Category Archives: What we read

Some links 11/2026

Great interview with Dan Rasmussen from Verdad Capital 

A few very good lessons from Todd Wenning on starting an Asset Management firm

A good rule of thumb on when to invest into interesting Spin-off stocks

Interesting analysis what is going on in “Private Credit” from Edelweiss Capital

Everything from the Sector Stories Substack is worth reading. The Q4 Global Spirits overview is no exception to this.

Great deep dive from Prof. Damodaran why everyone needs to find his own long term  investment philosophy

Check out “DeathbyClawd”, a funny online tool that will check any company on its ability to survive the “SaaSpocalypse”

Visibility as a Creator/Writer on LLMs – A test and some thoughts

Visibility on LLMs

Management summary:

This post does not offer any actionable investment content. Rather I wanted to find out if my blog is visible on the various LLMs and if I want to be visible. I would be very interested in how fellow “creators” think about this and how they approach this topic.

Visibility of Value and Opportunity on different LLMs

Just out of interest, I asked several LLMs about the 5 best Investment blogs for European stocks. The results were quite interesting.

Google Gemini for instance distinguishes significantly in which language one asks and which model you use. A German language prompt gives a very different answer (mostly German language Blogs) than an English prompt and “fast” mode gives very different results from “thinking” mode.

Here are the 5 top blogs in Fast mode for the German prompt: (“Welches sind die 5 besten Investment Blogs für Europäische Aktien, insbes. Nebenwerte ? “):

And here the results for the same prompt in “thinking Modus”:

There is some overlap and I am on both of the lists, which is great, but still interesting.

A few days earlier I tried a slightly different prompt (“Nenne mir bitte die 5 besten Investment Blogs die sich mit Europäischen Aktien beschäftigen. “)

And I got very different results:

What is also interesting is that Gemini doesn’t look for Substacks when I ask for blogs. Asking specifically for Substacks, gives once again different top 5 for the fast and thinking model, but the V&O Substack does not appear when asking for Substacks.

When I ask Gemini in English for blogs, I get the following result for “fast” mode:

In Thinking mode, this is the output:

So I show up in both, but the other 4 are different.

Overall it is quite interesting that asking in German language automatically selects mostly German blogs and how much the results differ from fast to thinking mode.

Of course, different LLMs give different answers. The very same German prompt from above  gives this result overview in ChatGPT:

The English prompt gives the following result:

ChatGPT interestingly does not care too much in which language you ask, the overlap is higher than for Gemini. But it has remembered my 10 factor Scoring model and without asking has somehow mixed that into the decision.

Claude interestingly doesn’t seem to know my blog at all. I have to say I am disappointed 😉

The LLMs know Value and Opportunity

So after putting out content for 15 years, Gemini and ChatGPT LLMs clearly know about my blog, but it is really interesting how differently they answer to the very same questions. Also that language plays such a role for the results is kind of interesting for me.

Interestingly, if I use the normal Google search, my blog is not visible at all, at least not on the first 10 pages, irrespective of what kind of searches I do. This mirrors  a little bit the traffic statistics form my WordPress overview where Google as a source for traffic more or les disappeared a few years ago. Only when I ask for a certain analysis, for instance Eurokai specifically on the Value & Opportunity blog, I see my blog in the results. Otherwise no chance.

I have to admit that I have also become quite lazy to add a lot of Keywords etc but in general, Google search as such seems not to be “my friend” anymore. Some years ago, especially the more general articles received significant traffic, even years after I wrote them, but that has gone totally away.

How to optimize for LLM visibility  ?

I feel very lucky that I don’t have to optimize for traffic, otherwise I could imagine that trying to optimize LLMs is not so easy. I have briefly researched the topic and it seems that for now, LLMs seem to emphasize a longer track record and credibility.

One of the nice things is that one can ask the LLm to explain. Google Gemini’s answer is quite flattering I have to admit:

If I wanted to make more advertising for my work, I would basically copy& paste that answer.

Of course, I also wanted to know why I don’t appear on Claude’s list. This is what Claude tells me:

Typically for an LLM, it apologizes. What I find interesting is that Claude indeed seems to start looking in high traffic locations and then doesn’t go much further.

Do you actually want to be visible to LLMs ?

One question one has to ask is of course as a writer & creator: Do you want to be (fully) visible to LLMs or not ?

Despite my visibility on Gemini and ChatGPT, the LLMs do not refer a lot of traffic back to the site. I can see Gemini with a little traffic and ChatGPT with no referrals at all. So they know about the blog, but they don’t refer a lot of people to the blog. Maybe the answers are already good enough if my content gets shown. Outside my Email list, most traffic still comes from Google search and TwiX.

If you want to monetize your content directly, it is clearly not good when LLMs can read your stuff and summarize it perfectly. I was for instance quite astonished when a TwiX user asked Grok to summarize my Biontech post in TwiX and Grok did so with a pretty decent summary.

On the other hand it seems that at least for Gemini and ChatGPT, you need to show them your content in order to get recognized. I guess a good compromise could be to show some of the content so that the AI can learn about what one writes but then keep newer stuff behind a paywall or so.

Another strategy would be, not to share anything on the web in order to protect one’s “intellectual property”. As for now, the LLMs don’t give a lot of traffic back, so why should you be visible at all ?

In my case, I am lucky that (so far) I can monetize my content very indirectly.

For me, the main payoff comes through constructive feedback and, every now and then a nice email from a reader or even better, some personal contact and someone says “I read your blogs for x years and really like it”.

