We enjoy interest rates once more

The ‘joy’ can appear a little small if we hold the wrong stocks, though …

Book-review: Capital Returns, Ed Chancellore

A great read about industry cycles driven by investment activity (supply) rather than demand and a corresponding investment framework.

Thoughts on SES going down (SESG LX)

Another stock that is surprisingly performing in lockstep with the market (that means deeply red). How come …

Issues at Greatview Aseptic (468 HK)

They used to generate ROEs in the 15% range, but that came down recently. So did the share price …

Hallmarks of P&C insurers

The book The Five Rules for Successful Stock Investing from Dorsey (see my review here) mentiones the following characteristics as hallmarks of P&C insurers and I wanted to check in on ‘my’ three insurances …

Book-review: The Five Rules for Successful Stock Investing, Dorsey

A good read on economic moats and introduction to various industries.

I bought 3% Haier (690D)

Business fundamentals look good. German issue trades at much lower price …

Quicky on Central Japan Railway (9022 JP)

A bet on tourisms returning to Japan. I definitely would want to …

Food for Thought #58 // Links

Includes: Netflix, streaming,

Book-review: The little book that still beats the market, Greenblatt

There might be a magic formula.

Quick thoughts on PGR: hold

During a challenging time for the industry the stock is at an ATH …

Book-review: Das Grüne Paradoxon, Sinn (2012)

This is not an easy book to read. It is written academically (the topic is more discussed ideolically in Germany I believe since some facts/arguments are not welcome). Seldomly, i merely skimmed a few pages. Not all they data is up to date since I read an updated version from 2012, but the overall message still rings very true today, i beleive … unfortunately!

Quick update on Porsche SE / VW

A twitter user asked me where i posted my update about this interesting situation. So here it is …

Flow Traders Q2 and CMD

It is difficult to make up my mind about FLOW.

Shinoken being taken private after good Q2

Shinoken’s Q2 results were good, but not important since the company will likely be taken private for JPY 1600 per share.

P&C Insurance Economics 103.1: P&C Insurance, inflation and higher rates

P&C and especially Auto insurance companies’ earnings get pressured by higher combined ratios driven by claims inflation. As some central banks raise interest rates to tackle inflation forward investment returns support earnings and returns on equity. Higher investment income might increase competition and pressure underwriting margins further.  …

Book-review: Narrative and Numbers, Damodaran

We either cater to the story telling or numbers crunching profession. Good valuation requires both.

Quicky on Wartsila (WRT1V)

(quickly abandonend)

Book-review: The Little Book of Valuation, Damodaran

I did not expect to learn anything new here, but (re-) reading the very basics can work wonders, sometimes.

Book-review: The shipping man

An easy to read book telling the story of a hedge fund manager stumbling in the shipping industry, which is very cyclical.

Book-review: Quality of Earnings by O’Glove

The investor’s guide to how much money a company is really making.

Book-review: The Money Game by ‘Adam Smith’

A non-standard book about the investing game, its rules and why we play…

Food for Thought #57 // Links

Includes: narratives (as quantitative factor), inflation, microcap series, Vietnam.

Book-review: Risk & Reward, Stephen Catlin

A good book on the insurance industry with a focus on Catlin and the London market/Lloyds.

PF: I like stock buybacks. But do my companies’ managers?

I read YAVB’s recent post and liked his two questions making me think about which companies that I own buy back their own shares … and which don’t?