And the next 10 shares in this series:
Nr. 20: Magforce AG
123 mn EUR Nano-Medtech company claiming to develope a cancer cure. Sales so far negligible. Not my area of competence, so “pass”.
Nr. 21: Bijou Brigitte AG – ISIN: DE0005229504
This is part 2 of the series with the next batch of 10 stocks.
Nr. 11: Metrci Mobility Solutions AG:
Insolvent Nanocap (40K market cap). “Pass”.
Nr. 12: Stabilus SA – ISIN: LU1066226637
1.1 bn Market cap automobile and industrial supplier specialising in gas springs. Stock has been hard by the automobile industry downturn (-50% from peak stock price in 2018):
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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
This is part 1 of the “All German Shares” series. As mentioned in the intro a few days ago and as a reminder:
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.
Background:
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 Dot.com 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.
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
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
John Hempton on Bank margins – Part 1 and Part 2
Ben Evens explains why Tesla and Netflix are NOT Tech companies
The Long Term Value blog likes “cigar butt” Gamestop
A good reminder on the potential threat from the “passive” boom in stock investing
Must Read: The Network effect manual
An honest analysis why a small cap investment has gone wrong
The funniest take down of WeWorks S-1 clearly comes from Scott Galloway
WeWork as the AWS of Commercial Real Estate
A lot has been written in the past few days about the upcoming WeWork IPO. I had linked to a few articles on Saturday and FTAlphaville has some pretty sarcastic but good coverage as well.
Yesterday then the always brilliant Stratechery came out with in interesting post. Ben Thompson thinks that WeWork could develop into something like AWS (for real estate) which now is repsonsible for most of Amazon’s profits. But he clearly acknowledges there are a lot of governance issues etc. etc. The “WeWork is like AWS” story is nothing new and is mostly pushed by WeWork itself and combined with what they think is the adressable market (hint: all commercial real estate globally) could justify almost any valuation.
WeWork’s actual product: Open Plan offices (for start-ups and wannabes)
What I have been missing in the whole discussion so far is a look at WeWork’s actual product which in my opinion is the following:
Very nice post: Investment lessons from 3 weeks of fatherhood
Should value investors look at money losing companies ?
Is Coporate Debt the weak link in a potential market downturn ?
Will the WeWork IPO maybe mark the peak of the current Unicorn mania ? Despite the valuation, there are many red flags in the S-1 prospectus.
Harry Markopolos, main Madoff critic, issued a 170 page attack on GE. John Hempton has a different view (part 1, part 2)
Interested in knowing more about Venture Capital ? Then the free Venture Deals online course the best opportunity
Must Read: Deep thoughts on the current Venture “Funding bubble” for loss making companies
value and opportunity 