Undervalued Shares has a great feature about the “Klement on Investing” blog
FTAlphaville is not impressed by Uber’s plans for profitability
Valuesque with another interesting “accounting deep dive”, this time on Northgate Plc
2019 letter to shareholdersof TGV Intrinsic (incl. TomTom write-up)
The Annual letter 2019 of Tyro Capital includes some great stuff on stock picking
Bruce Packard on the current “Quant winter”
A great deep dive into the risks and opportunities for Spotify
The next 25 stocks. 4 of them made it onto my watch list.
276. Sporttotal AG
Sporttotal is the rebranded “Wige Media” company that changed its name in 2017 and has a market cap of around 20 mn EUR. The positive effect of the rebranding however didn’t last that long if we look at the stock chart.
A short thesis for Dunkin Brands
A very interesting article on US fast food franchises and what Chick- fil-A does differently
The UK Value Investor with a “post mortem” of his Aggreko position
ZephyrDatabase with the next installment of its All Belgian Share project
The 2019 annual report of the TGV Truffle fund
Some interesting technical observations on Tesla’s short interest
Now this imakes an interesting pair: Paul Singer’s Elliott goes activist on Masa Son’s Softbank
This week there are as always a couple of “zombies”, some hyped real estate companies but also some interesting watch candidates and two former portfolio companies. Enjoy !!
251. Atoss Software AG
Atoss is a 620 mn market cap Enterprise Software company specializing in HR software solutions. As many Software companies, the stock has performed very well over the past few years:
Interesting write-up on Honda as an investment opportunity
A good collection of Spin-off related links
Undervalued Shares has a super interesting story on the Channel Islandsand its stock exchange
Great deck from Benedict Evans on Tech in the 2020s (and regulation)
A pitch for Booking.com (and the Google Monster)
Valuesque with an interesting post on the issue of maturing inventory (Diageo etc,:)
Another week, another 25er batch of “fresh” German companies. Again, there is a lot of “Garbage” but also some interesting “watch” positions. One of the candidates is German Startups Group which, in the meantime made it into my portfolio. I publish the “All German stock” Series with a certain time lag and if time allows, I dive deeper into stocks that really interest me a lot. So It can happen that I decide to invest prior to actually publishing the respective post…
226. SAP AG
With 147 bn EUR the most valuable listed German company, leader in enterprise software with a steady increase in valuation over the last years:
Shopify’s stock looks VERY expensive
Scott Galloway looks at his 2019 predictions and makes a few new ones fro 2020
Belgian Blog Zephyr Database has started the “All Belgian Shares” project. Part 1 is a great read.
Undervalued Shares has a nice post on unlisted shares
TGV Partners 2019 letter to investors
The UK Value investor with a deep dive into the reasons behind Ted Baker’s collapse
Greenlight Q4 Letter to investors and the Fundsmith 2019 letter
The next 25 randomly selected company in my “Grand Tour Germany” project with 6 of them going onto my watch list. Enjoy !!
201. TTL Beteiligungs- und Grundbesitz AG
A 67 mn EUR market cap company that started as tech company in the dot.com boom, went bust and then reemerged as real estate company a few years ago. The company invests into real estate and real estate companies. As mentioned several times, not an area that I am much interested in. “Pass”.
202. FinLab AG
Howard Marks with a new memo mainly on decision under uncertainty
TGV Rubicon with their 2019 letter to investors
Scott Galloway on the chances of Casper actually doing an IPO
Forager discusses a few positions of their international fund
Some ideas from a recent stock conference called MOI (incl. Cars.com…ugh)
Stratchery on Visa’s acquisition of Plaid (for 50x revenue…..)
OTC adventures has discovered a nice exotic French stock
Warning: This is not investment advice. The author recently had a very disappointing track record so you might want to stay away as far as possible from this stock. DO YOUR OWN research.
Some three and a half year ago I briefly looked at Metro Bank, then the much hyped “Apple of Banking” and I didn’t like it that much. My summary back then was as follows:
Fundamentally, I do think that at the current share prIce the stock is already very “richly” valued as I don’t see a sustainable business model to earn the required returns on equity in the long run.I see a large risk that Metro Bank is rather a “one-trick pony” which worked well once but most likely not a second time.
At some point in time in the future this could even turn out to be an interesting short opportunity when growth is slowing and defaults start catching up.
In the meantime a couple of things happened:
value and opportunity 