Prof. Damodaran on valuing vs. pricing IPO stocks
Will “Value Investing” ever make a come back ?
Interesting statistics on outperfomance of active stock managers (hint: High conviction helps…)
Good Q&A session with Bill Nygren (Oakmark)
Ben Evans thinks that Machine Learning (ML) is the new SQL
Valuesque with 2 good posts: 1) Adjusting for Hyperinflation (Unilever) and 2) Securitization transactions (Schaltbau)
John Kingham on (long term) lease obligations & IFRS 16
Ben Thompson on Uber and other “Tech” companies that interface with the real world
Direct Listing vs. IPOs with VC legend Bill Gurley (Podcast)
An update from the Stock Spin-off Investing blog
Fascinating story about “Yuutai Investing” in Japan
Safal Niveshak on the “death of businesses”
The Brooklyn Investor doesn’t think that we are in a stock market bubble
However, FTAlphaville is concerned about the “Big Balance Sheet Economy”
A good long read on Moats (for startups)
The Aleph blog is back with thoughts on Value Investing’s potential comeback
GlobalStockPicking does a portfolio review
Prof. Damodaran on Venture Capital pricing & WeWork, Uber and Peleton
European banks seem to under invest into IT
And finally Safel Niveshak with 5 sure ways to destroy your wealth
And the next 10 shares in this series:
Nr. 20: Magforce AG
123 mn EUR Nano-Medtech company claiming to develope a cancer cure. Sales so far negligible. Not my area of competence, so “pass”.
Nr. 21: Bijou Brigitte AG – ISIN: DE0005229504
Prof. Damodaran with a deep dive into WeWork
Woodford’s problems might lead to some value opportunities in Tech (search result, H/T Monevator)
A good reminder that value investing works over the long term because it often doesn’t work in between
Interesting post on banking (and German Banks) from Bruce Packard
VC “legend” Fred Wilson on the merit of positive Cash Flows
A16Z on how even successful platforms are at risks to be “unbundled” into new verticals
Stitch Fix looks like an interesting company / Stock
Background:
My roots as an investor are domestic German stocks. For the first 10-15 years of my investing “career” I would only look at German stocks (with minor exceptions during the Dot.com boom), only after some time I moved on to a more international focus. Even at the beginning of this blog in December 2010, the majority of our shares back then were still German.
These days, I only have a relatively small domestic stock allocation left (P. Hartmann, Draeger, Innogy) and mostly screen for international stocks.
One interesting thing happened in the meantime: I kind of lost my comprehensive knowledge about German shares. A lot of companies have newly been listed or disappeared and somehow I never ket track of what was happening. Also I didn’t follow the good ones very closely.
The UK Value investor with a deep dive on UK utility SSE
Great summary on what investors can learn from operators and vice versa
Must read from Ben Thompson: What is a Tech Company
Recommended: The “Ruffer Review 2019” with a lot of interesting but cautious stories on financial markets
The “Drone Bubble” seems to finally burst
Google tries to keep search users on their site more and more
The WeWork IPO seems to come at a lower valuation as inititally thought
Good writers seem to be better (Hedge-) fund managers
The Valuesque Blog with a great deep dive on the GE/Baker Hughes accounting and the Markopolis Report
Another new Langfrist fund with its initial report: Compound Interest
Yetanothervalue blog with its August roundup post (dieting, short selleng etc.)
A good collection of Stock spin-off links
Broyhill half year letter to investors
A nice investment check list from the UK value Investor
John Hempton on Bank margins – Part 1 and Part 2
Ben Evens explains why Tesla and Netflix are NOT Tech companies
The Long Term Value blog likes “cigar butt” Gamestop
A good reminder on the potential threat from the “passive” boom in stock investing
Must Read: The Network effect manual
An honest analysis why a small cap investment has gone wrong
The funniest take down of WeWorks S-1 clearly comes from Scott Galloway
WeWork as the AWS of Commercial Real Estate
A lot has been written in the past few days about the upcoming WeWork IPO. I had linked to a few articles on Saturday and FTAlphaville has some pretty sarcastic but good coverage as well.
Yesterday then the always brilliant Stratechery came out with in interesting post. Ben Thompson thinks that WeWork could develop into something like AWS (for real estate) which now is repsonsible for most of Amazon’s profits. But he clearly acknowledges there are a lot of governance issues etc. etc. The “WeWork is like AWS” story is nothing new and is mostly pushed by WeWork itself and combined with what they think is the adressable market (hint: all commercial real estate globally) could justify almost any valuation.
WeWork’s actual product: Open Plan offices (for start-ups and wannabes)
What I have been missing in the whole discussion so far is a look at WeWork’s actual product which in my opinion is the following:
value and opportunity 