value and opportunity

Interesting Microcap-Turnaround idea from Treasury Hunting Substack – Innovation Food Holdings (IVFH)

Roland Head looks at Diageo as a potential Dividend stock (Spoiler: not yet)

Hong Kong looks even more dead than Germany these days (search result)

FTAlphaville on the recent “AI superstar” Super Micro Computer (Search result, Spoiler: No so super duper)

A good summary on what we know about long term Private Equity performance (Spoiler: It isn’t special after fees)

It seems that retail noise traders (aka “Apes”) have made shorting stocks systematically more dangerous

Interesting “post mortem” from Forager on a distressed deep value investment in Finland (Blancco Technology Group)

Some more fund letters from the TGV family of funds:
 - TGV Partners (Software Circle, United Internet, Tucows)
 - TGV Compound Interest (EQS Group, Naked Wines)
 - TGV Rubicon Stockpicker (United Internet, hgears, Agfa etc.)
 - TGV Falkenstein (German, Energiedienst, Energiekontor, Compugroup)

Carson Block/Muddy Waters is (once again) short Prem Watsa’s Fairfax

Abilitato with a great (German language) write up on German Insulation company Sto

Stratechery’s Ben Tompson has been somehow underwhelmed by Apple’s vission pro

Davis Einhorn spoke with Barry Ritholz about the “broken market” and other things

A great collection of financial blogs from the “Awesome Goat Blog”

Gravity batteries in old abandoned mine shafts look like an interesting idea

Highly recommended: Portfolio review from the Wintergem Substack (Dollarama, Mercado Libre, Thermador)

GlobalStockPicking has summarized 12 years expierence of stockpicking in Hongkong

The Aquired podcast about Novo Nordisk is fantastic

Interesting guest post on Emerging Value about a Japanese amsuement park operator

David Einhorn had a pretty decent 2023 with Greenlight

Prof. Damodaran with some interesting data series and observations on interest rates

Walmart is a great example that logistics really matter

French Cognac exports are struggling even without Chinese sanctions (Search result)

Good write-up on UK stock Andrew Sykes from Wes Chambers

The fascinating world of undersea data cables that connect the world

Sam Altman says that AI needs much more power than expected

Flyover Stocks with a teaser for US insulation player Installed Building Products

For Berkshire/Buffett Super Nerds: Capital Allocation: The Financials of a New England Textile Mill (1955-1985) is available for free download

An interesting look into the home insurance problems in the “hard to insure” areas in the US

More year end letters:
– East 72 Dynasty Trust (E-L Financial, PSH)
– UK Dividend Investor

Carsten from Augustusville with a great write-up on Delek, a US Energy downstream player

The One-foot Bars substack has a very nice write-up on Champagne house Laurent Perrier

I can’t repeat it often enough: Prof. Damodaran is offering the upcoming Valuation class at Columbia for free. There is no better deal in financial education, guaranteed.

Twitter Thread from Dalius with 10 recommended investment blogs

12 pretty good lessons from the stock market in 2023

PE Fund investors really do want their money back

Some good year end reviews:
– Bruce Packard with a 2023 revew, some UK ideas and a stock write-up all in one
– Another, UK small cap focused year end review from Maynard Payton
– Very reflected Year end review from the Treasure Hunting substack
– Altay Capital with a year end review of its Japanese stock basket

Ian Cassel with an article that I also wanted to write but now don’t have to: The virtue of Active Patience

Undervalued Shares with a great post on Hilton

52 irrelevant but highly interesting things Kent Hendricks learned in 2023

Veteran VC Fred Wilson with a very positive outlook on 2024 (AI, Web3, Climate)

Interesting deep dive into US Steel, which once was the largest company of the world

The annual presentation of Ben Evans is always worth reading – “AI and everything else”

A great write-up on Japanese Pump manufacturer Yamada from the always excellent Wintergem Blog

Interesting write-up on Kistos PLc, a UK Energy company from Moram

An interesting (follow up) write-up on Nintendo and progress made over 24 months

The Fundoo professor with an interesting case study on IFRC, an Indian specialty lender

A good reminder that successful long term investing is not easy, quite the contrary

Kikkoman Soy Sauce bottles have become collector’s items in the US

The Spanish Olive harvest has been pretty bad again, making olive oil (much) more expensive

A great manifesto for the “slow and boring” way of investing

Staying Rational on glass packaging companies Vidrala and Veralia

Moram pitches “The One Group Hospitality”, a US small cap restaurant operator

The Brooklyn Investor with some good thoughts on interest rates, stock valuation and some interesting book reviews

In interesting overview on Japanese Coporate profits and debt from James Montier

“Space Solar” sounds crazy but could be a thing in the nearer future (Google search result)

Josh Barro thinks that Ozempic/Wegovy is a bigger deal than AI

Q3 Report from Gehlen Bräutigam with some interesting small cap profiles

Everything you ever wanted to know about the stock market in Bhutan (!!)

Howard Marks thinks that Corporate Credit is the place to be

A very critical review of Impact Investing by Prof. Damodaran

A very deep dive into electricity markets and why there is the chance that things are improving (US based, but applicable elsewhere)

Emerging Value likes German beverage small cap Berentzen

Jeremy from Foxcastle Holdings on French Small Cap Boa Concept