Valuesque with a great post on extremely creative accounting at Grifols
A great collection of (less frequent) news sources for investors
UndervaluedShares on J.G. Boswell, a little known OTC listed company holding a lot of land (and water rights) in California
Good advice: Forget about stock market Calendar anomalies
The yetanothervalueblog with an October update (very comprehensive…)
Great post on what makes Costco such an unique company
Investors experience burn out, too
Upfront remark:
This time, I increased the number of shares per post to 15. I am making good progress with the underlying analysis so I guess it makes sense to speed up the series somewhat.
Nr. 60: Ludwig Beck AG
Barely profitable retailer with a 110 mn market cap. However “super prime” freehold property in my hometown Munich. The in 2015 acquired retail chain Wormland has been put in run off and led to significant losses in 2018 and 2019. “Pass”
Nr. 61: S&O Agrar AG – ISIN: DE0005236202
Another Biogas penny stock, “pass”
Nr. 62: Cybits AG – ISIN: DE0007240004
Bankrupt penny stock. “Pass”.
Nr. 63: Data Modul AG – ISIN: DE0005498901
The “beer King” Anhauser Busch Inbev has seen better days
Interesting thought: Value stocks have performed in line with historical expectations but the anomaly is the performance of growth stocks
Third Point (Dan Loeb) Q3 letter
A very deep look inside the technology behind Elastic, one of the current SaaS superstars
Oddball Stocks on the problems with “sum of part” plays
Some recent updates on the GlobalStockPicking blog portflolio
“Super Pumped”, written by NYT reporter Mike Isaac is a very recent book about Uber, the world’s first and biggest ride hailing company. The book covers Uber from the very beginning until the most recent events when founder Kalanick was forced out by investors and replaced by Expedia CEO Dara khosrowshahi.
Ding Dong: Next round in the fight between the Financial Times vs. Wirecard
Must Read: Valuesque on Related Party transactions
Notes from the SFC Sohn conference: part 1, part 2
Neil Woodford’s fund empire has collapsed in Record Time
The Fall 2019 issue of Graham & Doddsville
Prof. Damodaran on the IPO vs. Direct Listing question
Swen Lorenz with an interesting post on Virgin Galactic’s upcoming “Back door” listing
ANother upfront remark: I publish these posts with some delays, so not all numbers are real time. Also in some cases some news will have been issued afterwards like with Nordex (see below). Sometimes I might miss that…..
Nr. 50: CD Deutsche Eigenheim AG – ISIN: DE000A168270
Struggling real estate developer with 3 mn market cap. “Pass”
Nr. 51: Nordex AG – ISIN: DE000A0D6554
900 mn market cap Windmill manufacturer. Unprofitable, structural issues. “pass”
Edit: I wrote this a few weeks ago. In the mean time the stock price has recovered a little bit as Spanish company Acciona increased their stake via a capital increase to > 30% and had to issue a fromal takeover offer:
In the first 9 months of 2019, the Value & Opportunity portfolio gained 8,8% (including dividends, no taxes) against 19.4% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).
Links to previous Performance reviews can be found on the Performance Page of the blog.
Some other funds that I follow have performed as follows for 9M 2019:
Partners Fund TGV: -2.25%
Profitlich/Schmidlin: +9,1%
Squad European Convictions +9,8%
Ennismore European Smaller Cos +7.5% (in EUR)
Frankfurter Aktienfonds für Stiftungen 2,3%
Evermore Global Value +13,7% (USD)
Greiff Special Situation +2% (est)
Squad Aguja Special Situation +9,8%
Paladin ONE 6,61%
Q3 2019 transactions
Prof. Damodaran on valuing vs. pricing IPO stocks
Will “Value Investing” ever make a come back ?
Interesting statistics on outperfomance of active stock managers (hint: High conviction helps…)
Good Q&A session with Bill Nygren (Oakmark)
Ben Evans thinks that Machine Learning (ML) is the new SQL
Valuesque with 2 good posts: 1) Adjusting for Hyperinflation (Unilever) and 2) Securitization transactions (Schaltbau)
John Kingham on (long term) lease obligations & IFRS 16
Again a quick upfront comment: Why did I start that series right now ? I guess it is a combination of bad experience in some foreign stocks (Cars.com, Silver Chef), the expectation of a more economically difficult situation in Germany (which will probably provide some opportunities later on) and curiosity. So far I have to say it is great fun, at least for me.
Nr. 40: Solutiance AG – ISIN: DE0006926504
Another renamed/reactivated company, now something with real etsate management software. 10 mn market cap, around 1 mn sales. “Pass”
Nr. 41: Surteco AG – ISIN: DE0005176903
Ben Thompson on Uber and other “Tech” companies that interface with the real world
Direct Listing vs. IPOs with VC legend Bill Gurley (Podcast)
An update from the Stock Spin-off Investing blog
Fascinating story about “Yuutai Investing” in Japan
Safal Niveshak on the “death of businesses”
The Brooklyn Investor doesn’t think that we are in a stock market bubble
However, FTAlphaville is concerned about the “Big Balance Sheet Economy”
value and opportunity 