value and opportunity

AI “Pioneer” Klarna paddles back on AI use for customer service

Highly recommended: Conversation between Nikolai Tengen and legendary investor Chris Hohn (TCI)

Wintergems has 3 new positions. I do like the Vintage year/Cohort approach a lot.

The “Wonder Stock” Substack has a great write-up on UK smallcap Kitwave

Arranging portfolio companies like players on a football tactic screen is a very nice idea

Robin’s Substack on Misitano & Stracuzzi, a potential “Mini Robertet” from Sicilly 

Behind the Balance Sheet with (among other stuff) a deep dive into the catastrophic Walgreen & Boots take-over

The largest Battery company of the world, CATL, is going public in HongKong

The “Top 40 UK dividend stocks” list is a good starting point for dividend fans

A pretty pessimistic take on the future of Google’s search business from a former employee

Large language models are really hard to understand

For Offshore Wind farms, the so called “wake effect” can be quite relevant

Interesting article on Mytheresa’s CEO and their approach to online luxury shopping

Antti Ilmanen (AQR) with an interesting paper on return expectations

After 60 years running Berkshire, Warren Buffett announced that he will retire by the end of the year.

Verdad thinks that European equities, especially small & micro caps still have potential

Sparkline Capital with a nice overview on how to cluster stocks with regard to tariff exposure

UK’s THG Group has achieved mastery in adjusting its “profit” numbers (FT, search for headline)

Despite all the hype, the ability of robots to “manipulate” real world objects is very limited and will stay so for some time to come (Good luck for those Tesla shareholders who believe in Proximus to save them)

Great interview with John Cleese (Monty Python) about the 50th anniversary of the “Holy Grail”.

Interesting article on BTG Pactual, the Brazilian Bank called “Goldman of the Tropics” (FT Search result)

The Bain Private Equity Report and the corresponding material is a must read for anyone interested in the space (in short: The industry is undergoing a very difficult time)

An interesting overview of listed UK Infrastructure Trusts

KKR thinks that empathic leaders do better

NEDAP, a Dutch tech company looks kind of weird but interesting

A very sobbering look from Apollo into the impacts on tariffs on the US Economy

Thomas Pueyo on why Canada is so sparsely and unevenly populated

Klement on Investing explores why Germans are so bad at (stock) investing