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.
John Hempton is frustrated that he didn’t outperform more in March
A sobering look at the future of the restaurant industry (US)
Mark Cuban funded at Covid-19 compliance test of reopened restaurants in Dallas. The results are not good.
Some interesting thoughts from Prof. Galloway on “unusual” business strategies and their long term impacts (Apple, Amazon, Walmart etc.)
Disney will be the bellwether to see if and when things in tourism go back to normal
The Graham & Doddsville Spring 2020 issue is out
According to Glassdoor, the companies with the best Glassdoor employer ratings outperform indices significantly over time
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)
Two links to Q1 fund letters: Link 1 & Link 2 (h/t Valueinvesting World)
A great story about the Luckin Coffee fraud
Great long read on Exxon and their current issues
Some deep thoughts on (US ) airlines (fuel hedging, network effects, Southwest)
The Undervalued Shares blog on activist investing in Germany/Europe (Agfa Gevaert)
The currently very productive Profit Hunting blog looks at Brookfield Infrastructure Partners
It might still take a while before “Value stocks” come back
The ProfitHunting blog with a nice series on Disney – Part 1, Part 2, Part 3
Larry Swedroe thinks that even 10 years are too short to judge active investment managers
Some deep thoughts on E-Sports and value creation
How an oil ETF become the driving force of the recent oil price crash
The case for (Quality) Small Cap Value stocks
Must Read: Paul Singer’s (pesimistic) letter to investors
Jeff Bezos letter to Amazon shareholders
(legendary) VC Investor Sequoia Capital tells its portfolio companies to batten down the hatches
A deep look into US Pay TV which looks more and more like a Zombie product
The march newsletter of spinoffstockinvesting (Registration required or read via RSS)
The Zephir blog thinks that Belgian stock Barco could be a buy now
Yetanothervalueblog is still positive on Airplane Leasing company Aercap
RIT (Rothschild Investment Trust) 2019 annual report
Congrats, the GlobalStockPicking blog is now 5 years old
Intro
Most readers know that I normally don’t do market comments, however this post will be an exception (and should therefore maybe ignored ?).
To be clear, I have no special information or personal opinion on how far the COVID virus will spread and what the ultimate effect of all this might be. Will there be a recession due to supply chain disruptions ? Will we see another stock market drop like 2002/2003 or 2008/2009 ? No idea, but in any case it makes sense to review what I think is the most reasonable way to behave for long term investors.
20 rules that might help you to survive, or at least sleep better
Situations like this are not unique and over the years I have created for myself some rules that might be helpful or not:
Must read: Why the (VC backed) technology sector seems to look very similar to the US shale industry some years ago
John Kingham thinks that DIageo is a good company but overvalued
UndervaluedShares with a great feature on the Lundin Group and how to make money in the “Dark Corners” of the capital markets
Are travel related stocks now a “Buy” ?
The Rational Capitalist blog has an in depth look into Buffett’s share repurchases over the years
GlobalStockPicking likes Greatview Aseptic, a competitor to Tetrapak
A critical viewon the “secret sauce” of the Private Equity industry
The always excellent Valuesque blog with some insights on how to manipulate round EPS numbers
A great list of attributes from A16Z on how to analyze market place businesses
The epic Semper Augustus annual letter (128 pages…)
Another AirBnB scam, this time in London
Very interesting deep dive why most AI (startup) companies are mostly not software companies but service businesses
The art of defining EBITDA for tech companies
Yetanothervalueblog with a deep dive into Wrestling (WWE)
Undervalued Shares has a great feature about the “Klement on Investing” blog
FTAlphaville is not impressed by Uber’s plans for profitability
Valuesque with another interesting “accounting deep dive”, this time on Northgate Plc
2019 letter to shareholdersof TGV Intrinsic (incl. TomTom write-up)
The Annual letter 2019 of Tyro Capital includes some great stuff on stock picking
Bruce Packard on the current “Quant winter”
A great deep dive into the risks and opportunities for Spotify
value and opportunity 