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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

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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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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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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