A short thesis for Dunkin Brands
A very interesting article on US fast food franchises and what Chick- fil-A does differently
The UK Value Investor with a “post mortem” of his Aggreko position
ZephyrDatabase with the next installment of its All Belgian Share project
The 2019 annual report of the TGV Truffle fund
Some interesting technical observations on Tesla’s short interest
Now this imakes an interesting pair: Paul Singer’s Elliott goes activist on Masa Son’s Softbank
Interesting write-up on Honda as an investment opportunity
A good collection of Spin-off related links
Undervalued Shares has a super interesting story on the Channel Islandsand its stock exchange
Great deck from Benedict Evans on Tech in the 2020s (and regulation)
A pitch for Booking.com (and the Google Monster)
Valuesque with an interesting post on the issue of maturing inventory (Diageo etc,:)
Shopify’s stock looks VERY expensive
Scott Galloway looks at his 2019 predictions and makes a few new ones fro 2020
Belgian Blog Zephyr Database has started the “All Belgian Shares” project. Part 1 is a great read.
Undervalued Shares has a nice post on unlisted shares
TGV Partners 2019 letter to investors
The UK Value investor with a deep dive into the reasons behind Ted Baker’s collapse
Greenlight Q4 Letter to investors and the Fundsmith 2019 letter
Howard Marks with a new memo mainly on decision under uncertainty
TGV Rubicon with their 2019 letter to investors
Scott Galloway on the chances of Casper actually doing an IPO
Forager discusses a few positions of their international fund
Some ideas from a recent stock conference called MOI (incl. Cars.com…ugh)
Stratchery on Visa’s acquisition of Plaid (for 50x revenue…..)
OTC adventures has discovered a nice exotic French stock
Prof. Galloway really doesn’t like Softbank
Must read: Rob Vinall has released his 2019 investor letter (New position: Wix)
The Peridot Capitalist thinks it would be a good idea to merge Uber Eats into Grubhub
Two UK reviews: Maynard Peyton reviews his (UK Small Cap) portfolio and another very good 2019 review from John Kingham (UK Value Investor)
Ben Carlson has written a book about financial scams and shares some scams that didn’t make it into the book
A very interesting story on how Netflix & Co are changing Hollywood
For the German speaking readers: Paladin One with their very transparent 2019 report
In 2019, the Value & Opportunity portfolio gained +15,0% (including dividends, no taxes) against +27.9% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).
Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in 2019:
Partners Fund TGV: +4,26%
Profitlich/Schmidlin: +12,7%
Squad European Convictions +22,6%
Ennismore European Smaller Cos +6,9% (in EUR)
Frankfurter Aktienfonds für Stiftungen +8,1%
Evermore Global Value +23.9% (USD)
Greiff Special Situation +1,2%
Squad Aguja Special Situation +18,2%
Very interesting thoughts on US vs. China from a technology perspective and some very interesting books
JP Morgan’s guide to the markets (US focused) is worth reading
Prof. Damodaran on why big “total addressable markets” do not automatically mean great investment opportunities
GlobalStockPicking’ blog 2019 review
Bruce Packard is experimenting with Markov Chain analysis on company announcements
ClarkStreetValue had another (crazy) good year in 2019
A2 Milk from New Zealand has been a 162-bagger in the last decade
Interesting thoughts on the future of food delivery companies
Must read: Valuesque on how “reverse factoring” can be (mis) used to (temporarily) juice up cash conversion and gross margins
A recent interview with investment legend Peter Lynch
Eddie Elfenbein has released his 2020 buy list of 25 US stocks
Some interesting predictions for the next 10 years from VC Alex Danco
Another “blogging year” has passed and Valueandopportunity has been now around for 9 years since its beginning as a German Speaking blog on “Value Investingg”.
Again a big thank you to all readers who continue to read and especially to those who contribute by constructive commenting and emailing me. Knowing that a few thousand investors find it somehow interesting what I write about is a great motivation.
As mentioned last year on the 8th anniversary, the time that I can commit to this effort is now quite limited. Still I managed to mostly send out weekly links plus some hopefully interesting posts. On the negative side, I didn’t reach my goal of looking at least at 1-2 investment opportunities in detail per month as I planned. I only managed to look at 9 stocks/ideas in more detail.
This UK focused investor/blogger killed it in 2019 with +42%
Galloway thinks that FedEx is toast
The level and quality of Non-financial corporate debt is worrying
Why Booking.com does better than Expedia and TripAdvisor
December 2019 spin-off updates
A great annual letter from a very unusual PE firm (adventur.es)
value and opportunity 