What do you get if one of the richest (and maybe smartest) persons on the World decides to dedicate a few years to understand Climate Change and then writes a book about it how to solve it ? In this case you you will get a very structured, non-dogmatic book with a lot of interesting insights.
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
Disclosure: I have no exposure to Grenke nor do I plan to have no exposure for the foreseeable future.
Grenke is a company I have written about quite often in this blog. My only investment had been the purchase of Grenke Bonds after the “Short Attack” in September 2020. I divested them relatively soon after the first rebound with a decent profit.
Since then a couple of things happened: The COO suddenly resigned on Feb. 8th, with an understandable explanation given only one day later. The story that was also communicated via some back channels was, that everything was fine and the main issue was that the German regulator BAFIN is over eager after the Wirecard Fiasco and there is no reason to worry. Another story is that Grenke is still an “innocent” inexperienced company and therefore communication is not so professional but the company as such is a great company with a great future.
Personally, I always had issues with Grenke. Yes the numbers always looked great, but I found the reporting very intransparent, for instance their “Free Cash Flow” definition which included debt issuance which at least in my “old school” thinking is not even close to free cash flow.
Last week now, Grenke came out with an update which at first sounded like what we in Germany would say is a “Persilschein” or a proof that everything is great. It starts as follows:
This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!
Extra Health Warning
I guess some old time readers will think: Now that guy really lost his marbles or so. I have very little knowledge about Biotech companies and the industry in general and nothing qualifies me to write about a Biotech stock. My only experience with Biotech companies during the 10 years of the blog was Swiss based Actelion, but only as a special situation with a Spin-off component. So you might take this post as a warning signal that markets have become overheated and the author of this blog has indeed lost his marbles.
Despite my limited experience and understanding of the sector, I do think that BioNTech represents an interesting “bet” on the success of the underlying mRNA technology and the ability of BioNTech to establish (or having already succeeded) a platform that will yield much more than just this one blockbuster Covid-19 vaccine but many other successful vaccines and cancer drugs (and more). Their intention to become a “full fledged” pharmaceutical company could be the start of a long “Compounding story” if successful, but there are also clearly many risks involved.
BionTech history IPO & “Pivot”