Disclaimer

Puking out HIFS after the nibbling (re-thinking HIFS)

‘Banking is a very good business, unless you do dumb things‘.  It almost seems HIFS did a dumb thing.

PGR strategy and positioning

I think I do not own another company with such a clear, and I guess logical and potentially value creating, strategy.

Nibbling at Hingham (HIFS), during banking stress

I was looking at HIFS for some years and wanted to buy shares cheaper. With all the recent developments in the economy and the banking sector I got the chance to buy into a quality bank. A perceived quality bank with issues!

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Bought MBB

I added another and hopefully anotherone of the better SOTP plays.

Thesis tracker 2022

How are businesses developing?

Food for Thought #62 // Financial edition

Financial edition due to current developments. (Updated)

Food for Thought #61 // Links

Includes: Greenlight Cap & shorting, Fundsmith on virtue signaling/purpose,

Banking on free money II (CBOBA)

Another small bank enjoying free money.

Thoughts on Progressive (PGR) after Q4’22, UBI.

High quality business priced as such.

Book-review: There is always something to do, the Peter Cundill investment approach

A book about a classic value investor I got to know from reading the fantastic Roiss’ conclusions.

Banking on free money (CZBS)

I could kick my ass for not looking into the epic ECIP story when I first read about it.

Book-review: The Essays of Warren Buffett, Cunningham

Most of these important lessons are well known already, but still, it is important to re-read some things. Ie, I stumbled over Boesky and the timeless adage ‘if sth can’t go on forever, it will end‘.

Nobody is writing letters anymore. But reading them is great. (Buffett’s berkshire letters #2)

I recently started to read Buffett’s Chairman’s letters of Berkshire. and then I stopped again, because I like to read the lessons — great lessons — in a more structured way! See here.

BankNordik foresees higher returns

With higher interest rates BankNordic is set to deliver higher returns in 2023. On top, the bank plans to reduce its core capital from an overcapitilized position.

A dry January or sth like that

A month without twitter … But nice developments at insurance companies.

Food for Thought #60 // Links

Includes: fossil fuels, deleting Twitter, Japan, portfolio management/sizing bets, UnBrexit, Rob Vinall’s 2022 letter, Spotify.

Some experience with Sixt (SIX3 GR)

Many German investors perceive Sixt as a German high quality business. My experience does not disprove the narrative.

Re-insurance trends and capital cycles

Interesting industry data.

My review of 2022 (a year of change)

The year 2022 included many sad and noteworthy developments in the world and in financial markets …

More knowledge, biases, issues and open Q’s on MKL.

As within German politics, there are few double whammies, and much more talk than (thoughful) action. Turns out, the likelyhood for a true double or triple whammy in Markel is not that high probably, after reading the letters and giving it more thought …

Book-reviews on some non-investment books

Simply brilliant by O’Connell about success at work, ie project management, and the German book Achtsam Morden by Karsten Dusse.

Food for Thought #59 // Links

Includes: Facebook/META, Nvidia a 100 bagger, Fed put/call, Lloyd’s of London.

Some Arguments for Insurance Brokers

I recently learned some ‘insights’ about insurance brokers…

Personal experience: moving flats, on real estate & rents

Personal experience from a value guy: we live in a rather cheap (value!) nice flat in a rather popular district in Cologne (Sülz), Germany. After almost 10 years we are moving into a bigger flat, and we already kind of miss the great location of our current flat.

Potential for a double whammy – Markel (MKL)

Markel and Gayner are well known in our circles. Do not expect anything new here.