Some links

Even Seth Klarman’s Baupost seems to have lost it with investors

Must read: Dan McCrum summarizes the Wirecard story (so far) in the FT including many new interesting details

FT Alphaville thinks that ESG darling Tomra is wildly overvalued

The event industry is having its “Napster moment”

According to rumors, Softbank has been buying Tech stock options like crazy

Good advice: Save like a pessimist, invest like an optimist

Fred Wilson from AVC has some interesting thoughts on SPACs


  • Thanks for the links. Great reads like always

  • “Baupost was in the last year still one of the best performing Hedgefunds”

    Bisschen schlecht recherchierter “7 cent rant”. Mit weniger als 10% in 2019 (laut business insider) war Baupost sicherlich nicht bei den top performern dabei. Warum auch? Viele traditionell value-orientierten Funds haben die letzten paar Jahre underperformt.

    • nein. 2018 / 2019 ist z.B. ein Eurostoxx nicht mehr gestiegen. Der breite Markt hat bereits deutlich vor August 2020 ein Hoch erreicht. Und das will ich z.B. auch von meinem Manager sehen, daß er eben nicht mit runtergelassener Hose in Amazon, Tesla, MSFT am hoch investiert ist mit 100%. Die Benchmark ist für mich nicht NASDAQ.. sondern etwas anderes.. und wie gesagt.. viele Indizes sind nicht mehr gestiegen.

      Am Ende des Artikels noch was lustiges. Der Typ der das Geld abziehen will sagt sinngemäss : aber ich zieh nur 50% ab. weil ich nicht blöd bin Geld von Seth abzuziehen kurz bevor er ein “Killing” macht …

      so ist halt die Presse. Die wird bezahlt damit Sie etwas schreibt. Nicht damit Sie aus uns bessere Investoren macht oder die Wahrheit sagen. Der Artikel war doch unnötig. Was hat der gebracht ? Am Ende sagt der Vogel selbst das Seth ein Gott ist.. und er ganz sicher nicht das Geld abzieht kurz bevor Seth zuschlägt.. contradiction.. tsssss

  • Thanks for the links.

    Btw, what do you think about the German company AroundTown SA?

    Trades for 50% of book value, currently price is depressed because investors are running away from hotels\real estate. Their hotel portfolio is only 25% of the portfolio and they are spending 1 billion EUR buying their own stock. Also the founder owns around 10% of it and they were quite profitable in 2020 even after corona hit.

    Looks like a great value candidate.

    • From my “All German Shares” series one could conclude that I am not a fan of German Real Estate stocks.

      I have no idea about AroundTown, but before buying I would cchek the following: How high is leverage ? How aggressive is NAV calculation (i.e. did they value the RE aggressively upwards over the past years ?) and do they have 1a locations ?

      In my opinion, anything outside 1a locations will get into some amount of trouble.

      • Thanks for your reply, much appreciated!

        Great point about the NAV calculation – I see that even in the best times of the company it was traded for 81-87% of book value which could allude to 13-19% overvaluation of the assets. They claim they have re-evaluated 95% of the assets in this quarter and wrote down 3% of the hotels (in my opinion probably should be 5-10%).

  • “The Boston-based fund has always been upfront about its radical cash, which may rankle investors but affords agility. In this year’s wild opening two and a half months, for example, Baupost plowed $1.5 billion into down markets, diminishing its cash stash from 31 percent to 27 percent, according to a source. That spree in part prompted the spring fundraising.”

    aus dem Artikel. Genau das. Diese großartige Kunst rechtzeitig in Cash zu sein. Zeichnet den Seth doch aus. 30.08 war das Interview. Well. Tesla war bei 500. Heute unter 400 Dollar.

    Der Reporter, als auch der angebliche Investor haben keine Ahnung. Thats it…. go seth. go hard!

  • Well. Well. Well. This freak who invested in Baupost and now says he cant have it anymore and he is walking away is probably a liar or, what i think, the article is just made up. Baupost was in the last year still one of the best performing Hedgefunds there mothafukk** is. So where does this person pretends to go now ? All other BIG and little oder famous Hedgefunds didnt outperform our beloved Seth. So what is he talking about ? Does he want to risk all his money to a 23 year old guy with 20 dollar AUM ? Yes. Go ahead. And seth also didnt really change his style. In his Top 5 Ideas he has 50% of portfolio value. This alone shows this man still got his balls and still isnt afraid of going against the crowd. And he still has legendary ideas. I can only slap myself for NOT investing much harder when i read his MSFT analysis in 2012/2013. MSFT at 25 Dollar he got balls deep invested in it. Well. Look where it stands today. He is still outstanding and with a good performance look back the recent quarters and years. What is this guy talking about ? I think the article, would not be the first one, is just made up. The guys says this “ It’s not the consistent, thoughtful type of process and results that they had for a couple of decades.“ ??? pardon me… Seth has exactly the same style then all the 30 years before. This guy contradicts himself. he says this :““I know a couple of large, $1 billion-plus investors, and they did not take Baupost up on the offer” to upsize their stakes, says one former client. After existing clients had first dibs, a middling endowment got a shot as a newcomer. “ ? ofcóurse not. But that doesnt prove that all think Baupost is crap now and Seth has lost his mind. Bullshit Quote in an bullshit article. Ok. Just my usual 7 cent rant. Keep it up memyselfandi007. See u

  • Thanks for the links. The ESG link is unfortunately broken.

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