Monthly Archives: March 2021

EurONEXT NV ( ISIN NL0006294274) – Backwater Stock Exchange or “GARP” Brexit Winner ?

Disclaimer: This is not Investment Advice. PLEASE DO YOUR OWN RESEARCH !!!!!



My initial interest in Euronext came after reading this FT article in February which mentions that the Amsterdam Stock Exchange seems to be a big winner of Brexit, but that in the long run Paris could come out on top as most of the trading in European shares will move “on shore” to the continent.

What I found interesting is that Frankfurt doesn’t seem to be a big winner but that both, Amsterdam and Paris belong to stock listed Euronext NV Group. Personally, a lot of my own small cap investments are listed on Euronext , but so far I really thought that Euronext is more a collection of “back water” exchanges like Dublin. Lisbon or Brussels rather than a more serious competitor to LSE and Deutsche Börse.

Euronext the company

Euronext has a colorful history, among others they merged and de-merged with the NYSE. After going public in 2014, they have been rolling up smaller European stock exchanges, among them Dublin (2017) and Oslo (2019).

Their biggest move is yet to come: After the Merger of LSE and Refinitiv, Euronext agreed to buy Borsa Italiana for ~4,3 bn EUR, the transaction will be executed in the first half of 2021. After the transaction, Italy will be the biggest country by revenues for Euronext.

Multiple fundamental tailwinds

Read more

Some links

Interesting starter post on “Nordic Sidecar Investing”

A very critical look at the Deliveroo IPO

Value Investing with Legends Podcast with Florian Schuhbauer and Klaus Roehrig – Applying Activist Tactics to European Markets

Yale University owns a (now) 373 year old Dutch Bond that is still paying interest

Can Intel “pull off a Microsoft” this time ?

Good Investing with a nice interview with Per Brilioth (Vostok New Ventures)

Bill Gates does another AMA on Reddit



Some links

Felix Salmon tries to explain what is going on in today’s YOLO market

Beeples “NFT” sold for 69 mn USD, Jack Dorsey’s first Tweet is “only” worth 2.5 mn USD

A deep look into Coinbase pre IPO

John Hempton tries to answer the question who is holding the bag in the Greensill debacle (part 1 , part 2) besides the German Taxpayers 

Bessemer Venture’s State-of-the-cloud 2021

Ben Thompson with a deep dive into Roblox

AerCap is acquiring GE’s airplane leasing business

Some links

Very interesting deep dive on Amazon’s cash flow statements

Video from the annual shareholder meeting of Fundsmith (Terry Smith)

Deep read on lipid nanoparticles which made mRNA vaccines possible

In the US, Sports programming has suffered badly last year

March Spin-off links from Stock Spin-off Investing

A great reminder from Klement on Investing that currency speculation is really hard

Investor Amnesia on historic bubbles of collectibles (Rabbits, hens, Tulips…)

Some links

Berkshire Letter to Shareholders 2020

Broyhill Q4 Letter including a write up on Sam Zell’s Equity Commonwealth (EQC)

YetAntotherValueBlog with its wide ranging monthly post (Virtu, SPACs etc.)

Sneakers have become a financial  asset class including, indices, exchanges and of course HFT bots

Digital block chain linked videos seem to become a “hot” asset as well

Clark Street Value on the Technip Energy Spin-off situation

RagnarisaPirate really likes Thryv