Links🔗: Food for Thought

Below you find the most interesting investment-related content and thought-provoking articels I stumbled about in the recent past. Enjoy reads about following topics: Getlink, Cable, Charter, Flexibility, DAX

  • Joachim Klement on Investing with a reference to research, stating that real rates fall after pandemics
    • I saw this illustration a few weeks ago and draw the same conclusions: after pandemics there are less people (lower consumption) but excess capital, depressing real rates
  • Swen Lorenz from with his third weekly dispatch about Getlink, the French company that owns and operates the Eurotunnel underneath the English Channel.
  • Valuesque explains why Flexibility is The Forgotten Factor in Equity Valuation and Analysis!, arguing that
    • limiting flexibility (high debt loads) in normal times makes sense, since otherwise the manager engages in value destroying activities
    • when financial markets are stressed, like in current corona times, flexibility is of very high value
  • YetAnotherValueBlog with another piece about media companies
    • positive on cable (charter)
  • The Economist
    • draws a picture of the 90% economy (less fun, less jobs in labour intensive industries like hotels, restaurants for low-skilled workers)
    • explains why Germanys DAX30 is trading on a low price-to-book multiple: it consists of companies of old industries (illustration below)
    • contains an interesting article portraying Samsung
    • with a somewhat funny write up about the first post-lockdown business trip. Makes me wonder if airline and hotel industries will recover slower than expected
The Economist, 2nd May, 2020

Best and happy investing, s4v


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