value and opportunity
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Slow value investing & special situations by value and opportunity.
value and opportunity
2d ago
Treasure Hunting with a nice write-up on Cornerstone FS
The Giverny Capital 2023 letter with some important lessons after investing for 30 years
Despite a few good IPOs, the PE industry is still struggling
Really nice write-up on UK specialty Chemical company Croda
Former Bond King Bill Gross is still writing letters
Interesting FT article on the development of Private infrastructure Equity as major asset class (search result)
A fantastic “Business model breakdown” of retailers from Edelweiss Capital ..read more
value and opportunity
1w ago
Rob Vinall’s RV Capital 2023 letter as always is a great read with soem controversial views (China, PDD, Carvana)
I have to admit that Augustusville “outbored” me with its write-up on German small cap Nordwest-Handels AG
Great list of the necessary attributes for a long term successful investment process from Flyoverstocks
A great reminder: Patience is key for long term investment success
Ben Carlson with 20 great lessons from 20 years of investing
Joachim Klement on “post eanings drift” in stocks that are dominated by retail investors
Good write-up on Var Energi from the “modern Investing” su ..read more
value and opportunity
2w ago
Disclaimer: This is not investment advice. DO YOUR OWN RESEARCH !!!!
As in the previous write-ups, the full 13 page document is attached as PDF. Within the post I will present the Elevator Pitch, Stock Price/Valuation, Risks and Summary. And of course a bonus music track !!
Elevator Pitch:
Amadeus Fire is a 590 mn EUR market cap small cap business service company that offers temporary staffing and training for finance and IT professionals in Germany. The company is well managed, has a strong track record with 10% p.a. growth for many years, decent double digit margins, high returns on capital ..read more
value and opportunity
2w ago
Another month, another 20 randomly selected Belgian shares. This time, I found 3 stocks worth watching. The Expert Market so far is quite disappointing, but let’s see if there is maybe a gem or two among all the other stuff.
41. BPost
BPost with a market cap of 700 mn EUR seems to be the former state monopoly mail and parcel company in Belgium which is still majority owned by the Belgian Government. The stock looks cheap, but looking at the share price it seems to be more like a melting ice cube. Operating margins have been declining from 18% in 2013 to 5% in 2023.
As I try to avoid Governmen ..read more
value and opportunity
3w ago
Wintergems Blog with another interesting Japanese Small cap write-up (Takeuchi)
Mat Roiss with a list of potentially interesting HK stocks
Some interesting takeaways from Fundsmith’s anual investors meeting
According to Stratechery, Google is at an existential crossroad
Great portfolio review from Carsten at Augustusville
A very interesting story on why Women in South Korea don’t want to have children anymore
Ted Giola on the “Dopamine Culture” promoted by the Big Tech companies ..read more
value and opportunity
1M ago
Interesting Microcap-Turnaround idea from Treasury Hunting Substack – Innovation Food Holdings (IVFH)
Roland Head looks at Diageo as a potential Dividend stock (Spoiler: not yet)
Hong Kong looks even more dead than Germany these days (search result)
FTAlphaville on the recent “AI superstar” Super Micro Computer (Search result, Spoiler: No so super duper)
A good summary on what we know about long term Private Equity performance (Spoiler: It isn’t special after fees)
It seems that retail noise traders (aka “Apes”) have made shorting stocks systematically more dangerous
Interesting “post mortem ..read more
value and opportunity
1M ago
And on we go with our random walk through the Belgian Stock market after part 1 in January. This time the random generator selected 20 quite diverse stocks, from which 5 made it onto the preliminary watch ist. One of them is a “sexy stock” in a very special way. Enjoy !!!
21. Immo Moury SCA
Immo Moury is a 15 mn EUR market cap real estate company (REIT) that according to TIKR trades at a P/E of 6 and P/Book to 0,57 and has clearly seen better days:
They seem to own a mix of commercial, industrial and residential real estate. More than 50% of the company are held by two individuals with the sa ..read more
value and opportunity
1M ago
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!
Some reason for not reading this post:
You have already posted YTD Performance numbers on FinTwit
You don’t like capital intensive stocks
You don’t like cyclical stocks
You prefer stocks that have positive share price and/or fundamental momentum
You require short term catalysts/Share buy backs/activists etc.
You like simple businesses with simple structures
You think Germany/Italy/Europe is going down the drain anyway
In such a case, do yourself and myself a favor and move on.
For anyone still reading, please find he ..read more
value and opportunity
1M ago
Some more fund letters from the TGV family of funds:
- TGV Partners (Software Circle, United Internet, Tucows)
- TGV Compound Interest (EQS Group, Naked Wines)
- TGV Rubicon Stockpicker (United Internet, hgears, Agfa etc.)
- TGV Falkenstein (German, Energiedienst, Energiekontor, Compugroup)
Carson Block/Muddy Waters is (once again) short Prem Watsa’s Fairfax
Abilitato with a great (German language) write up on German Insulation company Sto
Stratechery’s Ben Tompson has been somehow underwhelmed by Apple’s vission pro
Davis Einhorn spoke with Barry Ritholz about the “broken market” and othe ..read more
value and opportunity
2M ago
Highly recommended: Portfolio review from the Wintergem Substack (Dollarama, Mercado Libre, Thermador)
GlobalStockPicking has summarized 12 years expierence of stockpicking in Hongkong
The Aquired podcast about Novo Nordisk is fantastic
Interesting guest post on Emerging Value about a Japanese amsuement park operator
David Einhorn had a pretty decent 2023 with Greenlight
Prof. Damodaran with some interesting data series and observations on interest rates
Walmart is a great example that logistics really matter ..read more