Potential for a double whammy – Markel (MKL)

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

Free Cash Flow: It always was FCFF or FCFE

I hold a strong opinion for a long time: if it is about valuation visit Damodaran.

Fair P/E multiples as a function of Growth and ROIC

I always thought I was a bit more valuation focused than the average investor, and this likely results from my academic studies which was quite focused on methods. Sure, no science at all, but art and so forth, but some simple truths are important …

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Cyclicality at PC Partner (1263 HK)

Sales, margins and returns on capital recently skyrocketed …

I bought 3% Haier (690D)

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

Quick update on Porsche SE / VW

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

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.  …

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

I quickly look at three insurane companies decomposing ROE drivers …

Protector Forsikring (PROT NO), March 2022

I was casually reading about hte company for some time and finally took a closer look. Judging from the recent share price development, taking so long was rather expensive …

P&C Insurance Economics 102: ROE drivers

I recently spend some time thinking and thinking about the ROE drivers of insurance companies. It was not a constant process but the understanding came to me as returns do: chunky and non smooth …

Quicky on Computershare (CPU). Hoping for a revisit

The central processing unit or CPU is a fundamental component of any personal computer enabling the efficient processing of data between all other involved network components (certainly someone can correct me here). In a sense, so is CPU …

Quicky on ZIM Integrated Shipping (ZIM US)

Global supply chains are still in disorder and shipping rates are ‘sky high’, providing record profits for container liners operating at sea …

Quicky on Bauhaus International (483 HK)

I stumbled over Bauhaus Int’ using some filter on Hong Kong stocks for high dividend yield, low valuation multiples and considerable net cash some time ago. I only wrote down the ticker at that time. What a pity …

Some stocks are options (to the power of two)

One can view equity as a call option on assets …

Quicky on Japan Petroleum Exploration (1662 JP)

I stumbled over Japan Petroleum Exploration Co., Ltd. or Japex via Inpex (1605 JP) …

Quicky on Talanx AG (TLX GR)

I own a tiny position in TLX since July 2013. Time to take a look.

Mo-BRUK (MBR PW), Oct 2021

I wanted to take a closer look for some time. Finally started some weeks ago and already bought a (starter?) position …

Quadients H1 2021 resulst

QDT earnings for six months ending JUly 31, 2021 were released on Sept 27.

My Old Gazprom write-up

In the early days of my more serious investing journey, I wanted to publish write-ups on Seeking Alpha, but unfortunately …

Quálitas (Q* MM), July 2021

Quálitas is referred to as the Mexican Progressive.

Shinoken (8909 JP), June 2021

Shinoken seems like a good bet to take.

SES SA (SESG LX), May 2021

The market focusses on the negatives too much. This is a defensive business with a bunch of positive one-offs. Yes, positive one-offs!

Flow Traders revisited (FLOW NA), May 2021

Recently, I read (and re-read) several books and other content about our biases and how these affect our investing decisions (mostly negatively). Over-confidence is one of the very common biases. My learnings about biases motivated me to revisit my Flow Traders analysis …

Flow Traders (FLOW NA), April 2021

I follow Flow Traders for some years but only bought shares late last year – unfortunately after the pandemic-iduced market crash. I like the company and it is one of my medium sized positions (currently seventh biggest). I took another look at flow but did not buy more shares, so far …

Progressive (PGR US), March 2021

Progressive is one of my biggest positions. It’s a very profitable defensive business with ample growth runway for putting its retained earnings to use and continue to earn high returns on equity.