The year 2019 was no exception to the past several years — it just flew by; Time is always running.I want to do a quick review of 2019 and list What I did in 2019, What I didn’t do in 2019 and What I will do in 2020. Additionally, I want to give a quick Portfolio Update at End of 2019.
What I did in 2019
- I started my blog searching4value
- Finished and published one long DCF-valuation article on Pandora (bought) and
- Performed another DCF Valuation of Greene King which I did not finalize or publish since I sold due to the takeover offer from CK Noble.
- I performed SOTP Valuations for Porsche SE (watch) and Softbank Group (bought).
- I sold some minor positions (all at some loss) for tax reasons and I did never really value them in the first place, but bought them based on some notion.
- Got a grasp on IFRS 16 Leases.
- Did Sports frequently, almost every week
- Read some books, among others The Man Who solved the Market. I did knew much about Simons and his firm before but the book promised to be a very good read… and it did not disappoint me! It urged the desire to work in an environment/team/company that strives, encourages and rewards performance.
- I did start a new job in January 2019.
What I didn’t do in 2019
- I did not initiate a monthly ETF savings plan, basically becasuse involved costs. I like the idea to automatically invest into equities monthly, but I looked into several aspects for a (too) long time. The trading costs/fees seem rather (too) high to me at Consorsbank and I am looking for cheaper/better alternatives.
- I started many blog posts during the year but only finished and published a few, I want to increase that ratio next year.
What I will do in 2020
- Updating the DCF Model for Pandora to reflect new reporting regime (IFRS 16 Leases)
- More Valuations, more blog posts and hopefully more investments based on found undervaluations. Keeping up doing spots weekly and reading books.
- I want to use my commuting time even better next year (i.e. listening to podcasts/reading/writing).
Portfolio Update as of Dec 28, 2019
I have 21 Portfolio Positions; which I would be fine to reduce slightly. Biggest position is Pandora of which I did a detailed DCF-Valuation, finding an undervaluation I bought for the fourth time in Nov 2019. 2nd to 5th Positions are:
- Bed Bath and Beyond
My biggest 5 Positions are c. 50% of the Equity Portfolios Market Value. Biggest 10 Pos. are 75%. Biggest Industries are Consumer Discretionary (29%) and Telecoms (20%). IT/Technology is only 6% currently, and should hopefully increase in the future.
In 2019, I received a total of EUR 1,760 in Dividends with the following Divi Payers providing each 100 Euro or more (in abolute terms in descending order): Greene King, Gazprom, Pandora, Bed Bath & Beyond, Sberbank, Deutsche Telekom, SES.
(There was a 2 for 1 stock Split for NTT)
… for reading my blog. I look forward to hopefully many more readers, followers, interesting discussions and feedbacks in 2020.
Happy new year!