A great interview with Marc Andreessen on how to schedule workdays and other stuff
The inspiring story of how coach Juergen Klopp transformed the Liverpool FC
Highly recommended: The UK Value Investor with a very nice post on how to calculate and judge the quality of growth of a company
Activist hedge funds are increasingly targeting companies that try to do “greenwashing”
Very interesting story on Joe Granville, the “original” David Portnoy like “stock market entertainer”
Volatility strategies have really been killed during the Covid-19 crisis
And finally a Wirecard link: Dan McCrumm tells his story (and don’t worry, there will be a Wirecard follow up post soon):
It has been almost one month since my last panic journal post and a lot has happened in between. The stock market has roared back like crazy and everyone seems to ask themselves when they look at YTD charts and compare it with unemployment numbers and GDP “growth”: What the hell is going on ? Is this the next “Bubble” ? Are people crazy ?
Of course I can’t explain what is going on either but at least from my perspective three main topics stand out that I did not expect to such an extend and seem to be fundamentally positive surprises compared to a worst case scenario:
- Central banks and Governments have acted more quickly and more radical than anyone thought
- The “Dance” after the “Hammer” so far looks a lot easier that envisaged
- A vaccine might come earlier than initially expected
This is actually the second autobiography of a founder with the surname Schwab that I review. After tire trader Les Schwab, this book is written by the founder and name giver Charles “Chuck” Schwab who founded the financial services company with the same name.
My last “panic Journal” post is now 3 weeks old. What has changed ? If I look at my learnings, not much. We still don’t really know how many people have been infected, how it transmits, what is the actual cause of the deaths, if there are treatments and when we will have a vaccine. The only major difference is that toilet paper now is available in my local drug store every day and and stocks are even higher than back then.
It took me so long to write this, because every time I start to write something, I discover that someone else has already written about it, so I try to focus on stuff I haven’t seen elsewhere.
Where is my bailout (Leoni, Adidas, Start ups, Car purchase incentives)