Some bets on Japan changing, PF moves

There might come some change in Japan with companies targeting higher P/B.

Puking out HIFS after the nibbling (re-thinking HIFS)

‘Banking is a very good business, unless you do dumb things‘.  It almost seems HIFS did a dumb thing.

PGR strategy and positioning

I think I do not own another company with such a clear, and I guess logical and potentially value creating, strategy.

Nibbling at Hingham (HIFS), during banking stress

I was looking at HIFS for some years and wanted to buy shares cheaper. With all the recent developments in the economy and the banking sector I got the chance to buy into a quality bank. A perceived quality bank with issues!

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Bought MBB

I added another and hopefully anotherone of the better SOTP plays.

Banking on free money II (CBOBA)

Another small bank enjoying free money.

Thoughts on Progressive (PGR) after Q4’22, UBI.

High quality business priced as such.

Banking on free money (CZBS)

I could kick my ass for not looking into the epic ECIP story when I first read about it.

Nobody is writing letters anymore. But reading them is great. (Buffett’s berkshire letters #2)

I recently started to read Buffett’s Chairman’s letters of Berkshire. and then I stopped again, because I like to read the lessons — great lessons — in a more structured way! See here.

BankNordik foresees higher returns

With higher interest rates BankNordic is set to deliver higher returns in 2023. On top, the bank plans to reduce its core capital from an overcapitilized position.

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 …

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 …