My other goal is also“make the world a little bit of a better place” by maybe teaching some people how to “invest” instead of just “gambling” blindly and help them to hopefully better secure their financial future. For this goal, getting my content “indirectly” distributed through LLMs is clearly helpful.

If someone asks if xyz-Shitco is a good investment and somehow in Gemini’s neural net it identifies a  “red flag” that it has maybe learned through my posts, this could be a very powerful “amplifier”. But this is clearly hard to measure.

Summary:

For now, I am quite flattered, that 2 out of 3 LLMs find my content good enough to put me into the Top 5 European Small Cap blogs. That is clearly niceclearly a nice feedback. 

Most of all, I feel very lucky that I don’t have to directly monetize my content. I think this will be less straightforwardstraight forward than in the “search machine age”. There will be some solutions for sure but I guess “cause and effect” might be less linear than in the old times.

I would be very interested in how fellow “creators” think about this and how they approach this topic.

Some links 10/2016

Fantastic write-up on Sony Corp From Govro at Wintergems

And a very deep dive into Nintendo from Asian Century Stocks 

Patient Capital with a very interesting write-up on Nu Bank (X Article)

The UBS Global Investment Returns Yearbook Summary includes some very interesting stuff 

The Hamilton Lane 2026 Private Market Report contains tons of interesting charts and data (registration required)

VC pioneer Paul Graham with an interesting essay on ….Swiss Watches

It seems that SpaceX might get some VERY preferential treatment from Nasdaq at its IPO

Some links 09/2026

A very good description of Sabre’s business from Best Anchor Stocks (following the Constellation Software investment)

Interesting Deep Dive into “bill and hold” revenue recognition from Prof. Meitner (Gerresheimer example)

Antropic has released a very interesting report on which professions they see as most likely to be disrupted by AI soon

A good reminder that long term index returns are not so easy to achieve in reality

A certain sort of Ants can transform CO2 internally into a mineral that strengthens their body armour

Great summary of how to spot (and avoid) frauds and hypes in Technology investments

The Bireme Capital 2025 annual letter is worth reading

Some links 08/2026

Even “OG” AI Guru Andrej Karpathy sees a sea change in programming over the last 2 months (TwiX link)

The monthly recap of the “Mr. Market miscalculates” Substack is a great format

The Dutch Investor Substack with a write-up on 3I/Action from August 2025

Stripe’s 2025 Annual letter is a very good read for anyone interested in payments and the economy overall

Pershing Square annual letter 2025

Not surprisingly, Psychopaths dominate political discussions on Social Media

Searching4value with an interesting write-up on Pandora jewellery

Some links 07/2026

Clarke Quare Capital with a great “Special Situation Digest”

A very structured X article on Vertical Software Moats and which might survive AI/LLM. And another interesting “SaaSocalypse” take from the Quality Stocks Substack

Larry Swedroe on the proliferation of the “Small Cap Stock Social Media Pump & Dump”

An epic update on Bombardier from the Wintergems Substack. Also his post on the Japanese Videogame industry is a great read.

Two interesting book reviews of Korean Investment books form Douglas Kim: Absolute Principles of Stock Investments and A Country without Shareholder Rights

A list of the biggest “Hedge Fund Hotels” from the FT Alphaville Substack
Mavix with a great write-up on the Italian Port Software specialist Circle SpA

Some links 06/2026

AI Entrepreneur Matt Schumer on how AI changed the way he works as a Software developer (TwiX Article)

Some deep thoughts on how AI could change the job markets using examples from history

A great comment on Volkswagen’s recent “Cash flow surprise”

The Brooklyn Investor is back with a sanity check (Market PEs, AI, Berkshire)

A great article on a version of the “PE Secondary Shenanigan” at Ares

French Wine and Spirits exports have been suffering in 2025 and hit a 25 year low

So far, Radiology has proven to be more or less immune against disruption from AI

Some links 05/2026

Ben Thompson (Stratecherry) on Microsoft and Software in general vs AI

Larry Swedroe explains nicely why IRRs for PE funds can be so misleading

Some thoughts on AI, Software and the impact on Rightmove

Contrary Research’s annual Tech report is worth reading

2025 letter from LMN Capital (in German. Biontech,Intred, Femsa)

Very deep thoughts on the AI risks of a data driven company like RELX from the Fiercely Independent Investor Substack

A nice write-up on the history of cross border payments and the business model of Wise

Some links 04/2026

Szew’s Substack with an interesting write-up on Wehosters Ionos & GoDaddy

Once insider buys are published, there is little Alpha left according to this study

The Slow Compounding Substack with a very interesting comparison between B&M retail and Dino Polska

Interesting long read on the history of Waste Management, the US company.

Annual letters:

Whatever you wanted to know about the “State of the art” of batteries is in the 2025 report from the Volta Foundation
Google DeepMind has released Project Genie 3, an AI tool that makes it easy to create playable 3D worlds by simple prompts. Video Game stocks took a direct hit.

Some links 03/2026

Great write-up on UK discount retailer B&M fro the Sector Stories Substack

Update from the Curious Investor with some good stock summaries

According to the FT, the US stock market sees “a flight to Garbage”

A large study of a fleet management software provider shows that EV Batteries are holding up quite well over time

A pretty good summary of Buffett’s secret sauce over the decades from Larry Swedroe

Prediction markets like Kalshi are becoming mainstream in The US despite all the issues. And Kalshi seems to be leading.

An interesting profile of Coupang, the “Amazon of South Korea”

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