David Einhorn’s latest quarterly letter is clearly an expression of his frustration. However I wanted to pick out one passage that blames “ESG Investing” for being responsible for high energy prices:
and
Interesting collection of Asian Stock ideas “borrowed” from fund letters
Food for thought: Morgan Housel on external vs. internal Benchmarks
Swen Lorenz on Naked Wines after the Hedge Fund Pitch
John Hempton (Bronte Capital) September letter to investors
Interesting stock picking/investment process from Junto (h/t S4V)
John Kingham with a deep dive into Next Plc
A good pitch for Booking.com as travel recovery play
Nice write-up on Willis Towers Watson Plc from Value Situations
Money like never before keeps flowing into Venture Capital
A comprehensive overview of risks and opportunities in the food delivery space from McK
Searching4value had a closer look into MO-BRUK, a Polish Waste Management company
An interesting look into Robertet, a true “hidden Champion” from France
Ruffer with a very bleak outlook on markets going forward
Excellent deep dive into GLG and the business model of Expert Networks
This time I spared no expenses and threw in another 5 randomly selected Swiss stocks to make it 15 “for free”. Among the 15, there is one stock that I already own and one that i find worth watching.
151. Helvetia Holding
Helvetia is “yet another” Swiss insurance company valued at 5,6 bn CHF. As with Baloise, the long term chart doesn’t look very interesting:
Moving forward with another 10 almost randomly selected Swiss stocks. This time, only one stock looked interesting but in that case so interesting that I initiated a 1% starter position.
141. ASMALLWORLD AG
ASMALLWORLD is a 36.4 mn CHF market cap company that was IPOed in 2018 at 9,75 CHF per share, climbed to over 20 CHF and then dropped big time even pre Covid. According to their web site their are some sort of travel community, whatever that means. Life is too short and there is a big world full of more interesting stocks. “Pass”.
142. Schaffner AG
Schaffner is a 176 mn CHF small cap that seems to be active as a specialist automobile supplier and produces components for electrical systems. A third division active in “Power Magnetics” was just sold to Swedish AQ Group, a company that I covered several years ago.
In the first 9 months of 2021, the Value & Opportunity portfolio gained +17,3% (including dividends, no taxes) against a gain of +13.9% 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 9M 2021:
Partners Fund TGV: +22,5%
Profitlich/Schmidlin: 14,7 %
Squad European Convictions +24,3%
Ennismore European Smaller Cos +19,1% (in EUR)
Frankfurter Aktienfonds für Stiftungen 15,9%
Greiff Special Situation 3,9%
Squad Aguja Special Situation 8,6%
Paladin One 14,8%
Excellent write-up on the Warsaw Stock Exchange from GlobalStockPicking
Why IBM missed the Cloud business
End of quarter review by the Value Situations Blog
There is good reason to believe that Renewable Energy will continue to become (much) cheaper
Derek Thompson on the “everything shortage”
October Spin-off round up
VERUS Capital likes Bayer, Ping An and John Menzies (German)
Why Theranos was “special” among startups (or maybe not ?)
An interesting review of Michael Milken’s career as the “Junk Bond King”
Some insights into Salesforce’s unique “borderline” culture
Good article on the new Covid “wonder drug” Molnupiravir from Merck
ValueX Vail conference presentations
The Music business seems to be back (IPO Universal Music)
Net Interest (Marc Rubinsteins) with a look back to the 2006 ICBC IPO and the Chinese Financial system
And on we go. Another 10 randomly selected Swiss shares. This time, three companies are going on to the extended watch list and one is actually a current holding of mine. As we are now already at around 2/3 of the Swiss Stock universe, I need to think about the next market to look at.
131. Perrot Duval AG
Perrot Duval is a 13 mn CHF micro cap. According to their latest annual report, the company is already 116 years old. The company seems to have sold its major operating business a year ago or so and now concentrates on the sector process automation, although I did not really understand what their remaining subsidiary called “Füll” really does.
What is kind of interesting is the fact that the company sits on 17 mn CHF of net cash and therefore the market seems to discount a lot. The CEO and Chairman owns 35% of the shares. In the mean time, the company seems to have made further acquisitions.
When Daniel Ek, founder of Spotify sits down to talk, it is always worth listening
A cautious look at potential negative effects of “Buy now, pay later” offerings
Interesting deep dive into “the mind of Perma-bear Marc Faber”
Some interesting thoughts from Micheal Pettis how China will manage the Evergrande problem and a deep dive into Evergrande’s “accounting”
GlobalStockPicking with a portfolio update
Guru Copycat investing doesn’t to work so well
Bill Ackman scored big with the IPO of Universal Music
Plus an old song to start the week in a happy mood: Beach Boys – Big Sur
value and opportunity 