All German Shares Part 25 (Nr. 526-550)

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Another batch of 25 randomly selected German stocks. This time with some quite interesting or even strange underlying businesses. Five candidates are worth “watching”.

526. VTG AG

VTG is a 1.1 bn market cap company that is renting out/ leasing railway cars and was taken over by a Morgan Stanley infrastructure fund in 2018 at 53 EUR/share. The company has been de-listed and is trading only on the “Pink sheets”. Interestingly the stock price suffered after the crisis but has recovered in the past weeks as well:

VTG upd

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Some links

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Warren Buffett has finally found his master in this …….daytrader who likes to pump (and dump) nano caps

Bill Ackman want to join the SPAC party (again)

OTC Adventures on LICT Corporation

YetAnotherValueBlog with an interesting deep dive into conflicts of interest at OneSpaWorld (OSW)

TikTok is not going away away time soon.

Good thoughts on the relationship of recurring revenues and potential moats

Fred WIlson on Covid-19 driven behaviour changes

Nikola Motor Company (NKLA) – The SPAC is back (plus a magic money machine).

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Intro

Nikola is a company I haven’t heard of until a week ago or so. It is a pre-revenue, prototype-product company that according to their web site develops Hydrogen fueled and electric trucks.

The VC past

The company did a Series D funding round in September last year at a pre-money valuation of 3 bn USD which is quite remarkable for such an early stage company and they seem to have received ~500 mn USD from corporate partners CNH, Bosch and Hanwa. Although the valuation would raise some eyebrows, this would be still not considered super crazy by VC standards if they have a great team and great technology assets.

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Panic Journal 8 – “Easy dancing”

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It has been almost one month since my last panic journal post and a lot has happened in between. The stock market has roared back like crazy and everyone seems to ask themselves when they look at YTD charts and compare it with unemployment numbers and GDP “growth”: What the hell is going on ? Is this the next “Bubble” ? Are people crazy ?

Of course I can’t explain what is going on either but at least from my perspective three main topics stand out that I did not expect to such an extend and seem to be fundamentally positive surprises compared to a worst case scenario:

  1. Central banks and Governments have acted more quickly and more radical than anyone thought
  2. The “Dance” after the “Hammer” so far looks a lot easier that envisaged
  3. A vaccine might come earlier than initially expected

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Interactive Brokers (Sell), Sino AG (Buy), Tiffany & Co (Buy)

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Interactive Brokers:

As mentioned in the comments on the previous post, I sold my Interactive Broker stocks.  Why ? Mainly because of the following reasons:

  • although I still think that it is a very good company, I reconsidered some of my assumptions after reading the “Chuck” Schwab autobiography
  • Despite the fact that the  Covid-19 crisis seems to have driven an increase in new accounts and trading commissions, the long term effects of lower interest rates (and margins) will be significant as interest margins are the main driver of profitability in the mid- to long term. My current scenario is that interest rates will remain very low even in the US for a very long time.

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Some links

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The Undervalued Shares blog has started an interesting “Behind the scenes” series

A good summary from A16Z on how moats develop

Ben Thompson with some deep thoughts on platform business models (Shopify)

A good summary of the crazy things in the capital markets that happened in the last few months

An interesting in depth story on the Luckin Coffee fraud (WSJ, paywall)

Deep Dive on stock based compensation

Alternative data use for predicting asset prices is booming

 

All German Shares Part 24 (Nr. 501-525)

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Another 25 randomly selected German stocks including four stocks this time who made it onto my “watch” list:

501. Fair Value REIT

Fair Value is a listed REIT with 104 mn EUR market cap. The portfolio includes a >50% share of retail objects which will be extremely challenged. The stock price has dropped a little but not much. “pass”.

502. Fortec Elektronik AG

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Some links

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The Brooklyn Investor on Buffett, Markel, Airlines, Banks, Insurance companies and more

A deep look into Netflix accounting practices

An interesting piece on the dire situation in Brazil

Great application of a 1940s stock book (Where are the customers’ yachts ?) on today’s markets 

Bill Gates’summer book list

Video interview with 3G mastermind Jorge Paolo Lemann (scroll to 00:58 hours for the most interesting part)

An interesting article on private company Epic Games which seems to become a dominating digital player

 

 

 

 

 

 

 

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