Monthly Archives: August 2025

Quick updates: EVS Broadcast, Eurokai & Jensen

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EVS Broadcast

Let’s start with the not so good news: EVS Broadcast, as in Q1, came out with a slightly disappointing 6M press release:

Sales down yoy, EBIT down more and EPS down quite significantly:

However, on the positive side, orders are up and they confirmed the guidance they gave in Q1 for 2025. SO 2025 is pretty “backloaded” with regard to sales and profits, however EVS does have normally quite good visibility mid-year on what’s going to happen until year end.

I want to point out two interesting details from the press release. The CEO said the following:

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Domo Arigato Mr. Roboto – Using AI Chatbots for an initial Stock Quality scoring

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As I mentioned in my 2025 Q2 Performance review, my central investing tool is now a dynamic watchlist that prioritizes Companies based on Quality, Valuation and Momentum.

I have already discussed my preliminary approach to momentum the last time.

Now how to approach the quality of a company in an efficient way ?

The main issue here is that I will not be able to do a “full stack” analysis for each and every company I come across. But I want to have at least a quick “starting point” which I could use to decide if it makes sense to dig deeper or not.

I defined 10 criteria that give me a first insight on how a company could fit to my “Beuteschama” or not. If I would want to check these criteria manually, I would need to use several sources, such as TIKR, some stock websites, the companies’’s IR website and the annual and quarterly reports. A process that on average takes me at least 60-90 minutes to get to a conclusion.

So I decided to try out LLMs in order to “outsource” this first step screening and scoring.

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Some links 19/2025

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Microsoft has analyzed which business activities are easiest performed by AI (FT Link)

Great paper from AQR analyzing that “Buffer funds” using options to “improve” the risk return of stock portfolios underperform against simple stock & cash alternatives

Surprisingly, alcohol consumption has dropped most among Republican voters in the US. 

Noise Cancelling is the new sunscreen

An interesting glimpse into the past when some people thought that the Sony Walkman was a grave danger to humanity

And a look even further back: 1910, the year the Modern World lost it’s mind

Thomas Pueyo tries to answer the question why “Moskow is so weird”.

Navel gazing Alert: How to improve my investment process by incorporating “Momentum”

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Management summary:

“Navel gazing” alert: This post doesn’t contain any actionable investment ideas but rather explores how I can enrich my own investment process in the future by incoprorating some measures of Stock price and fundamental momentum.

Excursion: My secret hobby

First I have to admit that for a few months now, I do have a secret hobby: I am watching on a regular basis a Wikifolio (Wikifolio is a German/Austrian platform where everyone can set up a “fund” and other investors can participate) from an Austrian trader with the name Richard “”Ritschy” Dobensberger.

Not only has he managed to attract 160 mn EUR in investments into his portfolio but he has averaged 33% CAGR over the last 13 years, resulting in an overall performance of around 4000% which is really really remarkable and puts him into the top of any trader I know.

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Some links 18/2025

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The “Mr. Market Miscalculates” Substack does a very decent “monthly recap” post. I really like this format.

The “Secret Sauce Investing” Substack with a decent post on the Global Spirits industry

Interesting Podcast with Dan Rasmussen from Verdad on Private Equity as a liquidity trap

Some deep thoughts on the role of a repeatable process in investing and other areas

Diet Sodas are anything but clearly not healthy

Richard Beddard on a few UK stocks including Mortgage Advice Bureau

Klement on Investing with an interesting post on the sources of negative alpha for active stock funds (hint: Do not time the market)

Novo Nordisk – 9 years later

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Disclaimer: THIS IS NOT INVESTMENT ADVISE. PLEASE DO YOUR OWN RESEARCH.

9 years, three encounters

One of the great aspects of writing an online blog for a long time is that I can look back and find something I have written a long time ago which I would have otherwise long forgotten.

In Novo Nordisk’s case I have looked at the company almost exactly 9 years ago, mostly because Rob Vinall was invested back then (he sold since).

Initially I looked at them in August 2016 and then again a few months later when the share price had declined even further (There was a stock split of 2:1 in 2023, so the per share numbers in my old posts need to be divided by 2).

In the end, I did nothing, although my second post basically marked the low point in the stock price almost to the exact day.

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