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Blogs:
My personal favourite value investing blog: http://valueandopportunity.com/
Well written value investing blog (in German):
http://commentsonpositions.blogspot.co.at/

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Beliebte Posts aus diesem Blog

One Market - Two Perspectives

Dear reader, this article introduces two perspectives on markets. The first is a classic economical view on a market - the Capital Asset Pricing Model. The second is from a view point of a gambler - the Parimutuel betting. Both models are based on the idea of transactions - the price of an asset (or bet) is defined by the price of the last transaction of that bet. Caprital Asset Pricing Model The fundamental assumption of Capital Asset Pricing Model (CAPM: http://en.wikipedia.org/wiki/Capital_Asset_Pricing_Model) is that all Investors are (1) rational, (2) risk-averse and (3) cannot influence market prices. The result is, that market prices move in unpredictable manner and equals a gauss distribution. This chaotic price movement is only influenced by (4) new information hitting the market, which should be unpredictable. I want to argue against CAPM. Therefore I have to disproof at least one of the assumptions above. (1) Rational investors: Behavioural finance suggests that ...
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Silverlake Axis Ltd

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Silverlake Axis is a banking software company. It operates in south East Asia and is one of a few player in the banking software oligopoly. Prior to August 2015 Sliverlake Axis was a star. Than the bombshell dropped, as razor99 accused Mr. Goh (60% shareholder and CEO of Silverlake) that he and Silverlake did dubious deals in related party transactions at the expense of minority shareholder [RAZOR99]. The stock got slaughtered - from 1.20 to 0.55 SGD. In January 2016 Deloitte cleared Silverlake of these accusation [DELOITTE]. Is Silverlake a value buy now? Can I trust the numbers? Deloitte Singapore was ordered by Silverlake to investigate razor99 accusations [RAZOR99, DELOITTE]. Deloitte found that for the 3 acquisition in question, the prices 2 had fair prices where 1 was in the higher range of fair. ROI is for the 2 fair acquisitions 10 to 12% whereas the other is about 3%. Today the 3 acquired businesses make up to 85% of revenue. Silverlake today is Silverlake because of the 3 acq...
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Google is loosing its spirit (and may go evil)

I love the products and services of Alphabet and its subsidiary Google. I love android; I love gmail; I love search! As an investor I love the business model and market leadership! A few weeks ago, Google re-names itself to Alphabet. The new name transports the idea of their much better than google, which is just the name of their search service. Alpha-bet describes betting on alpha or first grade ideas. As they re-named the company, the management shifted from the slogan "don't do evil" to "do the right thing". This cultural shift will hurt the company in the long run! Alphabet/Google-critics argue, that without the "don't do evil" motto, Alphabet is now officially evil - why else changing the motto? The Alphabet management argues that a positive definition of their motto will yield to better results in efficiency, compliance and obeying the law, while allowing flexible motto definitions for each business unit. "Evil" is bette...
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