Food for Thought #17 // Links🔗

This time the most interesting content I stumbled over includes: equity markets, stock exchanges, pipe, GMO, and Q3 updates on SES SA, Progressive

Market temperature: GMO thinks it’s time to leave the party like it’s 1999. They see many parallels with the market 20 years ago but also a difference: Today, stocks and bonds are pricey. Additionally, GMO assures us that Value investing is full of paradoxes. EM equities are recommended.

Swen Lorenz with his newest weekly dispatch about investing in stock exchanges.
>> you want to become a paying member to his world-class content?
>> please use my affiliate link 🙂

Pipe, a platform to sell subscription revenue might be another signal for todays market craze for subscription revenue. Of course, every young company describes markets itself as a subscription business with todays valuation multiples.

value and opportunity with his (next) next-to-last piece in his series on German shares.

Forager recommends to Find Stocks that Don’t Care instead of obsesssing over election outcomes.

Marc Rubinstein from netinterest with Financing the American Home. Including the following quote, expressing a general European thought about the US:

»You Americans are so strange. Most countries have socialised healthcare and a private market in mortgages. You have socialised mortgages and a private market in healthcare.« – Mervyn King

Mervyn King, governor of the BoE (source)

Company news

  • Progressive (PGR US) reported Q3 results and I still like the developments very much
    • Property insurance resulted in higher losses, but measures are taken
    • All else, progresses (pun intended) nicely 🙂
  • SES SA (SESG LX) reported surprisingly well Q3 results on Oct 5th (shares were down 4th) in a strong market environment. The stock rose 10%+ during the day, reaching € 7.84 for the first time since March (in a strong market). My thesis is in good order.
    • total revenue down -2.3% yoy, with
      • Networks revenue +7.5% yoy, now accounting for 59% (-3%p yoy)
      • Video revenue stable qoq, -8.3% yoy
    • SES on track to clear US C-band by stated deadlines and realise the full $4 bn of accelerated relocation payments.
  • TMUS (TMUS US) reported Q3 results and is on a run, despite paying $ 200m for past Sprint deeds. Might be good for my small legacy DTE GR position and my SOTP play on SobtBank Group (9984 JP).
  • Tucows (TCX US) reported disappointing Q3 results and was down -9% pre-open, but recovered during the session.

Best and happy investing, s4v

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