Author Archives: memyselfandi007

2018 Performance review – Outlook 2019

In 2018, the Value & Opportunity portfolio lost -11,3%* (including dividends, no taxes) against –15.4 % for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

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 2018:

Partners Fund TGV: +1,74% *
Profitlich/Schmidlin: -8,27%
Squad European Convictions -9,75%
Ennismore European Smaller Cos +2,65% (in EUR)
Frankfurter Aktienfonds für Stiftungen -13,72%
Evermore Global Value  -20.92% (USD)
Greiff Special Situation -7,02%
Squad Aguja Special Situation -11,7%

*TGV Partners as of 15.12.2018, to be updated

Since inception (01.01.2011), this translates into +152,6% or +14,0% p.a. vs. 66,6% or 6,0% p.a. for the Benchmark.

Current portfolio / Portfolio transactions

The current portfolio can be seen as always on the portfolio page. I have already mentioned the 2018 transactions in the “My 22+1 stocks for 2019” post.

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Some links

Eddie Elfenbein’s Buy list 2019 has been released last week

The Bull, Bear and Value blog with a 2018 portfolio recap

Some December Spin-off links

Nope, US Steel stocks did not benefit from the steel tarifs

Some notes from a Value Investing Conference in NYC (h/t Valueinvestingworld)

Cautious remarks from Fred Wilson on the cash burn of VC backed companies

An interesting book list from A16Z

Great advice from Ryan Holiday on how to create better habits

Bill Gates explains what he has learned in 2018

My 22 (+1) investments for 2019

Edit: I actually forgot to include Expedia…..

This post has become now a small tradition at the end of December and is also very helpful for me to review my holdings.

The summaries of the previous years can be found here:

My 21 investments for 2018
My 27 investments for 2017
My 27 investments for 2016
My 28 investments for 2015
My 24 investments for 2014
My 22 investments for 2013

From the 21 stocks of last year, 4 have left the portfolio:

Silver Chef and Metro were clear mistakes from my side and I exited them as discussed with significant losses. IGE & XAO was a much more positive case. The company received a buy-out offer from Schneider SA and I exited at 138 EUR per share. DOM Security finally was merged into the main shareholder company SFPI. Luckily, I could sell 40% of my holdings at 75 EUR/ share.

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Some links

Don’t miss: Stratechery 2018 review

Some very insightful investing lessons from Morgan Housel 

GlobalStockPicking with a nice write-up on HK based Modern Dental Group

A quick look at the upcoming United Technologies Spin-off

Great collection of 50 reasons why most of “us” are not thinking long term enough

Farnam’s Street 2018 letter to its readers

A quick look at offshore drillers (Rowan, Diamond)

Plus a Christmas Bonus: Eric Clapton performing “White Christmas”;

 

Ahlsell (ISIN SE0009155005) – Interesting pre-Christmas Special Situation ?

Disclaimer: This is not investment advice, only the personal opinion of an anonymous blogger. PLEASE DO YOU OWN RESEARCH !!!!

Background:

Ahlsell is a Swedish company that distributes building / renovation related products mainly to craftsmen in the Nordic Region. In 2012, the company was taken private by private equity house CVC.

In 2016, Ahlsell was IPOed again by CVC at SEK 46 per share. They sold 1/3 of their shares in the IPO and then down to 25,1% just some weeks ago.

Then more or less out of the blue a few days ago, CVC offered again to take Ahlsell private at 55 SEk/share which translates into a valuation slightly north of 2 bn EUR for the equity.

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8 Years of Value & Opportunity: Staying alive..

Once a year in mid-December I always realize quite suddenly that another year has passed and Value and Opportunity is now 8 years old since the first post in 2010.

As I mentioned earlier this year, for very positive reasons, both private and professional, activity in the blog did not reach the standards of the previous years.

Looking back, I still managed to look a these companies in more detail:

  1. Getinge / Arjo spin-off
  2. Softbank (part 1 and part 2
  3. Landis & Gyr
  4. Boiron SA
  5. Expedia
  6. Criteo SA
  7. Saga Plc
  8. Paul Hartmann
  9. Creditshelf
  10. DormaKaba
  11. SIAS SpA (revisited)
  12. FitBit
  13. System1
  14. Listed VC funds part 1
  15. Listed VC funds part 2 – Vostok New Ventures

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Some links

A great deep dive on how to measure network effects from A16Z

Ben from Wertart with some general thoughts and reflections on investing 

A good overview on how Buffett’s investment focus changed over his carreer

Ben Thompson’s “State of the technology” is a very good read on Google & Co

AMD has benefited form the Crypto craze. Is it now a short candidate ?

“Big Beer” AB Inbev is facing headwinds

Manning  & Napier: Cheap active asset manager or gone for good ?

 

 

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