Monthly Archives: October 2021

Some Links

Interesting collection of Asian Stock ideas “borrowed” from fund letters

Food for thought: Morgan Housel on external vs. internal Benchmarks

Swen Lorenz on Naked Wines after the Hedge Fund Pitch

John Hempton (Bronte Capital) September letter to investors

Interesting stock picking/investment process from Junto (h/t S4V)

John Kingham with a deep dive into Next Plc

A good pitch for as travel recovery play

Some links

Nice write-up on Willis Towers Watson Plc from Value Situations

Money like never before keeps flowing into Venture Capital

A comprehensive overview of risks and opportunities in the food delivery space from McK

Searching4value had a closer look into MO-BRUK, a Polish Waste Management company

An interesting look into Robertet, a true “hidden Champion” from France

Ruffer with a very bleak outlook on markets going forward

Excellent deep dive into GLG and the business model of Expert Networks

All Swiss Shares Part 16 – Nr. 151-165

This time I spared no expenses and threw in another 5 randomly selected Swiss stocks to make it 15 “for free”. Among the 15, there is one stock that I already own and one that i find worth watching.

151. Helvetia Holding

Helvetia is “yet another” Swiss insurance company valued at 5,6 bn CHF.  As with Baloise, the long term chart doesn’t look very interesting:


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All Swiss Shares Part 15 – Nr. 141-150

Moving forward with another 10 almost randomly selected Swiss stocks. This time, only one stock looked interesting but in that case so interesting that I initiated a 1% starter position.


ASMALLWORLD is a 36.4 mn CHF market cap company that was IPOed in 2018 at 9,75 CHF per share, climbed to over 20 CHF and then dropped big time even pre Covid. According to their web site their are some sort of travel community, whatever that means. Life is too short and there is a big world full of more interesting stocks. “Pass”.

142. Schaffner AG

Schaffner is a 176 mn CHF small cap that seems to be active as a specialist automobile supplier and produces components for electrical systems. A third division active in “Power Magnetics” was just sold to Swedish AQ Group, a company that I covered several years ago.

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Performance review Q3 2021 – Comment “The End of the Easy Tech Money”

In the first 9 months of 2021, the Value & Opportunity portfolio gained  +17,3% (including dividends, no taxes) against a gain of +13.9% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).

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 in the first 9M 2021:

Partners Fund TGV: +22,5%
Profitlich/Schmidlin:  14,7 %
Squad European Convictions +24,3%
Ennismore European Smaller Cos +19,1% (in EUR)
Frankfurter Aktienfonds für Stiftungen 15,9%

Greiff Special Situation 3,9%
Squad Aguja Special Situation 8,6%
Paladin One

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Some links

Why Theranos was “special” among startups (or maybe not ?)

An interesting review of Michael Milken’s career as the “Junk Bond King”

Some insights into Salesforce’s unique “borderline” culture

Good article on the new Covid “wonder drug” Molnupiravir from Merck 

ValueX Vail conference presentations 

The Music business seems to be back (IPO Universal Music)

Net Interest (Marc Rubinsteins) with a look back to the 2006 ICBC IPO and the Chinese Financial system