Category Archives: What we read

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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

 

Performance review 2019 – Comment “Value Trading & Portfolio Decay”

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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%

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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

 

Some links

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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

The A16Z winter reading list

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

Deep insights into the casket Duopoly in the US

9 Years of Valueandopportunity – “The more I learn the less I know”

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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.

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Fellow blogger “Sir Wexboy” with a very nice write up on Irish staffing company CPL Resources

A collection of pitchesfrom the London Sohn Conference

Why Enterprise SaaS companies tend to have lower margins these days (hint: AI is expensive…=

An interesting post for Scott Galloway on luck, skill and other stuff

Another “great books of 2019″ list from Bloomberg

YetAnotherValueBlog with 3 interesting “Post mortems” on investments gone wrong

Some good advice on how to read (many) books

A pretty cool page to track the performance of US IPOs

Some links

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A list of 52 interesting and surprising (general) facts

A great series on TV/Media companies at YetAnotherValueblog: Intro, part 1 -broadcasters, part 2 – networks, part 3 – sports rights

2019 seems to be a depressing year for active fund management

GreenWood on changing investment thesis and why they still like TripAdvisor

The best stock market in 2019 so far is ….Russia !!!

Q3 Letterfrom the Bireme Fundamental Value fund

The “Chinese tesla” Nio is in deep trouble

 

Some links

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A good overview on African capital markets from Ashmore

The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)

VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success

The yetanothervalueblog with one of its typical wide ranging posts (

Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)

Forager’s 2019 Book recommendations

Morgan Housel recommends not to follow any gurus

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Are AI/data driven strategies to be blamed for the underperformance of Value Investing ?

The UK Value investor discusses his worst investment ever (Xaar)

Great Vanitfair story on WeWork and Adam Neumann

Damodaran on the ARAMCO IPO: Part 1 and part 2

And a (justified) comment from Alpha Vulture on Damodaran’s treatment of “truncation risk”.

Seth Godin on the “Google Tax”

A critical view on Alibaba’s accounting

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