Some links

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

“All German Shares” series – Part 1

This is part 1 of the “All German Shares” series. As mentioned in the intro a few days ago and as a reminder:

  • I will look at the shares in random order, so it doesn’t makes sense to propose specific shares to me
  • the first round analysis will be very high level

Ok, so let’s start:


Nr. 1: DEMIRE (Deutsche Mittelstands Real Estate) AG – ISIN DE000A0XFSF0

DEMIRE is a listed real estate company focusing on “secondary” location commercial real estate objects, i.e. locations that are not “Prime”. The company has a market cap of 530 mn EUR and is stating an NAV of ~5,85 EUR compared to its latest stock price of around 4,90 EUR.

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The “All German Shares Series” – Intro


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 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.

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Some links

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


Some links

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

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