Good “all around post” from the Brooklyn Investor on Jamie Dimon, Steven Shcarzmann, the market and more
Greenwood Investors Q3 letter on the difference between “tourists and pubs”
Prf. Damodaran on WeWork and Softbank
A good portrait of the LT3000 investment blog
The PeridotCapitalist blog answers some questions from readers
Ben Thompson on the “Google Squeeze” (Expedia, TripAdvisor)
An interesting article on holding stocks for too long
Prof. Damodaran on valuing vs. pricing IPO stocks
Will “Value Investing” ever make a come back ?
Interesting statistics on outperfomance of active stock managers (hint: High conviction helps…)
Good Q&A session with Bill Nygren (Oakmark)
Ben Evans thinks that Machine Learning (ML) is the new SQL
Valuesque with 2 good posts: 1) Adjusting for Hyperinflation (Unilever) and 2) Securitization transactions (Schaltbau)
John Kingham on (long term) lease obligations & IFRS 16
Innogy Tendered Shares
A quick update on this “cheap option play”: To a small extent this has developed better than I intitially thought as I had mentioned in the comments. My initial expectation would have been a small loss. However, E.On now has increaesd the price for the tendered Innogy shares voluntarily to 37.59 EUR which, inclding the dividend of 1,40 will lead to a small profit (before taxes and cost) . However the ultimate upside, if there is a lawsuit, will be smaller as the E.On shares dropped to 9 EUR and the theoretical value of the tendered shares is now 4.371*9= 39,34 EUR.
Post number 4 in this series. This tiem a quick upfront remark what I do with the “watch list” that I create out of this: The watch list will be used to actually just watch these shares more actively and maybe follow up with a deeper analysis when time allows. In general I do think there is no time pressure with German shares. Germany has technically entered a recession and a lot of shares are still not cheap.
Nr. 30: Centrotec Sustainable AG – ISIN: DE0005407506
A 215 mn EUR market cap company with a very interesting product portfolio, i.e. specializing in energy efficient technologies for buildings. Majority owned by the founder, quite cheap (P/E of 12) and growing. Tailwind from new “climate saving” initiative from the German government which bumped the share price in the last few days. The company unfortunately is not very profitable (EBIT margin ~4-5%) despite the construction boom in its core market Germany. I have also doubts how long the ccurretn real estate boom in Germany will last. Nevertheless one for the “watch list”
And the next 10 shares in this series:
Nr. 20: Magforce AG
123 mn EUR Nano-Medtech company claiming to develope a cancer cure. Sales so far negligible. Not my area of competence, so “pass”.
Nr. 21: Bijou Brigitte AG – ISIN: DE0005229504
Prof. Damodaran with a deep dive into WeWork
Woodford’s problems might lead to some value opportunities in Tech (search result, H/T Monevator)
A good reminder that value investing works over the long term because it often doesn’t work in between
Interesting post on banking (and German Banks) from Bruce Packard
VC “legend” Fred Wilson on the merit of positive Cash Flows
A16Z on how even successful platforms are at risks to be “unbundled” into new verticals
Stitch Fix looks like an interesting company / Stock
Disclaimer: This is not investment advice. PLEASE DO YOU OWN RESEARCH.
Ouch, another day, another problem. Yesterday, one of my Special situation stocks Osram lost around -7%.
What happened: The largest shareholder Allianz Global Investors (AGI) announced that they do not support the offer as they consider the price of 35 EUR per share as too low.
A few observations from my side:
