Prof. Damodaran with some reflections on how AI will impact the investment analyst profession Nice deep dive into recently UK listed CK Infrastructure from Bos Invest Cliff Asness from AQR thinks that markets have become less efficient over time Remitly looks like a potentially interesting Fintech stock The boom time of dating apps is (long) over The rise and Fall ..read more

Admiral Post mortem: A few weeks ago, after the 6M numbers, I sold out of Admiral, after holding it for ~10 years. I already had updated my thesis in 2022 where I “re-undwerwrote” the stock for 3 more years. So why now selling it just after 2 years ? First, the stock price nicely recovered from 17,5 GBP per share ..read more

As mentioned in my STEF write-up, US Cold Storage company Lineage went public a few days ago and was able to do so quite successfully. As IPO prospectuses often contain some quite interesting information, I wanted to quickly look through and extract what I find interesting. Especially on a hot day like today, reading a lot about cold storage is ..read more

As promised last time, this is the summary post for the “All Belgian Shares” series. If you click this link you will see all 10 posts as Blog search results. In the end, I put 28 stocks onto my larger watchlist. As my watch list got honestly too long and unproductive, I started to manage my watchlist more systematically so ..read more

These days, more and more offerings for Private Investors are popping up to participate in Private Equity, which until now was mostly exclusive for Institutional investors and very wealthy people. In Europe, the socalled ELTIF II format allows now fund companies to directly target individual investors from as low as a few thousand EUR. Private Equity in my opinion has ..read more

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