Disclaimer

Japan is improving, but can still be a total shitshow!

Look at Pasona (2168.JP).

BankNordik and a lesson about regulation

Good businesses are not prone to regulation.

Book-review: Reminiscences of a stock operator

Mostly not recommended.

Book: The Art of Execution

Not the greatest book, but might help to tackle our biases and hold winners for longer and only trim a little.

The Year 2023

Big big changes everywhere: private & markets.

One more insurance! Save Re (POSR SV)

Company and stock had too many good characteristics to ignore, and too few to hold forever.

Another Japan play: Pasona (2168 JP)

Pasona is a very Japanese listed company, which might currently be a good thing now with current developments regarding Japanese corporates and their governance.

Qualitas after Q3

strong growth, pressured UW profit, CR peaking?

Down on FLOW NA

Big losses from a non-working hedge.

Haier (690D): thoughts on returns and trading around ex-div

Expected returns from Haier (690D) might be something like 15% based on a simple DDM.

An insurer not that Solid (SFAB SS)

A niche insurer trading at 3x P/B for recently improving reported ROEs of 20% inH1’23, up from of 15%+ in 2021-22, 10% in 2019-20, and 3% in 2018. That does not look that interesting! But …

Grenke: a bet on higher profitability

With its FY 2022 presentation, Grenke formulates three KPIs to drive ROE improvements until 2024
and thereafter and thus a very interesting investment story based on rising profits and book equity
value and a likely higher multiple (starting from 1x P/B with a viable path for improving ROEs)…

Three interesting financials?

Quick thoughts on very different PBB GR /GLJ GR/ BNORDIK DC.

Book-review: Capital Allocation, Giroux

A great book to read emphasizing the relevance of capital allocation. Provides a manual for board members, or for shareholders to evaluate those …

Some bets on Japan changing, PF moves

There might come some change in Japan with companies targeting higher P/B.

Book-review: It’s when you sell that counts, Cassidy

Definitely not a must read for me.

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!

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.