A dry January or sth like that

A month without twitter … But nice developments at insurance companies.

Some experience with Sixt (SIX3 GR)

Many German investors perceive Sixt as a German high quality business. My experience does not disprove the narrative.

Re-insurance trends and capital cycles

Interesting industry data.

More knowledge, biases, issues and open Q’s on MKL.

As within German politics, there are few double whammies, and much more talk than (thoughful) action. Turns out, the likelyhood for a true double or triple whammy in Markel is not that high probably, after reading the letters and giving it more thought …

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Some Arguments for Insurance Brokers

I recently learned some ‘insights’ about insurance brokers…

Personal experience: moving flats, on real estate & rents

Personal experience from a value guy: we live in a rather cheap (value!) nice flat in a rather popular district in Cologne (Sülz), Germany. After almost 10 years we are moving into a bigger flat, and we already kind of miss the great location of our current flat.

Potential for a double whammy – Markel (MKL)

Markel and Gayner are well known in our circles. Do not expect anything new here.

Cyclicality at PC Partner (1263 HK)

Sales, margins and returns on capital recently skyrocketed …

We enjoy interest rates once more

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

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 …

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 …

Quick thoughts on PGR: hold

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

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.  …

Quicky on Wartsila (WRT1V)

(quickly abandonend)

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?

Quick thought on Krka (Rus/Ukr)

Feeling some indirect Rus/Ukr pain.

On Oriental Watch (pre FY’22, ending March’22)

I bought Oriental Watch when it was very cheap on an asset base …

Quicky on Cherry (C3RY GR)

E-gaming, home office and digitalization might all be good trends for Cherry.

P&C Insurance Economics 103: Decomposition of ROE, Growth, and P/B

I quickly look at three insurane companies decomposing ROE drivers …