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: Palantir, Shopify, M&A deals, softbank, nvidia, Oracle, Arm, Immunomedics, Oriental Watch, excess returns, …

Viceroy research published a short article on Grenke AG. You can trust the management and company, usually regarded as higher quality, or you can take the view from viceroy, spotting some issues and drawing comparisons between Grenke and Wirecard.

  • Value and Opportunity published a very good first discussion of the issue and followed with his Quick take on the first statement from W. Grenke.
  • A good explanation of the early situation (German video)
  • Valuesque first discusses accounting issues in Viceroy’s Grenke-Cash Accusations – rather unlikely that they are true! and further comments in More thoughts on Related Parties, Cash and the “Brink”-Problem
  • I bought some Grenke securities because I felt it was a good proposition or bet based on a rough and dirty calculation. Read more about bets and investing here.
    • shares on Wednesday, at € 30.76 and at € 26.78, and
    • some bonds on Thursday.
  • Grenke rebuts all accusations from Viceroy in its Friday release
    • Grenkes stock rose, and fell again
    • The CTP/Sacoma issue remains for me: I’d like to hear if any related persons to insiders (family, friends, friends from … from … friends/colleagues/…) profited from CTP/Sacoma transactions/involvement.
    • I view Grenke’s response to all other main issues positively or very positively
      (issues: KYC/AML as expected for a German Bank, Cash, Franchises/Goodwill, Business Model, Member of the Board(s), auditor KPMG already engaged)
  • And Viceroy comments (or attacks) on Grenkes statement from Thursday

Oriental Watch (398 HK) resumed trading on Monday. A buy back offer was released, sadly I did not initiate a position earlier, due to high trading costs (see here). You can find all my Oriental Watch articles here.

Nvidia Buys Arm From SoftBank for $40 Billion (NYT). SBG +9% after weak performance due to the ‘Nasdaq Whale’ news. Year-old news experience revival that SoftBank could go private.

Joachim Klement on Investing asks Where does the stimulus go?

Galloway about Shopify and Palantir, written in a funny way as ever 😀

Marc Rubinstein from Net Interest with How to Fraud

Forager with What Ben Stokes can teach us about playing to your strengths. Kind of ‘wait for the right pitch‘ councel.

The Economist discusses the new energy order and asks Is it the end of the oil age?

Long read: Expectations and the Role of Intangible Investments (MS research), at least read the first page! It provides a perspective on current IPOs and sheds some light on soures of excess returns.

Re-featured: Morgan Housel from Collaborative arguing in Never The Same that ‘once a new kind of stimulus is tasted it becomes a permanent feature of how downturns are handled.’

For my own cause: I went over my blogroll page again.

The satellite industry and SES‘ playing field is getting more crowded with Elon and Mangata Networks, a startup backed by T-Mobile, joining the space (read here and here).

Progressive continues to report good results (link).

Gilead to buy cancer drugmaker Immunomedics in $21 billion deal implying a premium of more than 100% compared to last closing price. Another big acquisition, I do not like it too much …


Best and happy investing, s4v


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