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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

US-EU Trade Slowdown?

In December 2015, oil tankers made u-turns while crossing the Atlantic [ZHOIL]. In March 2016 the mayor German rail carrier announced a 8-10% percent drop in fright shipments for 2015 [RG]. In April 2016 its cheaper to rent a dry bulk tanker than a Ferrari F40 [ZHTANKER]. European capital markets started weak this year, recovered to their highs again while the US dollar weakened during Q1 2016. Are US and Europe's economies are healthy? (Side note: As TTIP is coming back onto the agendas of the media, political parties, NGOs, investors and companies. Why should a rigid trade deal be made, when the benefits are small but the risks of loosing national sovereignty is high while the future economic situation is very uncertain? Maybe some oligarchs try to secure their power before historic changes are happening?) US-EU Trade The first industry which feels a slow down in the (world) economy is the logistic  sector. This early indicator worked like charm the last 2 crisis. Now ...
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SMT Scharf: A hidden champion in a crisis

SMT Scharf   is the world market leader for underground monorail systems. The company is based in Hamm, Germany. It keeps appearing in my return on invested capital screener. The screener is based on Bruce Greenwalds Book (Value Investing: From Graham to Buffett and Beyond) and some minor tweaks which he addresses in a couple interviews. This post address ROIC, CROIC (sometimes called FCFOIC). And it was my first non-software company I researched. I take much time to analyse this company, primarily because it is not my circle of competence. It is very dangerous to be outside of the circle. To be clear, I took nearly 10 month to think about SMT Scharf. My investment style is much like building a startup. I have 100s if not 1000s ideas per year, about products I could build and ship. But real potential have only 1 idea every 2 years!If I begin to invest my time and energy, the whole startup story has to be defined and the major risks pointed out - I want to kill the startup a...
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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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