Very good “10 step advise” on how to become a truely long term investor
There are still many doubts about the quality of Samsonite’s accounting
Morgan Housel on the relevance of “Long tail” outcomes
Howard Marks memo on Indexfunds, ETFs, Smart Beta and Machine Learning
Ben Evans writes about the real relevance of AI/Machine Learning
5 Examples of great annual letters to shareholders
The company:
Paul Hartmann AG is a 200 year old German company active in the healthcare sector, This is how they describe themselves:
The Brooklyn Investor with an update on JPM (and other stuff)
Muddy Waters has found a new short target with TAL Education
Real Estate so far have not been disrupted. But that may change.
Hedge Fund’s best ideas usually are the stocks they want to sell
Tim Cook interview by David Rubinstein
Amazon might enter the Home Insurance space pretty soon
A fascinating peek into world of “Crypto Influencers”
“Bad Blood” was one of the few books that I had actually preordered as I usually prefer more “seasoned” books.
I was not disappointed. “Bad Blood” is written by WSJ journalist John Carreyrou who also broke the initial story on Theranos, the once high-flying Silicon Valley Tech startup.
A very critical post on Tripadvisor
John Kingham (UK Valueinvestor) doesn’t like British Telecom
Morgan Housel is on a roll and is writing one great piece after another: Useful hacks
So true: Life is more than compounding money
Why Microsft paid so much for GitHub
Some pitches from Whitney Tilson’s short selling conference
Paid online marketing is addictive but often not creating any real value
A fantastic post from 25q on customer acquisition & direct distribution models
Prof. Damodaran on how to reflect user economics in valuation
Is the next “AI winter” coming ?
Notes from the London Value Invetsing conference
A “short attack” on David EInhorn’s Greenlight Re
Mary Meeker on the “state of the internet”
The company:
Criteo is one of the few Non-US success stories in the Tech sector. Criteo was founded in France in 2005 and quickly became one of the leading “Adtech” companies in the world. Criteo successfully IPOed 2013 on the NAsdaq and quickly reached a market cap of more than 3 bn USD.
The business:
Criteo is an “Adtech” company. What it does is the following: It is primarily a tech version of the classical Advertising Agencies: Clients use Criteo to maximise the value of their online ad dollars spent which should turn into as many clicks and sales dollars as possible.
“When the wolves bite” is the story about Herbalife and the fight between Bill Ackman, the Activist Hedge Fund manager who publicly shorted the company and Acitivist legend Carl Icahn who became a large shareholder mainly in order to annoy Bill Ackman.
A critical view on German Software “Unicorn” RIB Software
Some lessons learned from a life on Wall Street
A short thesis on Samsonite Intl. from Blue Orca
Another attempt to find out what actually happened at GE
Prof. Damodaran explains why Walmart paid 12 bn USD for Flipkart
Highly recommended: The Broyhill Bookclub 2017
An interesting write up on Hongkong based company Dream International
A quick update on the Metro case. This is how I ended the Metro post from a few days ago:
For me, it is currently too early to do something. It is not clear to me if the stock price has overreacted or if more trouble is coming along especially from Russia.
Selling now would be clearly an uninformed decision as well as buying more. The next step will be the release of the 6M report next week. I think I will then still wait and see how Russia develops. If, for instance there would be a further profit warning because of Russia, then this would be a clear sell signal.
So let’s quickly check out the half-year report.
The good:
The bad:
The ugly:
value and opportunity 