Monthly Archives: May 2025

Fraport (ISIN: DE0005773303) – An essential Infrastructure play geared up to “fly away” ?

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This is an investment idea that I have “borrowed” from my friend Jonathan Neuscheler from Abilitato. Therefore I highly recommend to read what he has written first. And this is also the reason why this write-up is rather short.

In short, I think Fraport is an interesting turn-around/deleveraging story with a near term catalyst in form of the resintatement of the dividend in 2026. Relative to its peers, Fraport trades at a significant discount which could disappear if things go according to plan which adds to the potential upside.

Here is the write-up (don’t worry, only 9 pages incl. pictures):

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Some links 13/2025

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Rob Vinall has sent another “Postcard from Around the World”

Larry Swedrow shows (once again) that most active funds underperform their Benchmarks

Great article on the virtues of investing into “Controlled” companies

Interesting first part of an “Airport deep dive” series with many interesting details

Nice deep dive into UK’s Games Workshop from the Stoa Capital substack

Timely FT article on the foolishness of taking Private Equity IRRs seriously 

Edelweiss Capital with a deep dive into fraudulent Intercompany accounting (Pescanova & Wirecard)

Private Equity Mini series (2) – What kind of “Alpha” can you expect from Private Equity as a Retail Investor compared to public stocks ?

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Management summary:

In this post I wanted to dig a little deeper on why I think that many currently offered Retail Private Equity offerings (e.g. ELTIFS) will most likely underperform public equity markets going forward. Despite some structural advantages of Private Equity as such, the double layer of fees and costs will be a huge drag on performance. On top of that, historic tailwinds for the PE industry (low interest rates and low purchase multiples) have most likely disappeared.

Introduction:

After the first installment of this mini series, where I tried to explain why stated PE IRRs should not be confused with actual performance, I wanted to briefly touch another important point in order to understand this “asset class” better:

Many Private Equity players claim that both, past returns and future returns of Private equity will be significantly better than comparable indices of listed equity. 

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Some links 12/2025

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AI “Pioneer” Klarna paddles back on AI use for customer service

Highly recommended: Conversation between Nikolai Tengen and legendary investor Chris Hohn (TCI)

Wintergems has 3 new positions. I do like the Vintage year/Cohort approach a lot.

The “Wonder Stock” Substack has a great write-up on UK smallcap Kitwave

Arranging portfolio companies like players on a football tactic screen is a very nice idea

Robin’s Substack on Misitano & Stracuzzi, a potential “Mini Robertet” from Sicilly 

Behind the Balance Sheet with (among other stuff) a deep dive into the catastrophic Walgreen & Boots take-over

Some links 11/2025

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The largest Battery company of the world, CATL, is going public in HongKong

The “Top 40 UK dividend stocks” list is a good starting point for dividend fans

A pretty pessimistic take on the future of Google’s search business from a former employee

Large language models are really hard to understand

For Offshore Wind farms, the so called “wake effect” can be quite relevant

Interesting article on Mytheresa’s CEO and their approach to online luxury shopping

Antti Ilmanen (AQR) with an interesting paper on return expectations

Some links 10/2025

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After 60 years running Berkshire, Warren Buffett announced that he will retire by the end of the year.

Verdad thinks that European equities, especially small & micro caps still have potential

Sparkline Capital with a nice overview on how to cluster stocks with regard to tariff exposure

UK’s THG Group has achieved mastery in adjusting its “profit” numbers (FT, search for headline)

Despite all the hype, the ability of robots to “manipulate” real world objects is very limited and will stay so for some time to come (Good luck for those Tesla shareholders who believe in Proximus to save them)

Great interview with John Cleese (Monty Python) about the 50th anniversary of the “Holy Grail”.

Interesting article on BTG Pactual, the Brazilian Bank called “Goldman of the Tropics” (FT Search result)