Food for Thought #18 // Links🔗

This time the most interesting content I stumbled over includes: A Must-Watch-Video!, Quality Shareholders, software, Big Lessons rfom History, Overton Window, Oil majors, our tax ignorance, …

Joachim Klement on Investing on (1) oil majors. Some of them are diversifying into non-oil energy, some (like Exxon) are not and (2) on Our tax ignorance.

Swen Lorenz with his newest weekly dispatch about how to get into a Russian e-commerce IPO. (if you want to become a paying member to his world-class content please use my affiliate link)

Ensemble Capital with a post about The Overton WindowUnderstanding what is possible.

Forager obnserves that Software Ate the World, and argues that it must continue to do so (grow faster) to justify todays lofty valuations.

Collaborative with some really Big lessons from history.

Chris Mayer (woodlockhouse) about Quality Shareholders.

Marc Rubinstein from netinterest about successful fintechs.

Vaccines (are drugs for the markets)

The week began with serious market moves when Pfizer and Biontech announced their vaccine has 90% efficiency in phase-3 study. Covid losers were the biggest gainers. Best summary below. WATCH! THIS! VIDEO!

The Pfizer/BioNTech vaccine illustrates a triumph of modern globalisation and for science (and you could argue for German immigrants as well you could argue: link panic journal below). But two sets of questions remain, the Economist writes.

  1. Can the vaccine stop severe cases, protect the elderly, and can inoculated people still cause potentially fatal infections in others?
  2. How to distribute a med that’s difficult to store and will remain in short supply in ’21?

An here some more:

Company news

  • SoftBank Group (9984 JP, +5%) reported Q2 results, see my related SBG post
    • Update on SoftBank after Q2 2020 results
    • The shares traded downwards over market participants worrying about bad governance with Masa’s personal investment in the pulic equity investment entitiy. This is a real negative for the investment case.
  • NTT (9432 JP, +5%) reported H1 results and continues to drive
    • shareholder returns through stock buy backs and rising dividends.
  • Pandora A/S (PNDORA) paying all staff in full through pandemic, as BBC reports. This is a nice headline for the company’s brand equity.
    • touched DKK 600 intraday on 11.11. for the first time since May 2018
      • though, it was after 11:11 am, an important time in Cologne! Usually)
  • SES (SESG LX) announced (German) the continuation of live-sports distribuition via its ASTRA subsidiary. The shares traded above € 8 after quarterly results …
  • L’Occitane (973 HK) reported better than expected quarterly sales results for the period July-Sept 2020. Stock is up 20% + since my Quicky #3 on L’Occitane from Oct 7
  • Deutsche Telekom (DTE GR) reported positive Q3 results on the back of TMUS‘ stellar performace. Dividend exp. with € 0.60, probably growing after Sprint integration. Price was rather flat on Thursday, but rose +20% from end of Oct.
    • T-Mobile is
      • not only the main growth driver, but also
      • contributes more than 50% of Group Adj. EBITDA AL responsible for.
      • Spint integration is progressing well.
    • Shareholder remuneration policy (2018–’21) confirmed:
      • reflecting adj EPS growth (min €0.60)
      • considering share buy backs
    • Almost all analysts rate the stock a buy (25) and a few a hold (6) with no sells currently. Avg. price target is close to € 20.

Best and happy investing, s4v


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