Tiefgehende Value-Investing-Analysen eines deutschen Investors – auf Englisch. Einzelwerte, Spezialsituationen und Anlagestrategie.
vor 2 Tagen
As I was on vacation last week, here is a quick summary of some quarterly updates that were released last week for companies in my portfolio: Rubis: Rubis reported a Q3 trading update early last week. As to be expected, the numbers continued to be quite good.…
vor 3 Tagen
A really good summary from John Huber on the current state of the AI Data Centre build out Goldman Sachs is significantly restricting access to AI tools for its employees. Also Apple is limiting token usage for most employees. Recommended: Dave Waters takes a…
vor 1 Woche
As I have been updating the Portfolio page infrequently and I made quite some changes in September & October, here is the current portfolio as of October 31st. It can also be accessed via the portfolio page.
vor 1 Woche
VC Legend (and future fiction author) Brad Feld on the 6 bn Binance Crypto hack (Spoiler: He thinks that Crypto is fuxxed) Some deep thoughts on how AI will influence and change White Collar work Prof. Damodaran with an attempt to value Anthropic (at a CoC of…
vor 2 Wochen
DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH. Management summary: Following my post on the disappointing IPO of Birkenstock, I decided to look at 2 more “busted IPOs” that happened more recently, both in Autumn 2025: Swedish listed…
vor 2 Wochen
Management Summary: This is a more superficial look into Birkenstock, a much hyped IPO from 2023 which now trades at 12,5x NTM P/E. Despite still growing at “mid teens”, I could not build up the conviction to start a position, as it is really hard to judge…
vor 2 Wochen
Morningstar with a list of potentially undervalued luxury stocks Very interesting deep dive from Edelweiss Capital into the Question how AI Agents will influence OTAs (Booking etc.) Abbott Laboratories is planning a major spin-off in 2027 Thoughtful Q3 letter…
vor 2 Wochen
DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!! Management Summary: Rubis, the French listed Fuel distribution company, represents a potentially interesting Special Situation investment, despite (or because of) the current negative…
vor 3 Wochen
DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!! Background/Follow up: When I wrote the initial post about CEWE a few days ago, I didn’t know that CEWE actually held a Capital Markets Day for selected investors on the very same day…
vor 3 Wochen
Chinese researchers conclude that Ai cannot pick (Chinese) stocks successfully The Slow Compounding Substack on Swedish Serial Acquirer Momentum Group KNA Capital thinks that Howden’s has a great opportunity in the US (Via Flyover stocks) Quick pitches for…
vor 4 Wochen
DCC – post mortem Let’s start with the positive case. I realized my DCC position recently as the share price (~64,4 GBP) approached the bid value (66,72 GBP) and the remaining upside was not so attractive anymore, especially considering potential GBP…
vor 1 Monat
Upfront remarks & Management summary: This is not a deep dive but more like my typical “first round screening” of a potential interesting investment. In the past, I would have not necessarily published it if I didn’t invest. Going forward, I will now and then…
vor 1 Monat
Great deep dive into Software Serial Acquirer Vitec from the Slow Compounding Substack A nice collection of 26 different UK stock ideas from the “British Alpha” Substack A great story on the history of the Bloomberg Terminal Latticework with a quite…
vor 1 Monat
Background/Intro_ Some readers might remember that I did a series on Online travel companies some years ago. Here is the link to the last post, including links to previous posts (2017 to 2022, time flies…) I ended up investing for a short time in Expedia but,…
vor 1 Monat
Graoullie (or his Antagonist) on the history of Dior and the LVMH holding structure Andrew Brown with an update on Exor Spa Some good thoughts about the impact of Meta’s Muse on “Inertia loser” stocks Corteva is spinning of its Seeds business soon. Good…
vor 1 Monat
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH I actually started to write this post before the newest hype about “Muse”, the new AI Agent from META, really went mainstream. I decided to leave the old part and then update it instead of…
vor 1 Monat
The Slow Compounding substack is “teeing up” a series on 12 less obvious, overlooked serial acquirers The Quality Stocks Substack with a “Software is not dead” pitch Warren Buffett now also stepped down as Chairman of Berkshire Hathaway after six decades For…
vor 1 Monat
Norma Buyback Tender: The original write-up is from mid-June and can be found here. Plus a same day update here. Looking at the share price development, I clearly got out too early from this one at around 18,85 EUR per share plus dividend: Overall, I was…
vor 1 Monat
Dario Amodei’s Essay on “pacing AI development” is worth reading Also the independent review of the Hugging Face “Swarm attack” is a good but scary read. Emerging Value with an overview of interesting Argentinian stocks Some very interesting insights from…
vor 2 Monaten
DISCLAIMER: This is not Investment Advice. PLEASE DO YOUR OWN RESEARCH !!!! Soundtrack: There were quite a few songs that fit the topic, but in the end I really like Disco so ”Sexy Eyes” from Dr. Hook is my favorite; Dr. Hook – Sexy Eyes TopPop Editorial…
vor 3 Monaten
Some deep thoughts on writing with AI from VC legend Brad Feld Some thoughts on how mRNA technology could move beyond vaccines Nice 6M letter from Intrinsic Funds with deep dives into Mercado Libre & Nubank A new Mauboussin paper on the wisdom and non-wisdom…
vor 3 Monaten
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESERACH. Fuchs SE (Buy) As mentioned in the comments of the initial write-up, I have re-entered Fuchs Common shares with a 2% position. I did sell Fuchs after a disappointment almost 1 year ago.…
vor 3 Monaten
Interesting profile on Bill Ackman from Fortune Magazine Recommended: Sector Stories Substack with yet another well research post, this time on the luxury industry Interesting deep dive into OpenAIs Business model from a Private Equity perspective At least in…
vor 3 Monaten
Upslope Capital’s 6M letter including their Magnum Ice Cream pitch Dynasty Trust’s quarterly letter with a positive view on Travel stocks and a deep dive into EVT Ltd from Australia A very good Substack article on the different ways Private Equity Managers…
vor 3 Monaten
Frosta Frosta, the German “Hidden frozen Food champion” that I wrote up in February already released 6M results this week. Highlights: Overall sales volume increase by +11,7%. easily beating the market which was around +3%. The real kicker is that the Frosta…
vor 4 Monaten
Management Summary: In this post, out of pure self-interest, I looked a little bit deeper into Terry Smith’s controversial 6M Fundsmith report and focus on the “Active vs. Passive” debate, how Fundsmith’s Buys and Sells look under my own Momentum scoring and…
vor 4 Monaten
Is the AI Boom just a giant Real Estate Bubble ? Wintergems with another “Danger Zone” portfolio check. 25 Short summaries of UK stock pitches The Bear Cave Substack with a Short report on Private Equity Asset Manager StepStone Group The Take-over wave of UK…
vor 4 Monaten
In the first 6 months of 2026, the Value & Opportunity portfolio gained +8,1% (including dividends, no taxes) against a gain of +6,2% for the Benchmark (Eurostoxx50 (25%), EuroStoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices). Links to previous…
vor 4 Monaten
Castlelake vs. Easyjet The UK is a fertile hunting ground for Private Equity these days. I had written about KKR wanting to buy DCC and EQT going for Intertek. Another potentially interesting story is Easyjet, where a US investor with the name Castlelake is…
vor 4 Monaten
Whenever Ben Evans drops a new slide deck, you should read it (AI, AI & AI) Andrew Brown (Dynastie Capital) on Virtu Financial The always excellent Sector Stories Substack with a deep dive into Sika A superb summary of Elon Musk’s cult capitalism 10 Year…
