Category Archives: Anlage Philosophie

Making Fun of Fundamental investors – The Frank Thelen edition

Frank Thelen is a household name in Germany. As part of the German version of “Shark Tank” (which he left in 2019), he clearly became the Venture Capital investor with the biggest public exposure (the guy in the back in the middle):

Recently, Thelen announced that he will launch the “German Version” of Ark Invest which he calls 10xDNA Fund. The idea behind is that he, as successful VC investor is able to run a big fund of public stocks that aims at “disruptive technologies”.

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All Swiss Shares Part 12 – Nr. 111-120

Half time. With this post I will have covered more than 50% of the 217 SIX listed stocks. This time only one stock made it onto the watch list. Again, I will be on vacation when this scheduled post will be published.

111. Basler Kantonalbank AG

Basler KB is another one of the Swiss regional banks. The listed stocks seem to be “participation” shares only. As the other regional banks, the stock looks cheap with a dividend yield of almost 5%.

However, as the other banks, Business has been stagnating for some time and I don’t see any scenario that looks better. “pass”.

112. Hochdorf Holding AG

Hochdorf is a 115 mn CHF market cap Dairy company that has a surprisingly exciting chart for such a boring business:

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All Swiss Shares Part 11 – Nr. 101-110

Again 10 randomly selected Swiss stocks with 2 watch candidates. As I am still on holidays, please do not expect quick reactions from me on any comments.

101. Bank Cantonale Vaudoise

BC Vaudoise is with around 7 bn CHF market cap one of the bigger regional banks. As the other regional banks, business is stagnating since a couple of years, however with an ROE of 9-10% they achive one of the highest ROE’s in the industry.

However I am not interested in the shares of such a bank, therefore I’ll “pass”.

102. Stadler Rail AG

Stadler Rail is a 4 bn market cap company that manufactures “rolling stock” railcars and went public in 2019. Currently the stock price is pretty much where the stock started:

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All Swiss Shares part 10 – Nr. 91-100

Another 10 randomly selected Swiss stocks, this time with 3 candidates to potentially “watch”. As this is part of my pre-scheduled “Gone swimming” break, please do not expect quick reactions on any comment from my side.

91. Bellevue Group

Bellevue is a 570 mn CHF market cap asset manager that in contrast to many other listed asset managers seems to be doing quite good over the past few years, with the stock doubling since the beginning of 2020 after trading sideways for years:

Bellevue

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“Gone Siwmming” & Short comment: “Feeling (too) smug”

First things first:

I wish all my readers a nice summer break. For the rest of August, posting will be very light, I have lined up further posts of my “all Swiss Shares” series but that will be it…..

 

Beach

Short comment: “Feeling (too) smug”

I just completed my monthly performance review and I couldn’t help myself to think: “Wow, you have been really smart lately”. Out of the last 17 months, 16 months have shown a positive performance and the Portfolio is up more than +50% vs year end 2019. 

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All Swiss Shares Part 9 – Nr. 81-90

Another week, another 10 randomly selected Swiss stocks. This time, 2 stocks might be worth watching.

One quick comment on why I continue to go through all Swiss stocks despite many of the good ones being very expensive: First, I like to finish projects that I started. Second, I think there is always a lot to learn to look at any company, even if it is expensive. And third, there might be a time when stocks become cheaper again and then having a list of great companies might be very practical.

81. SoftwareOne AG

SoftwareOne is a 3,6 bn CHF market cap company that was IPOed in October 2019 at a share price of 18 CHF. Since then, the share price has made little progress at currently 22,50 CHF, considering the run in other software related stocks.

SoftwareOne seems to allow companies to manage their various software applications via some sort of cloud environment. The majority of revenues seems to come direct or indirectly via Microsoft products, their main business seems to be reselling Microsoft licenses which is actually a pretty crowded market.

KKR seems to have been involved only for 4 years or so.

Looking at the P&L reveals that their margins are not very Software like, but rather look like a wholesale business: 7,9 bn CHF in sales only result in ~190 mn EBITDA.

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All Swiss Shares Part 8 – Nr. 71-80

And another 10 randomly selected Swiss stocks. Again, I found a couple of high quality businesses that are unfortunately very expensive. However, I did find one candidate to “watch” and actually bought one 1% position in one stock that I liked.

71. Klingelnberg AG

Klingelnberg is a 180 mn CHF market cap company that manufactures machinery for the Automobile and Mining industry. The company was IPOed in 2018 at CHF 53/share. As the chart shows, the IPO was not a big success ,losing more than -50%.

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Back to boring: Meier & Tobler (ISIN CH0208062627) – Boring enough to invest ?

Background/ The company

During part 6 of my “All Swiss Series” I mentioned that Maier Tobler looks interesting, at least if one likes “boring” stocks which I do.

Meier_Tobler_logo

Meier & Tobler these days is a Swiss focused company that is active in heating, cooling and ventilating homes and buildings. They are both, distributing appliances and spare parts as well as offering direct maintenance services.

Until 2013, the predecessor company Walter Maier was a pretty diversified company, with the main areas of cooling/climate (DACH) , tools (Us) and machinery (among others wood working machines). In 2013/2014, they completely changed their strategy: They sold the tools division and the German climate business and spun-off all manufacturing activities that they had bundled under the name WM Technology.

In 2017 they took over/merged with Swiss competitor Tobler, creating the clear market leader in Switzerland.

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All Swiss Stocks Part 7 – Nr. 61-70

This time, only one out of the ten randomly selected stocks made it onto my watch list.

61. Alpine Select AG

Alpine Select select is 129 mn CHF market cap listed investment company. The name rang a bell and when I searched my own blog, I found them as one of the “co-investors” in the AIRE KgAA special situation in 2012.

Including their significant distributions, Alpine Select has an Ok track record over the last years. The stock trades very close to NAV. Their portfolio these days seems to consist mostly out of hedge funds and even a crypto fund more recently.

This is not exactly my cup of tea, so I’ll “pass”.

62. Elma Electronics AG

Elma is a 146 mn CHF market cap company that manufactures electronic components. The stock chart looks strange: After effectively flat-lining for around 12 years before increasing by ~+50% in 2021: 

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SkilL vs. Luck: Euro Final Penalty shoot-out Edition

A lot has been written already about the Euro Finals two days ago with England losing (again) the final penalty shoot out. To be honest, I was supporting Italy in the finals because I think the showed the best performance in the tournament overall, with a refreshingly “un-Italian” way of playing attractive offensive football.

I don’t want to repeat what has been written in the English press on who and why has to take the blame for missing the penalties. However I want to focus on what the coach, Gareth Southgate said when he explained the choice and the fact that two of the penalty shooters were just brought into the game at the very last minute.

Personally, I thought at first that it was a pretty bad idea to let players shoot that did not really play in the match but this is what Southgate said:

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