Category Archives: Anlage Philosophie

Book review: “Great by Choice” – Jim Collins

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“Great by Choice” seems to be the most recent book (2011) from management “guru” Jim Collins. Similar to “Built to last” he focuses on companies that have achieved great success. However in “Great by Choice” he includes a certain twist: He looks at 8 pairs of competing companies which more or less had the same starting point, but where one of them became super successful and the other not.

He then tries to work out why the successful ones were successful. The pairs are as follows:

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Some links

Don’t miss: Jeff Bezos’ 2016 letter to Amazon share holders

A great collection of business/investing book reviews from Abnormal Returns

An interesting write up on German “Amazon for animal feed” company Zooplus

Good idea: Write down everything what you have learned about investing in simple sentences

A good collection of articles about Blockchain technology

On the virtues of writing for investors

 

 

Travel series (5): Flight Centre – “Outsider” Company or off line Dinosaur ?

This is part 2 of the Flight Centre analysis after the book review last week.

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The “old” business model

The Australian based company is a classic “travel agency”, both, running physical agencies as well as offering airline tickets and tours over web sites.

A traditional travel agency usually works like this: They offer flights from preferred airline partners and hotels or packages also mostly from certain partner companies. Traditionally you would go into a travel agency and ask if they can recommend you a destination, then you would be offered some colorful catalogues where they list the offered hotels (with prices mostly depending on the official “star system”) and then gladly sell you the “Bundle”.

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Travel series (4): Flight Centre Group – Book review “Family Village Tribe: The Evolution of Flight Centre”

Flight Centre, the Australian based travel company is a company which is on 2 to do lists of mine:  The Australian list as well the travel series list. By chance I discovered that there is a book about Flight Centre. I decided to kick-off the analysis with this book review as part 1 of a Flight Centre analysis.

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The book covers the complete story of Flight Centre and its founders from the start in 1973 until 2013 and was written by an “insider”, a former employee who worked as head of the UK operations.

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Special situation: Stada Arzneimittel AG – swimming with the sharks (again)

Disclaimer: This is not investment advice. please do your own research !!!

Stada is a company I had been looking at many times in the past. A business which in principle is quite good (Generics and OTC drugs) but the company was run by a long time CEO who acted as it was his own company without owning a single share. He paid himself huge salaries, employed his son in a non-sensical but highly paid job, the company afforded itself a huge corporate center and so on. As a result, the company created little to no shareholder value in the 10 years up to mid 2016. As a comparison, the 10 year return of Stada until 03/2016 was only around 1,8% p.a. compared to 7,5 % p.a. for the MSCI Europe health care index, a significant underperformance.

Then however something happened which is still very rare in Germany: A local activist investor (Active Ownership Capital) and some other funds acquired a significant stake in the company and pushed for change.

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Handelsbanken Update & Annual Report 2016 -(almost) on track

Already a couple of weeks ago, Handelsbanken issued their 2016 annual report. On the surface, the numbers look like a small disappointment with flat profit and a slight decrease in EPS.

Behind the surface however, some things happened. The CEO was fired in 2016 for “too much centralization”.

Some highlights of the annual report from my side:

  • the number of branches in Sweden went down from 474 to 435
  • the 4th quarter was very weak, but most likely driven by cost for branch closures in Sweden which happened in Q4. I liked this comment:

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Some links

Langfrist hosts a new interesting fund: Rubicon Stock Picker fund with their first 2016 annual letter describing their 3 largest positions in some detail (Eurotech, Max21, Songa Bulk)

Good collection of 2016 year end fund letters (Reddit)

Is there a huge fashion retail bubble in the US ?

Rob Vinall has posted some interesting Videos from his investor day a few weeks ago on Youtube

Chris Hohn (TCI) tries to kill the Safran/Zodiac take-over (presentation slides)

How stock investing looked in the 1950s with an appearance of Benjamin Graham (h/t Valueinvestingworld)

 

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