of 25 US stocks
Some interesting predictions for the next 10 years from VC Alex Danco
Another “blogging year” has passed and Valueandopportunity has been now around for 9 years since its beginning as a German Speaking blog on “Value Investingg”.
Again a big thank you to all readers who continue to read and especially to those who contribute by constructive commenting and emailing me. Knowing that a few thousand investors find it somehow interesting what I write about is a great motivation.
As mentioned last year on the 8th anniversary, the time that I can commit to this effort is now quite limited. Still I managed to mostly send out weekly links plus some hopefully interesting posts. On the negative side, I didn’t reach my goal of looking at least at 1-2 investment opportunities in detail per month as I planned. I only managed to look at 9 stocks/ideas in more detail.
This UK focused investor/blogger killed it in 2019 with +42%
Galloway thinks that FedEx is toast
The level and quality of Non-financial corporate debt is worrying
Why Booking.com does better than Expedia and TripAdvisor
December 2019 spin-off updates
A great annual letter from a very unusual PE firm (adventur.es)
Disclaimer: This is not investment advice. Please do your own research !!!
Management summary:
Despite many issues in the past, I do think that German Startups Group, a stock listed VC investment vehicle, represents an interesting “deep value” situation, where one can buy 1 EUR of underlying value for less than 50 cents. A lot of things have changed into the right direction and there is the chance for some (soft) catalysts in the relatively near future. On the other hand, the unusual corporate structure in combination with a small market cap (EUR 15mn) and relatively illiquid trading also clearly makes it a risky investment.
“Never say never”
Some of my readers will ask: What did make my opinion change on this ?
Fellow blogger “Sir Wexboy” with a very nice write up on Irish staffing company CPL Resources
A collection of pitchesfrom the London Sohn Conference
Why Enterprise SaaS companies tend to have lower margins these days (hint: AI is expensive…=
An interesting post for Scott Galloway on luck, skill and other stuff
Another “great books of 2019″ list from Bloomberg
YetAnotherValueBlog with 3 interesting “Post mortems” on investments gone wrong
And the next 25 stocks, this time with 5 candidates for the watch list. Enjoy !!!
151. Hesse Newmann AG
Troubled 4 mn EUR market cap asset manager fully depending on major share holder. “pass”.
152. Aareal Bank AG
A list of 52 interesting and surprising (general) facts
A great series on TV/Media companies at YetAnotherValueblog: Intro, part 1 -broadcasters, part 2 – networks, part 3 – sports rights
2019 seems to be a depressing year for active fund management
GreenWood on changing investment thesis and why they still like TripAdvisor
The best stock market in 2019 so far is ….Russia !!!
Q3 Letterfrom the Bireme Fundamental Value fund
The “Chinese tesla” Nio is in deep trouble
Another 25er batch with in total 6 candidates for my watch list. Enjoy (and only around 650 or so to go…..)
126. Norddeutsche Steingut AG
18 mn market cap ceramic tile manufacturer. Despite building boom, stagnating/shrinking sales and increasing losses. P/B below 0.5 but high bank debt. “Strong pass”.
127. DCI Database AG
A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.
Expedia:
Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.
What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:
A good overview on African capital markets from Ashmore
The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)
VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success
The yetanothervalueblog with one of its typical wide ranging posts (
Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)
Forager’s 2019 Book recommendations
Morgan Housel recommends not to follow any gurus
value and opportunity 