Category Archives: Anlage Philosophie

Post Mortem analysis: Cars.com, Expedia & Record Plc

A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.

Expedia:

Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.

What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:

Read more

Some links

A good overview on African capital markets from Ashmore

The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)

VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success

The yetanothervalueblog with one of its typical wide ranging posts (

Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)

Forager’s 2019 Book recommendations

Morgan Housel recommends not to follow any gurus

All German Shares – Part 9 (Nr. 101-125)

And another 25 stock batch with some very interesting companies. At some point in time I will release a table with all the stocks and a link to the respective posts.

Nr. 101: Baumot Group AG

36 mn market cap company that calls itself the “clean air” company. According to the company huge potential if hardware exhaust filtering for problematic Diesel cars would kick in which the company is manufacturing. However, currently the company is in deep trouble, sales tanking and huge losses. Several capital increases and debt equity swap. “pass”.

Nr. 102: BHS Tabletop AG – ISIN: DE0006102007

Read more

All German shares part 8 (Nr. 76-100)

As I am making good progress, I included this time 25 stocks. The first 100 are done, another 700 or so to go 😉

Nr. 76: Uniwheels AG – ISIN DE000A13STW4

Uniwheels is a 800 mn EUR market cap car supplier. Interestingly the German company floated its shares in Poland in 2015. Their main products are  aluminium rims / wheels for cars.  In 2017, the founders of Uniwheels sold their majority to US based Superior. Maybe a squeeze out opportunity, but I know little on how this works in Poland. “Pass”

Nr 77: Foris AG

Read more

Uber – Business model and “sum of parts” valuation attempt

Health and safety warning: This is not investment advice. Please do your own research !!!!!

Following my book review of “Super Pumped” a few days ago I felt motivated (or “pumped up”) to look a little bit into Uber as a stock.

Uber is interesting in my opinion for a couple of reasons:

  • They really disrupted the taxi market with their app and even managed to create a new verb “Ubering”.
  • They managed to earn a dominent market share in many countries in a short time
  • In the markets where they failed, they ended up with significant stakes in the leading players (Chine/Didi. Russia/Yandex, SE Asia Grab)
  • The stock is extremely controversial
  • the lock-up for old investors has just expired
  • the stock price has been tanking for some time now
  • the company is not easy to understand

Read more

« Older Entries