Food for Thought #30 // Links🔗

This time the most interesting content I stumbled over includes: market bubble, Digital Decolonisation, Citi, PGR, SESG

Stock market (bubble): Broyhill‘s 2020 Q4 letter highlights exuberances in various segments and Bireme Capital with Part II: Anatomy of a Bubble.

Joachim Klement on Investing (KoI) looks at Economies of scale in banking? Result: Negative.

Swen Lorenz with his recent weekly dispatch* sharing his takeaways from his London stay and his 1st part of Digital Decolonisation.

ETF trends: Goldman Sachs opened up its app to everyone willing to put at least $1k at work in automated portfolios, strengthening its push into mass market (unit dubbed Markus)

Marc Rubinstein from netinterest about (the volatile stock of) Citibank applying many of Howard Marks’ quotes.
(alo includes Coinbase, Klarna, Root)

Company news

  • Progressive (PGR US) buys Protective to expand its commercial insurance business
    • pays a hefty premium on shares, pays book value, transaction volume is small ($350m)
    • CR is above 100%, PGR might improve that a lot, and gets new products, expertise, data
    • some legal hurdles might appear
  • SES (SESG LX) shares traded lower (-10%) after Q4/FY results
    • segment trends persisting (video -8%, networks +5%)
    • good cashflow, relocations payments on track
    • reported many new/extended contracts before and after results

Best and happy investing, s4v

* marks an affiliate: if you want to become a paying member to Swen’s world-class content please use my link. hte price for you is the same. I might receive a referral bonus (money).

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