Category Archives: What we read

Some Links

A very good analysis why once famous Value investor Bruce Berkovitz has been struggling for the last 10+ years

SmallCapsEurope with a very detailed write-up of French Software Microcap ITESOFT

Recommended: Paul Graham essay  (Founder of Y Combinator) on his own (crazy)  life (so far)

Global Stock Picking blog with a portfolio update

Ben Evans on the State of “Tech”

How Worm Capital went from Turn-around investor to Tech Highflyer Hedge Fund

Undervalued Shares has included my humble Blog in its “blogs to watch” series

And as a special service: The All German Shares – The Complete Series as a single pdf file

 

Some Links

The usual brilliant post from Morgan Housel on 3 character traits that are bad for investors

Undervalued Shares has discovered the “Amazon of Iran” disguised as Swedish stock

Good Investing with a very interesting interview with the CEO of Naked Wines

Profit Hunting with a write-up of SNAM, the Italian natural gas network

The case against food delivery platforms (h/t SL)

Food for my new “passion”: A very good Biotech reading list from A16Z (scroll down)

Interestingly, Tesla is not accounting its Bitcoins as “money” or currency

Some Links

Prof. Damodaran on “Price – Value feedback loops”

Valuesque with an interesting  deep dive on SNP’s order book and POC accounting (IFRS 15)

Telescope Investing with a 2021 “Disruptive portfolio”

Stratechery on Jeff Bezos stepping down and  Amazon

An interesting “reverse engineering” of a Charlie Munger “Deep Value” investment from 2001 (h/t to reader SG) 

Great post from Josh Brown how actually David can beat Goliath in the stock market  (Spoiler: not via wsb)

Mathew Ball on how Apple these days is acting as a typical monopolist and inhibiting progress

 

 

Some links

Interesting article on the current music rights catalog “gold rush” (Hypgnosis)

Rob Vinall with some deep reflections on “Compounders”

A comprehensive list of Q4 fund letters is to be found in this quiet corner of Reddit.

Good write-up on Polish game developer CD Project

Cullen Roche on short selling and Citron Research is going “long only”

A very interesting introduction into the “Micro PE market”

A great reminder: Check up on cognitive biases on a regular basis !!

Book review: “How Life imitates Chess” – Garry Kasparov

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By coincidence, I downloaded this book before I got interested in Play Magnus a few months ago. However this clearly motivated me to move the book to the front of the reading list…..

Garry Kasparow has been named as one of the greatest Chess players of all time and became Chess world chmapion in 1985 at the age of 22 and held the title over 15 years. After his chess carreer, he surprisingly went into politics. As a funny side note: Kasparov was involved in founding the first online chess company in 1999. In between he coached younger chess players, for instance Magnus Carlsen in 2009.

In this book, Kasparov tries to transport strategic lessons from Chess into fields like business, politics and investment. In between he also covers his greatest matches, hardest opponents (Karpov !!) and the lessons he learned both, from victories and defeats.

Read more

Some links

The Brooklyn Investor on Howard Marks, RenTech, Bubbles and other stuff

First year review of “Junto” (h/t searching4value)

Ghost kitchens meet celebrities: Innovation in the Restaurant sector

How Solar Power is “eating the energy world”

Great advice: Just buy stocks that go up and sell when it stops going up

Cathie Wood’s “Agressive growth” fund company Ark Investment is doing great

And some annual letters to investors:
TGV Partners
TGV Rubicon
TGV Truffle
Giverny Capital
Massif Capital

Some links

Great long read on Jack Ma and Alibaba

“The friendly Bear” thinks Lemonade is a “ESG Pump and Dump”

Rob Vinall with a great post on Conspiracy theories 

Absolutely must read: Howard Marks on the useless divide between “value” and “growth” investing 

Great summary of Nick Sleep’s (Nomad) investment wisdom

Some stock spin-off ideas for 2021

RenTechs “own money” Medaillion fund had another great year, its funds for outside investors however suffered big losses

Book Review: “Seven Mistakes Every Investor Makes (and how to avoid them)”

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Joachim Klement is a native German, London based investment professional who, among other things writes one of my favorite financial blogs named “KOI – Klement on Investing”.

Despite having a full time job and a high quality, frequent blog, he also managed to write a book. Being a German of course, he  doesn’t promise to make one rich quickly but it tries to identify and provide solutions for very common mistakes that indeed almost all investor make.

Although Klement is a more Macro oriented investor, his advice is great also for stock pickers or any other investment styles. He emphasizes a lot of points that I share 100%. The mistakes that he concentrates are:

Read more

Some links

Must read (as always): Rob Vinall’s 2020 letter to investors

FTAlphaville is very skeptical about the Hypgnosis (SONG) business model

A very deep and very skeptical look into Bill.com

Jeremy Grantham is calling the bubble (good summary of all bubble arguments even if I would suggest to ignore it)

What John Hempton (Bronte) learned in 2020 (Podcast)

Very interesting talk with Weijian Shan, an Asian PE investor and book author

Aggressive Buy: The next German Mega-Unicorn Pöny

Some links

Fred Wilson with some great thoughts on what happened in 2020 and what he thinks will happen in 2021

Swen Lorenz on potential UK take over targets

Good article on Claude Shannon, the “father of information theory”

Long Read: How Substack tries to become the platform for Email Newsletters

A few interesting 2021 predictions from Yetanothervalueblog

More 2021 predictions from Scott Galloway

It is 2020 year end review time for many fellow stock picker blogs such as:

Alpha Vulture blog 2020 performance
Valueinvesting France (French)
Bull, Bear & Value
Global Stock Picking
Preis und Wert Aktienblog (German)
Maynard Peyton
Clark Street Value
searching 4 value

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