Author Archives: memyselfandi007

All Swiss shares part 19 – Nr. 201-213

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Finally I made it, below you find short summaries of the last 13 randomly selected Swiss stocks quoted on the SIX, three of them are potentially worth watching.

Just one remark: There are many smaller Swiss stocks quoted outside SIX, but as I am not able to trade them via my brokerage accounts, I will omit them in this series.

Overall, I have identified 45 stocks out of these 213 as potentially worth watching. The final post of this series will condense this to maybe 15-20 stocks that I think I can handle going forward.

201. CS Group

CS Group has a market cap od 23.6 bn CHF and clearly has seen better days. They managed to be part of all the big blow ups in the last few years, from Greensill to Bill Hwang or Wirecard, not to mention ugly infights of the previous management.

So it is not a surprise that the chart looks ugly and the market cap is less than 50% of arch rival UBS:

CS

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Panic Journal – “It ain’t over ’til it’s over”

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In May this year, I had (prematurely) ended my Panic Journal series with the following, slightly too optimistic conclusion:

As mentioned above, despite some remaining risks, the peak of the Pandemic seems to be behind us.

Looking ahead however, I do think that it is risky to think that now all problems will fall away and we will have a multi year super boom that will lead to yet another big general stock market party.

I don’t predict a crash either, as the Pandemic has clearly shown me that I know a lot less about (current) markets than I thought. So the best thing to do is to continue trying to learn what is going on and not trying to make decisions based solely on experiences from the past.

Now, seven months later, many of us are (again) sitting in their home offices and facing the 4th wave  plus  potentially a more dangerous variant of the Virus.

Again, vacation plans have been killed and the discussion for or against vaccination resembles religious wars in medieval times. Time for the “Panic Journal” again. As before, don’t expect any actionable advise here, this posts are more like a self therapy.

The Virus

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All Swiss Shares part 18 – Nr. 191-200

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With 200 out of 215 stocks now covered, this will be the penultimate post in this series covering single stocks. My goal is to conclude this in 2021 and it almost looks like I’ll succeed.

This time, two stocks look like worth watching further. At the very end of this series I will need to consolidate my watchlist and concentrate on the top 20 (or so) stocks to watch going forward.

191. Temenos

Temenos is a 9 bn CHF market cap software company that specializes on Software for banks and financial institutions. Looking at the chart one can see a very nice run up until 2018, since then the stock trades sideways under significant volatility:

Temenos

The company as such is highly profitable, with EBIT margins of > 30%. In 2020, sales declined by -8%, but EPS remained more or less constant. As many other “traditional” Software companies, Temenos seems to be transitioning right now from a licence + maintenance model to a SaaS model.

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With 200 out of 215 stocks now covered, this will be the penultimate post in this series covering single stocks. My goal is to conclude this in 2021 and it almost looks like I’ll succeed.

This time, two stocks look like worth watching further. At the very end of this series I will need to consolidate my watchlist and concentrate on the top 20 (or so) stocks to watch going forward.

191. Temenos

Temenos is a 9 bn CHF market cap software company that specializes on Software for banks and financial institutions. Looking at the chart one can see a very nice run up until 2018, since then the stock trades sideways under significant volatility:

Temenos

The company as such is highly profitable, with EBIT margins of > 30%. In 2020, sales declined by -8%, but EPS remained more or less constant. As many other “traditional” Software companies, Temenos seems to be transitioning right now from a licence + maintenance model to a SaaS model.

Read more

Some links

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Greenwood Q3 letter on short selling and owner-operated companies

An interesting intro into the fertilizer market including investment opportunities

The 5 favorite books that Bill Gates read in 2021

Annual portfolio update of Bull, Bear & Value including a few interesting Israelian stocks

Great deep dive into payment company Adyen

Q3 letter of Hayden Capital with interesting thoughts on “next Gen” consumer behaviour

WaPo article on how chess is evolving into an E-sports discipline (unfortunately no mentioning of Play Magnus)

Book review: “Billion Dollar Whale”

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Update: Unfortunately the first version of this post contained (too) many spelling errors. I released it too early and somehow spellchecking does not work within the WordPress editor. Apologies.

whale

In my opinion, any investor can learn a lot about any book about financial scandals. Maybe even more compared to most “how to invest” books.

“Billion Dollar Whale” is no exception. This book tells the story of a young Malaysian guy called Jho Low who managed to steal around 5 bn USD from the Malaysian Sovereign Wealth Fund 1MDB.

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Some links

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Ever wondered why Netflix streams better then others on your Device ? OpenConnect may be the answer.

Short writeup on the GoreStreet Energy Storage Fund

A very good artice on how the current “meme markets” are functioning

Swen Lorenz likes Petershill partners, the IPO/spin-off from Goldman Sachs

Part 4 of an interesting deep dive into Sea Ltd, a South East Asian Tech conglomerate

Doordash’s deck to justify the Wolt acquisition (My take: very thin…)

Stratechery on Unity and the attraction of “faceless platforms”

All Swiss Stocks part 17 – Nr. 180-190

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No bonus this time, only 10 Stocks in this post. Spoiler: none of the 10 stocks went onto the watch list.

Another interesting story that caught my attention is this one: The Swiss Exchange finally opens up to SPAC listings. It’s about time to catch the last wave of this hype. The Swiss seem to be unhappy with the large share of (expensive) quality companies listed right now.

181. Valiant AG

Valiant is a 1,4 bn CHF market cap Bank Holding company. As with all other Swiss banks, the company seems to stagnate since a long time. “pass”.

182. Galenica AG

Galenica is a 3,4 bn CHF market cap company that calls itself the “leading Swiss Healthcae Platform”. The company IPOes in april 2017 and has performed decently since then:

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Some links

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“NegatIve Visualisation” is an interesting exercise for any investor

Roger Lowenstein on US Inflation

A very interesting HBR long read on how NFTs can create Value

Scientists have discovered on how to turn Ammonia into electricity without toxic by products

Some interesting notes on Assytem from France

This week, General Electric, Johnson & Johnson and Toshiba announced to split themselves into smaller entities

Prof. Damodaran with a valuation update on Tesla

All Swiss Stocks Part 16 – Nr. 166-180

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As last time, I throw in an extre 5 stocks at no extra cost for my readers (2 candidates to watch) !!! To make it an even more compelling offer, I add this link which explains how German investors can mitigate the 35% withholding tax for Swiss dividends.

166. Walliser Kantonalbank AG

Walliser is one of the many regional banks with a market cap3 of ~1,6 bn CHF. As the other Kantonalbanken, the have a decent dividend (~3,3%) but the stock price is flatlining for many years. “Pass”.

167. Valora AG

Valora is a 775 mn CHF market cap company that is active in food and convenience retailing. If I understand it correctly, they run both, own outlets as well as franchises and have a certain focus on bakery products. 75% of sales are done in Switzerland.

The long term share price looks extremely uninspiring:

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Some links

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An interesting deep dive into the upcoming “no revenue” IPO Rivian

Great insights how the guy behind “stock spin-off investing” achieved more then 100K in annual revenue from his newsletter

Is this the real reason why Eon Musk wants to sell Tesla shares ?

A great (German Language) post from Verus on long term stock ownership (Hypoport, Pandora, SNP)

Good long read on famous investor Bill Miller

The recent blunder at Zillow shows that AI can do many things but not trading houses (yet)

Hayden Capital’s massive write-up on Coinbase

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