TGV Partners 6M letter (Midwich, Fila) Pernod Ricard is selling its Wine business and an interesting summary on how restaurants price their wine lists Margins of Asset Managers Interesting and very bullish presentation from Coatue on the “Gen AI Super Cycle” Very interesting post from Klement on Investing on the optimal size and discance to the coast of Offshore windfarms Sweetstock investing with a write-up on an Australian Filling station operator called Viva Energy Emerging Value with a quick look at Swatch Group ..read more

This is the last batch of randomly selected Belgian stocks. As in the other “All Shares” series, there wil be a summary post where I will trim down the preliminary watch list to a more manageable short list. This time, 5 companies made it onto the preliminary watch list. So far I haven’t decided on a new country yet. 181. Reibel This seems to be an almost zero worth shell of a bankrupt company. “Pass”. 182. Oxurion This 1 mn EUR market cap Biotech company doesn’t look very convincing. “Pass”. 183. Tetrys This 4 mn market cap company unfortunately has nothing to do with the famous Tetris game b ..read more

In the first 6 months of 2024, the Value & Opportunity portfolio gained  +1,4% (including dividends, no taxes) against a gain of +2,2% for the Benchmark (Eurostoxx50 (25%), EuroStoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices). Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 6M 2024: Partners Fund TGV: +6,9% Profitlich/Schmidlin: +5,4% Squad European Convictions: 7,9% Frankfurter Aktienfonds für Stiftungen: -0,9% Squad Aguja Special Situation: +8,0 ..read more

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!! As always with my more detailed writeups, I will focus on the general sections in the post and attach the full pdf for anyone interested in the details. And of course the Bonus Sound Track. Elevator pitch: STEF SA is a pretty unique listed French company that runs a “temperature controlled” agrifood supply chain and logistics business across 8 European countries. Majority owned by its Directors and Employees (~72%) the company has compounded book value, earnings and dividends by 12% p.a. over the past 22 years with li ..read more

And on we go with another 20 randomly selected Belgian Stocks. This time 3 made it onto the preliminary watch list. One word on accessing the Expert MArket: So far it seems that none of the regular Brokers that I use offers access to the Expert MArket. From what I have seen, only a few Belgium based Brokers offer this. I would be interested if anyone has expereince trading the Expert market. Thank you !!! 161. Aliaxis (Expert Market) This Expert Market stock trades quite regularly and, according to Euronext “is a global leader in advanced piping systems for building, infrastructure, industrial ..read more

Very interesting article on non-bank “Private Credit” that fueled the recent Private Equity Boom and its structural issues Joachim Klement with a very interesting statistic on PE funds and the success of “late” investments Potentially big if true: SDK claims breakthrough in solid state battery technology (FT, search result) Interesting opinion: The output of ChatGPT &Co is essentially BS A fantastic post by Noahopinion on why so many “viral charts” are essentially BS, too (and what to look for) John Kingham does a deep dive on Diageo as a potential Dividend Growth stock M. Mauboussin on th ..read more

Eurokai Shareholder Meeting in Hamburg This week I did something I didn’t do for some time: I visited an annual shareholder meeting, in this case that of Eurokai in Hamburg. The main reason was to get a better impression of Tom Eckelmann, the 6th gneration family CEO who took over last summer. Apart from the venue (Hotel Hafen Hamburg) with great views over the harbour in Hamburg, these were my main take aways (AGM presentation in German can be found here) : Business in the first 5 months is doing (much) better than expected. This is the chart from the AGM showing the amount of containers ..read more

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!! As always with my more detailed writeups, I will focus on the gernal section in the post and attach the full pdf for anyone interested in the details. Elevator pitch: EVS Broadcast is a 400 mn EUR market cap Belgian technology firm that is the global leader in Live sports broadcasting/production technology that once earned margins higher than Nvidia does today. After a relatively long phase of stagnation from 2008-2019, EVS seems to have found its path to decent growth again under new management. The main driver is a ..read more

A nice deep dive into Agfa-Gevaert from the “Healthy Stock Picks” Substack And another analysis of a Belgian stalwart, Bekaert from Alex Sweet The WinterGems substack with a write-up on Monarch Cement plus an extra North America “Cement deep dive” A good reminder: You probably don’t need Alternative Inevstments to become rich Another good reminder that high concentration in portfolios is not always beneficial The (container) shipping industry once again is looking strained due to bottlenecks (FT, search result) MIT Superstar Economist Daren Acemoglu is vey sceptical on any major benefits from ..read more

After a short vacatation break, I am back with the next “All Belgian shares” post. Besides the usual Real Estate and non-traded Expert market stuff, this time three stocks made it onto the watch list. For one of them I even started a 1% position in order to motivate myself for a deep dive rather sooner than later. Enjoy !! 141. EVS Broadcast Equipment SA EVS is a 411 mn EUR market cap stock that I analyzed almost 10 years ago as a potential “high quality compounder”. This was my summary back then: Looking at the chart, this is also one of the stocks where the “shiny new HQ curse” fully hit ..read more