Author Archives: memyselfandi007

Some links

Fellow blogger Wexboy with his 6M portfolio review

Overstock looks like a good candidate to short

Must read: The LT3000 blog on structural market inefficiencies (and Hongkong Land)

The unbelievablee Government assisted “pump” of the Kodak share 

Unlike other multinational chains, Starbucks is really struggling through the pandemic

Nice write up on Vertiv from GreenWood

“Next generation Buffett wannabe”Sardar Biglari has seen better times

 

All German Shares Part 27 (Nr. 576-600)

Another 25 carefully randomly selected German stocks.

576. TDMI AG

Zombie stock, “pass”.

577. New Work AG (XING AG)

New Work AG (former XING AG) is a very interesting company. The 1.3 bn market cap company is the German speaking version of LinkedIn. I used to be a (happy) member of XING until they began flooding me with tons of unwanted adverts. I still maintain an account there but since then have moved to LinkedIn. That’s maybe one of the reasons why the B2C side seems to be stagnating, but they compensate with increasing B2B revenues. They also run the German version of “Glasdoor” called kununu.

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Some links

RV Capital’s half year letter (New position: Prosus)

A deep dive into the structural fraud culture of Chinese Companies

A more positive take on SPACs from a VC perspective

And a more negative opinion on SPACs from a value investor perspective

And finally a deep dive into Bill Ackman’s recent 4 bn “super SPAC”

Fantastic story about a “Stock market oracle toad” during the 80s Japanese Stock frenzy

Good write-up on UK based Headlam as a potential counter cyclical opportunity

Active Ownership Capital Fund (BUY)

Disclaimer. This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!

Background:

More than five years ago I wrote about why it could make sense to invest into other actively managed funds even if one considers oneself an active investor. I would summarize the criteria that were important to me as follows:

The interests of the manager should be long term aligned with investors and the manager should possess specific skills to complement the own portfolio as well as to enable some learning.

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Some links

Must read: Morgan Housel trying to make sense of today’s world via five stories

Rob Vinall’s take on Wirecard

Some smart thoughts if and what type of “value investing” might work in the future

TGV Partners 6M 2020 report (DCC, TGS Nopec & others)

TGV Rubicon Stockpicker 6M 2020 report

Very good write-up/update on UK ad company System1

Interesting Freudian approach trying to explain the adversity of Americans to face masks

 

Transaction Updates: German Startups Group (Sell), Miko (Sell)

Disclaimer: This is not investment advice. Please do your  own research !!!!

German Startups Group – Sell

As mentioned in the comments of the original post, I sold out the complete position today at an average price of ~1,71 EUR per share.

When I established the position in December 2019, the case was simple:

My assumption was that the intrinsic value of the portfolio was higher than the ~ 1,40 EUR share price, that the management would continue to liquidate the portfolio  and that there would be a catalyst in form of share repurchases.

From an incentive perspective, the CEO had a big incentive to move the share price above 1,80 EUR so that the management fees would kick back in.

Implicitly however there was always the risk, that the CEO would hesitate to reduce the asset base as this would reduce the AUM and management fees accordingly, but the risk/return profile looked OK for me.

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All German Shares part 26 (Nr. 551-575)

After a 4 week break, a new batch of 25 randomly selected German shares. Seven of them I found worth “watching”, although none of them with super high priority. And only 200 more stocks to go 😉

551. Pfeiffer Vacuum AG

Pfeiffer is a 1.7 bn company that specializes in vacuum technology and especially vacuum pumps. the stock price recovered quickly after the crisis despite a pretty disappointing 2019 and is still within the long term growth path:

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Panic Journal 9 – “End of Season 1”

Roughly 4 months have passed since my first post that I called the “Panic Journal” series in order to document my thought process during the “corona crisis”. Time to look back and reflect. These were the posts so far:

March 9th Part 1 – Baby steps

March 15th Part 2 – Fear & Bullet proof your portfolio

March 18th Part 3 – Expert Virologists and statistics

March 23rd Part 4 – Consolidation

March 29th Part 5 – Everyone has a plan

April 13th Part 6 – After the Hammer

May 7th Part 7 – Where is my bail out

June 7th Part 8 – Easy Dancing

Major missjudgements made: Covid-19 winners and time available

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Some links

Interesting interview (Video) with Barry Diller (Expedia, Match.com etc..) on Covid-19 impacts

Undervalued Shares with a nice intro to Poland and its stock market

Great story on the current status of the financial system

The stock market as a gigantic carry trade

Good background article on the new breed of “David Portnoy” like retail speculators

FtAlphaville is sceptical about current SaaS company valuations (me Too…)

Some surprisingly positive facts on Japan (Video)

Performance review Q2 2020 – Comment: “What’s going on ?”

In the first 6 months of 2020, the Value & Opportunity portfolio gained  +0,9% (including dividends, no taxes) against a loss of -9.6% 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 6M 2020:

Partners Fund TGV: +0.9% 
Profitlich/Schmidlin: -4,1%
Squad European Convictions -4.7%
Ennismore European Smaller Cos 7.49% (in GBP)
Frankfurter Aktienfonds für Stiftungen -13.5%
Evermore Global Value  -23.6%(USD)
Greiff Special Situation -4.2%
Squad Aguja Special Situation -0.2%

Since inception (01.01.2011), this translates into +193,0% vs. 93.1%  for the Benchmark.

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