9 Years of Valueandopportunity – “The more I learn the less I know”

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Another “blogging year” has passed and Valueandopportunity has been now around for 9 years since its beginning as a German Speaking blog on “Value Investingg”.

Again a big thank you to all readers who continue to read and especially to those who contribute by constructive commenting and emailing me. Knowing that a few thousand investors find it somehow interesting what I write about is a great motivation.

As mentioned last year on the 8th anniversary, the time that I can commit to this effort is now quite limited. Still I managed to mostly send out weekly links plus some hopefully interesting posts. On the negative side, I didn’t reach my goal of looking at least at 1-2 investment opportunities in detail per month as I planned. I only managed to look at 9 stocks/ideas in more detail.

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German Startups Group KGaA – Where Deep Value meets Venture Capital

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

Management summary:

Despite many issues in the past, I do think that German Startups Group, a stock listed VC investment vehicle, represents an interesting “deep value” situation, where one can buy 1 EUR of underlying value for less than 50 cents. A lot of things have changed into the right direction and there is the chance for some (soft) catalysts in the relatively near future. On the other hand, the unusual corporate structure in combination with a small market cap (EUR 15mn) and relatively illiquid trading also clearly makes it a risky investment.

“Never say never”

Some of my readers will ask: What did make my opinion change on this ?

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Some links

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Fellow blogger “Sir Wexboy” with a very nice write up on Irish staffing company CPL Resources

A collection of pitchesfrom the London Sohn Conference

Why Enterprise SaaS companies tend to have lower margins these days (hint: AI is expensive…=

An interesting post for Scott Galloway on luck, skill and other stuff

Another “great books of 2019″ list from Bloomberg

YetAnotherValueBlog with 3 interesting “Post mortems” on investments gone wrong

Some good advice on how to read (many) books

A pretty cool page to track the performance of US IPOs

Some links

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A list of 52 interesting and surprising (general) facts

A great series on TV/Media companies at YetAnotherValueblog: Intro, part 1 -broadcasters, part 2 – networks, part 3 – sports rights

2019 seems to be a depressing year for active fund management

GreenWood on changing investment thesis and why they still like TripAdvisor

The best stock market in 2019 so far is ….Russia !!!

Q3 Letterfrom the Bireme Fundamental Value fund

The “Chinese tesla” Nio is in deep trouble

 

Post Mortem analysis: Cars.com, Expedia & Record Plc

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A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.

Expedia:

Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.

What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:

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Some links

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A good overview on African capital markets from Ashmore

The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)

VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success

The yetanothervalueblog with one of its typical wide ranging posts (

Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)

Forager’s 2019 Book recommendations

Morgan Housel recommends not to follow any gurus

All German Shares – Part 9 (Nr. 101-125)

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And another 25 stock batch with some very interesting companies. At some point in time I will release a table with all the stocks and a link to the respective posts.

Nr. 101: Baumot Group AG

36 mn market cap company that calls itself the “clean air” company. According to the company huge potential if hardware exhaust filtering for problematic Diesel cars would kick in which the company is manufacturing. However, currently the company is in deep trouble, sales tanking and huge losses. Several capital increases and debt equity swap. “pass”.

Nr. 102: BHS Tabletop AG – ISIN: DE0006102007

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