Disclaimer

SES SA (SESG LX), May 2021

The market focusses on the negatives too much. This is a defensive business with a bunch of positive one-offs. Yes, positive one-offs!

Food for Thought #33 // Links🔗

This time the most interesting content I stumbled over includes: research as octopus and shark, patience, TISE, bitcoin, biases, banks, berkshire, …

Flow Traders revisited (FLOW NA), May 2021

Recently, I read (and re-read) several books and other content about our biases and how these affect our investing decisions (mostly negatively). Over-confidence is one of the very common biases. My learnings about biases motivated me to revisit my Flow Traders analysis …

Biases, biases, biases

Biases are everywhere in life and to improve as an investor, knowing about our biases is the crucial first step before tackling them and improving our investment process. Here I will provide a list of biases …

Book-review: The Little Book of Behavioral Investing: How not to be your own worst enemy by James Montier

This is a must read for investors if you want to get more familiar with common biases.

Flow Traders (FLOW NA), April 2021

I follow Flow Traders for some years but only bought shares late last year – unfortunately after the pandemic-iduced market crash. I like the company and it is one of my medium sized positions (currently seventh biggest). I took another look at flow but did not buy more shares, so far …

Food for Thought #32 // Links🔗

This time the most interesting content I stumbled over includes: QDT, UMG, Japan, EM value, moats, trading platforms, …

Progressive (PGR US), March 2021

Progressive is one of my biggest positions. It’s a very profitable defensive business with ample growth runway for putting its retained earnings to use and continue to earn high returns on equity.

Food for Thought #31 // Links🔗

This time the most interesting content I stumbled over includes: Roblox, value factor, moats, a bank, cyclical vs structural trends, WD-40 …

Pandora Exit and Trade Review

I recently sold my last tranche of Pandora A/S shares. Time for a review.

Book-review: Fooled by Randomness by Nassim Nicholas Taleb

This book was on my reading list for a long time. The full book title describes its message quite well: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets.

Book-review: Value Investing: From Graham to Buffett and Beyond, by Bruce Greenwald

I added this classic about value investing to my reading list some time ago. I read the recently updated verion (Dec 2020).

Nobody is writing letters anymore. But reading them is great. (Buffett’s berkshire letters #1)

I recently started to read Buffett’s Chairman’s letters of Berkshire.

Food for Thought #30 // Links🔗

This time the most interesting content I stumbled over includes: market bubble, Digital Decolonisation, Citi, PGR, SESG

We all look for quality businesses … at the same crowded places. I placed a bet on Qualitás elsewhere.

We are all looking for high quality businesses. Mostly this high quality is apparent (to everyone) only when the price has reached levels from where it is very much fun to look backwards. Many investors find high quality businesses within the ranks of well known companies and better known stocks (and ticker symbols). Maybe I have found something off the beaten path in less crowded markets …

Food for Thought #29 // Links🔗

This time the most interesting content I stumbled over includes: Trust, more ETF saving plans , shorting Tesla, investment philosophy, stories, FLOW NA, TBX, BOL, VIV, UMG, …

Quicky #18 on Globaltrans (GLTR LI)

Russia is a market segment shun by investors. It’s also a vast country. What better way to transport bulk by rail? …

Food for Thought #28 // Links🔗

This time the most interesting content I stumbled over includes: UK stocks, r/wsb, DTCC, …

Quicky #17 on Shinoken (8909)

This is part #17 about a Japanese company active in the real estate business.

Food for Thought #27 // Links🔗

This time the most interesting content and Food for Thought I stumbled over includes: CD Prodject, key lessons on value and growth demagogues, ROIC, GME, Haier,

Germans buy stocks (again). Time to review Tick TS …

With Trade Republic, Germany has its own robinhood – though the app’s gamification /products /users and stimuli to gamble instead of investing at the financial markets is not as extreme as its American role model Robinhood. But, Germans start to invest again …

Relationships are the most important thing in life! Value investors care about (the price-value) relationship too!

Last year, many of us have experienced that living our lives without other people is pretty dull. And hopefully 2021 will bring back all the strongly missed personal interactions! Many of us want nothing more than to do all the usual things taken for granted: visit restaurants, having a drink or two, going to a party and on vacation, or just spending time with people you like. Relationships are key!

Quick update on Quadient (and a small buy)

After some news regarding Quadient I bought some shares recently.

As investors and consumers shun Tobacco I wonder if now the time is right to buy?

At least in the developed world, more and more people either stop smoking or never begin in the first place. The (relative) number of people smoking traditional cigarettes declines as it goes against the big secular health trend. Could this current situation set the stage for profitalbe investments for many years?

Food for Thought #26 // Links🔗

This time the most interesting content I stumbled over includes: valuation, Tinkoff, Sberbank, chips, …