Some links

John Hempton is frustrated that he didn’t outperform more in March

A sobering look at the future of the restaurant industry (US)

Mark Cuban funded at Covid-19 compliance test of reopened restaurants in Dallas. The results are not good.

Some interesting thoughts from Prof. Galloway on “unusual” business strategies and their long term impacts (Apple, Amazon, Walmart etc.)

Disney will be the bellwether to see if and when things in tourism go back to normal

The Graham & Doddsville Spring 2020 issue is out

According to Glassdoor, the companies with the best Glassdoor employer ratings outperform indices significantly over time

All German Shares part 22 (Nr. 451-475)

Another batch of 25 randomly selected German stocks. This time I identified 5 candidates for my watch list amongst them.

451. Biofrontera AG

BioFrontera is a 151 mn EUR market cap specialty pharma company in the field of dermatology (skin cancer). The company actually has a product in the market and shows decent grows, especially in Germany and the US. The company is still loss making in the first 9M 2019, but the loss narrowed significantly. The “Corona Crash” pushed the stock price back to before sales went up:

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Panik Journal 7 – “Where is my bailout” and Behavioral Change

My last “panic Journal” post is now 3 weeks old. What has changed ? If I look at my learnings, not much. We still don’t really know how many people have been infected, how it transmits, what is the actual cause of the deaths, if there are treatments and when we will have a vaccine. The only major difference is that toilet paper now is available in my local drug store every day and and stocks are even higher than back then.

It took me so long to write this, because every time I start to write something, I discover that someone else has already written about it, so I try to focus on stuff I haven’t seen elsewhere.

Where is my bailout (Leoni, Adidas, Start ups, Car purchase incentives)

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Some links

Two links to Q1 fund letters: Link 1 & Link 2  (h/t Valueinvesting World)

A great story about the Luckin Coffee fraud

Great long read on Exxon and their current issues

Some deep thoughts on (US ) airlines (fuel hedging, network effects, Southwest)

The Undervalued Shares blog on activist investing in Germany/Europe (Agfa Gevaert)

The currently very productive Profit Hunting blog looks at Brookfield Infrastructure Partners

It might still take a while before “Value stocks” come back

FBD Holdings Plc- Welcome back to Ireland !!!

Disclaimer: This is not investment advise. Please do your own research !!!

Background:

FBD is a local Irish Insurance company that I first wrote about in early 2015 when the stock look cheap. Luckily I didn’t invest back then as 7 months later FBD got already in trouble mainly due to under reserving plus another few skeletons in the closet. A month later, Prem Watsa came to the rescue with a slightly unusual deal structure.

What caught my eye now again (thanks to a friend mentioning the stock) is the relatively weak share price combined with super strong 2019 results and no bounce back from the Covid-19 crisis levels:

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Some links

The ProfitHunting blog with a nice series on Disney – Part 1, Part 2, Part 3

Larry Swedroe thinks that even 10 years are too short to judge active investment managers

Some deep thoughts on E-Sports and value creation

How an oil ETF become the driving force of the recent oil price crash

The case for (Quality) Small Cap Value stocks

Must Read: Paul Singer’s (pesimistic) letter to investors 

Jeff Bezos letter to Amazon shareholders

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