Category Archives: Anlage Philosophie

Softbank Part 2: Sum-of-parts Valuation and don’t forget the Taxman

A couple of days ago, I looked at Softbank more from a strategic point of view. This time I want to focus more on the actual assets and a sum-of-parts valuation

What is Softbank ?

Essentially the company at its core is a Telco company in Japan and US plus a lot of “extra assets” like the Alibaba stake, Yahoo Japan and then all the other stuff including the vision fund. The initial Software distribution business (this is where the name Softbank comes from) doesn’t play a big role anymore.

I will now try to walk through the major Softbank Assets in more detail:

  1. The Alibaba stake

Let’s start with the largest position first, the now so famous Alibaba stake. From a technical perspective, Softbank doesn’t own the listed shares but this:

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Softbank & Masa Son – Mad Genius pumping the Start up bubble or Visionary Capital allocator ? (Part 1)

In the comments to my Kinnevik post some weeks ago, a reader recommended me to have a look at Softbank, the famous Tech conglomerate built by Masa Son. Well sometimes I indeed take suggestions…..

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Masa Son – Founder and “Godfather”

In Softbank’s case it makes sense to start with its founder, CEO and major shareholder (21%) Masayoshi (“Masa”) Son.

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Spin off check: Getinge / Arjo AB (ISIN SE0010468116)

One upfront comment: I promise to use the auto correct feature of  wordpress.com in 2018 as often as possible. However, as  I do not have unlimited time to “polish” my posts, there will be always bad grammar and bad spelling as I try to focus my available time on analyis and actual content.

Already some week ago, Swedish based “Med tech” company Getinge AB spun off Arjo AB.

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Performance review 2017 – Comment: “Keep an Eye on Interest Rates and Credit Spreads”

Performance 2017:

In 2017, the Value & Opportunity portfolio gained +21,7%* (including dividends, no taxes) against 15.6 % for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in 2017:

Partners Fund TGV: +19,97% 
Profitlich/Schmidlin: +8,07%
Squad European Convictions +29.72%
Ennismore European Smaller Cos +9,32% (in EUR)
Frankfurter Aktienfonds für Stiftungen +13,7%%
Evermore Global Value +4.6%
Greiff Special Situation +11,1%
Squad Aguja Special Situation +14,2%

Since inception (01.01.2011), this translates into +186,7% or +16,2% p.a. vs. 95,3% or 10,1% p.a. for the benchmark. Graphically this looks like this:

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Crypto Currencies – a short look at IOTA

Again the promise: This will not become a Crypto Currency blog. On the other hand I really find the topic fascinating and maybe one or the other reader finds it interesting too.

After looking at rather non-exciting ICOs like Naga Coin and Whysker, I decided to have a quick look at IOTA.

Why IOTA ?

First of all, IOTA is also based in Germany and I want to know what is going on in my home country. Secondly, I was surprised that Robert Bosch AG, the very conservative privately hold German auto supplier invested in IOTA coins a few weeks ago. Although Bosch did some stupid things in the past (like buying Ersol and Aleo Solar), it is nevertheless an interesting move.

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My 21 Investments for 2018

Another part of my annual blog rituals is a short overview of all the positions I own at the end of each year with a short review of why I (still) own them.

The summaries of the previous years can be found here:

My 27 investments for 2017
My 27 investments for 2016
My 28 investments for 2015
My 24 investments for 2014
My 22 investments for 2013

Interestingly, the list for 2018 contains the lowest number of stocks so far as I tried to concentrate my portfolio a little more into my “best” ideas and kicked out a few positions where I wasn’t fully convinced anymore (Aggreko, Ashmore, Pfandbriefbank, Coface, Romgaz, Kuka, Lloyds Banking) or where the catalyst actually took place (Gagfah, Sapec, Kuka). In general, I would feel comfortable in owning up to 25 positions.

But now let’s look at the 21 stocks I own as of year end:

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Wysker / Wys Token ICO – “Made in Germany” but any good ?

I’ll promise my readers that this will not turn into an Crypto/ICO blog, but I also must confess that I am absolutely fascinated by what is happening right now with Bitcoin & Co. After briefly looking at the “Nagacoin Doublepump” a few weeks ago I can not withstand to look at the second German based ICO called Wysker / Wys (the coin).

What is Wys / Wysker

As any good ICO these days they have a 19 page whitepaper which looks quite modest compared to the Naga pamphlet.

In short, Wysker aims to be the “Tinder for shopping” (funnily enough, Naga wanted to be the “tinder for stocks”). In order to make this thing more sexy, there is also a block chain aspect and, of course machine learning involved.

How it is supposed to work:

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