Tiefgehende Value-Investing-Analysen eines deutschen Investors – auf Englisch. Einzelwerte, Spezialsituationen und Anlagestrategie.
vor 1 Tag
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 write-up from “Value don’t lie”. Howard Marks…
vor 4 Tagen
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 completely changing it. As my DCC…
vor 1 Woche
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 the fans of “special effects…
vor 1 Woche
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 clearly lucky with the timing of the entry.…
vor 2 Wochen
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 Prof Damodaran on Interest rates and stock…
vor 1 Monat
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 Notes on AI use: I do use AI tools…
vor 1 Monat
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 of crowds A great presentation on UK…
vor 2 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. So I was quite surprised that they…
vor 2 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 the US, there is a growing bull market…
vor 2 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 fund their own commitments Great article…
vor 2 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 Brand itself grew by +25% and seems to…
vor 2 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 some thoughts on changes in investment…
vor 2 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 companies is expected to continue for…
vor 2 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 Performance reviews can be found on the…
vor 3 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 trying to buy Easyjet and has increased…
vor 3 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 anniversary letter of Value Shop Bireme A…
vor 3 Monaten
Background & Hello Japan There was a lot of noise around Berkshire’s 10 bn participation in the Alphabet capital increase. However, at the Berkshire AGM, Greg Able mostly singled out the investment of Berkshire into Japanese Insurer Tokio Marine as a great investment. He also mentioned explicitly…
vor 3 Monaten
DISCLAIMER: This is not investment advice. The author might own, buy or sell shares without advance notice. The assumptions might be flawed or outright wrong. PLEASE DO YOUR OWN RESEARCH !!!! Publishing research is a good way to get constructive feedback. With regard to my Norma Group Special…
vor 3 Monaten
DISCLAIMER: This is not investment advice. The author might own, buy or sell shares without advance notice. The assumptions might be flawed or outright wrong. PLEASE DO YOUR OWN RESEARCH !!!! Executive Summary: Norma Group, a previously PE owned German manufacturer of small connector parts, is…
vor 3 Monaten
DCC/Intertek As expected in my post from a month ago, KKR now came back with a better offer after DCC’s board rejected the initial of 58 GBP per share. This time, KKR offered 65,25 GBP in cash per share, plus a dividend of ~1,47 GBP per share to be received in July. This is a 12,5% increase (ex…
vor 3 Monaten
Rocket Internet Post Mortem Last week I mentioned in the comments on the blog and on Twix that I got some “bad vibes” and decided to liquidate my Rocket Internet position even before the planned SpaceX IPO next week. There were overall 3 things that kind of spooked me and let me to take the profit…
vor 4 Monaten
EVS Broadcast Let’s start with the most disappointing update first: EVS Broadcast got slammed down after their Q1 trading statement: I think three items spooked investors, including myself: First, after confirming the guidance, both in the CEO and CFO statement, the press release suddenly contains…
vor 4 Monaten
DISCLAIMER: This is not Investment advice. PLEASE DO YOUR OWN RESEARCH !!!! A lot has happened since I published my Rocket Internet write-up from the end of January. Just as a refresher: I found Rocket Internet interesting, despite some Governance issues as the “sum of the part” value was…
vor 4 Monaten
DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH Two weeks ago, I posted a short note on my portfolio company DCC which received a bid from KKR and a partner at 58 GBP per share, which I considered as too low. Yesterday, not too surprisingly, Bloomberg and Reuters published a…
vor 4 Monaten
DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!! Summary In this update post, I look at two of my French stock positions, STEF SA and Gerard Perrier. For STEF, I reduced my position by 1% of the portfolio because of problems with the integration of newly acquired…
vor 4 Monaten
Ben Evans argues that OpenAI/ChatGPT has not developed a great business model (yet) A good rule of thumb to avoid AI slob: “Old” blogs/substacks usually don’t use AI to write, new blogs most likely do Some interesting stats on the K-shaped economy in the US Interesting research note from Panmure on…
vor 4 Monaten
The Sector Stories Substack with the final post on Flavors & Fragrances including a lot of useful KPIs. According to this report from the recent Beijing Auto Show, the rest of the Carmaking World should be really worried A nice post on why aiming lower in your portfolio CAGR might be a good thing…
vor 4 Monaten
This year, after a 7 year break, I once again went to the US to attend the Berkshire AGM. Just for clarification: I don’t own Berkshire shares and unfortunately never did because I always thought that they were too expensive. Attendance:As mentioned elsewhere, attendance was clearly lower than in…
vor 4 Monaten
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!! DCC is an investment I made back in December 2022. The investment thesis back then was that it was a successful compounder/serial acquirer that had the opportunity to grow further through its 3 platforms (Energy,…
vor 5 Monaten
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!! Bachem is a 5 bn CHF market cap Swiss listed pharmaceutical/specialty chemical company which is the global market leader in the (outsourcing of) manufacturing of Polypeptide, a complex molecule and Active Pharmaceutical…
