Food for Thought #46 // Links🔗

This time the most interesting content I stumbled over includes:

Gallische Dörfer ein Investment wert? This great German write-up from Profitlich-Schmidlin on Day1, is worth a read, even for non-German speaking folks with the help of translators.

Junto’s Research Process for Picking Stocks.

Bireme’s Q3 quarterly letter (incl. Bollore, BOL FP; RICK)

KoI knows that Narratives matter. “Now think of the high-flying stocks of the day. Almost all of them have a great story AND personal significance to many of its investors. … but also think of Elizabeth Holmes … Stories matter, and if a good story increases the value of a simple mug or a hat by 25% to 80%, then you can imagine what it does to stocks … ”

Swen Lorenz with his newest weekly dispatch* wonders if Naked Wines is still a buy after its stock price jump, after a TV pitch, or is it now a hedge fund Hotel/hodl?

With that, I am off to Amsterdam (or wherever we will end up) for the long weekend, with a friend.

Company news

• CHKP Q3: solid financial perf as usual, CHKP (almost) arrives in 21st century with 2nd slide deck, I like it, green
  • they show guidance now, results better than guided, but still, and that is importnat here I guess
    • I have the feeling they don’t give a damn if the reach/surpass/disappoint vs guidance and would NOT close a contract at unfavorable terms (less than opt. profitability) just to show it within the current period.
• Flow Traders Q3: disappointing, esp. Americas w/ low NTI margin, no higher market share, but ecosystem is growing nicely. stock reacted -15% and light red in thesis tracker
• Gilead Q3: solid financial performance that the market did not like that much, of course I have no clue about ongoing research etc.
• Inpex: sold an LNG cargo for NOV 13-17, for $30/mmbtu acc. to sources/traders, guess that’s good (reference) for an updated guidance on NOV5 (Q3).
  • they buy some nordic assets, incl some ‘greener’ ones. If they fund those with 10yrs debt for .25% I guess that is quite good

Best and happy investing, s4v

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