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 undervalued-shares.com 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)
- value and opportunity revisits an Irish insurance company as an interesting investment idea
- 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
Best and happy investing, s4v
searching 4 value 