Disclaimer

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.

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Potential for a double whammy – Markel (MKL)

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

Book-review: The Dao of Capital, Spitznagel

Focusing on the long-term, roundabout strategies and patience, and probabaly much more which escaped me …

Free Cash Flow: It always was FCFF or FCFE

I hold a strong opinion for a long time: if it is about valuation visit Damodaran.

Fair P/E multiples as a function of Growth and ROIC

I always thought I was a bit more valuation focused than the average investor, and this likely results from my academic studies which was quite focused on methods. Sure, no science at all, but art and so forth, but some simple truths are important …

Book-review: The little book of value investing, Brown

A classic value investing book, that would have been a better read for me if I had not read so many good books before…

Cyclicality at PC Partner (1263 HK)

Sales, margins and returns on capital recently skyrocketed …

Book-review: The little book of common sense investing, Bogle

This is an absolute recommendation for the novice investor.

We enjoy interest rates once more

The ‘joy’ can appear a little small if we hold the wrong stocks, though …

Book-review: Capital Returns, Ed Chancellore

A great read about industry cycles driven by investment activity (supply) rather than demand and a corresponding investment framework.

Thoughts on SES going down (SESG LX)

Another stock that is surprisingly performing in lockstep with the market (that means deeply red). How come …

Issues at Greatview Aseptic (468 HK)

They used to generate ROEs in the 15% range, but that came down recently. So did the share price …

Hallmarks of P&C insurers

The book The Five Rules for Successful Stock Investing from Dorsey (see my review here) mentiones the following characteristics as hallmarks of P&C insurers and I wanted to check in on ‘my’ three insurances …

Book-review: The Five Rules for Successful Stock Investing, Dorsey

A good read on economic moats and introduction to various industries.

I bought 3% Haier (690D)

Business fundamentals look good. German issue trades at much lower price …

Quicky on Central Japan Railway (9022 JP)

A bet on tourisms returning to Japan. I definitely would want to …

Food for Thought #58 // Links

Includes: Netflix, streaming,

Book-review: The little book that still beats the market, Greenblatt

There might be a magic formula.

Quick thoughts on PGR: hold

During a challenging time for the industry the stock is at an ATH …

Book-review: Das Grüne Paradoxon, Sinn (2012)

This is not an easy book to read. It is written academically (the topic is more discussed ideolically in Germany I believe since some facts/arguments are not welcome). Seldomly, i merely skimmed a few pages. Not all they data is up to date since I read an updated version from 2012, but the overall message still rings very true today, i beleive … unfortunately!

Quick update on Porsche SE / VW

A twitter user asked me where i posted my update about this interesting situation. So here it is …

Flow Traders Q2 and CMD

It is difficult to make up my mind about FLOW.

Shinoken being taken private after good Q2

Shinoken’s Q2 results were good, but not important since the company will likely be taken private for JPY 1600 per share.

P&C Insurance Economics 103.1: P&C Insurance, inflation and higher rates

P&C and especially Auto insurance companies’ earnings get pressured by higher combined ratios driven by claims inflation. As some central banks raise interest rates to tackle inflation forward investment returns support earnings and returns on equity. Higher investment income might increase competition and pressure underwriting margins further.  …