Some links

Mega Unicorn WeWork forbids its employees to expense meals containing meat

Ever wanted to own a piece of an Airbus A380 ? OTC Adventures has found a way to do so.

Smart phone cameras are the enemy of secretive hedge funds

Nick Train thinks that (deep) value investors should be VERY careful these days

A nice profile of value investor Chuck Allmon

Are you looking for trouble in the financial markets ? BBB Corporate bonds are a good place to start

Some links related to Stock spin-offs. Veoneer looks actually very interesting.



Some links

The UK stock market seems to be fairly valued at the moment

Good story on how fights back against AirBnB

The similarities between Intel’s fail at mobile and ICOs

The incredibly shrinking balance sheet of Steinhoff

29 life changing lessons thar one of my favorite authors (Ryan Holiday) learned from another (Tyler Cowen)

A great and comprehensive overview how things are currently in Italy

The Andreessen Horowitz summer nook reading list


Performance review 6M 2018 – Comment: “Skate to where the puck is going”

-Performance 6M 2018:

In the first 6 months of 2018, the Value & Opportunity portfolio gained +1,45% (including dividends, no taxes) against -2,88% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in Q1 2018:

Partners Fund TGV: +4.68%  
Profitlich/Schmidlin: -1,67%
Squad European Convictions +2,22%
Ennismore European Smaller Cos +1,72% (in EUR)
Frankfurter Aktienfonds für Stiftungen -0,54%
Evermore Global Value -0,39%
Greiff Special Situation -0.92%
Squad Aguja Special Situation -5,45%
Paladin One +1,8%

Read more

Dom Security – Nice offer but now what ?

Dom Security was a French small cap that I discovered 2 years ago. My thesis back then was that the underlying business was attractive, that profits will recover and that I will own this “Boring” stock for a long time.

Well, almost exactly 2 years after I have invested, Dom Security came out with some news a few days ago.

The good part: EUR 75 Tender offer (10%)

Dom is planning a tender offer (share buy back) offer for 10% of the outstanding shares at a price of EUR 75 per share. Free float is currently around 30%.

Read more

Some Links

Smart thoughts on jobs, technology and zero sum games

Half year review of Clark Street Value’s portfolio

Prof. Damodaran updates his Tesla case. Tesla bondholders are also less enthusiastic

Interesting comparison of Visionary CEOs and “Optimizer” CEOs

Andreessen Horowitz is starting a 300m U$ Crypto Fund

A VC explains why E-Scooter star-up Bird might not be a bubble start-up

Must See: Jim Chanos and James Grant on Short selling

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