Links: A lot of Q4 letters, Bogle, and Warren Buffett Movie

A great List of Q4 Letters and Reports at reddit (link)

Including: RV Capital, Fairholme, Third Point, Tweedy Browne, Sequoia, Bill Gross, … and many more!

(also see my quality-sources section for more stuff like that)

If you are searching for Baupost/Seth Klarman try this link

The Brooklyn Investor, always worth a read: Bogle Book, Indexing etc.

So Why Not Buy Apple.?! form Wexboy

Are UK Equities overvalued from Mitchell Fraser-Jones at woodfordfunds

The UK stock market’s current PE of about 15x this year’s anticipated earnings, implies a real annualised total return of approximately 8% over the next 10 years, based on the historic trend shown on the chart. This isn’t bad, in our view, especially when compared to the likely returns available from other asset classes.

If you always wanted to see how Warren Buffett orders sausage mc muffin at McDrive on the way to work – today is your day!

If link is broken try this search

Update: Sapec, Actelion

MMI from valueandopportunity came up with this two special situations which leed to this actions:

Bought 2,3% Position of Actelion on Friday

Bought 2,5,% Position of Sapec SA Today


Sapec SA


Disclaimer: This is not investment advice. The stock mentioned is relatively illiquid and potentially risky. Please do your own research !!!!

Seems like the deal is finished (link)



I think the Newco is also on a standalone basis very interesting because 1.) the current CEO stays with them, and 2.) the imbalance between the Actelion (280$) and Newco (~10$) price could create a lot of “forced” sales on the first days of trading.


Under Armour

Since it lost ~20% on one Trading day and has a “brand” name I have looked at UA but for me it was still very expensive and the move in fashion sounds very risky for me – no buy from me here.


Disclosure: Long Sapec & Actelion


The content contained on this site represents only the opinions of its author(s). I may hold a position in securities mentioned on this site. In no way should anything on this website be considered investment advice and should never be relied on in making an investment decision. As always please do your own research!

Links: KraftHeinz, Buffett

KraftHeinz and 3G (link)

Unlike other PE firms, which have an exit in mind from the day they buy a company, Lemann and partners have stuck with their beer venture for 28 years and counting.


Bloomberg: Buffett Bought $12 Billion of Stock From Election Through Friday (link)


Morningstar: Top 10 Investment Trust in November Link


The healthcare opportunity” from Mitchell Fraser-Jones at Woodford. (link) Woodford is one of my Quality Sources

As our regular readers will have gathered, we have strong conviction in the long-term investment case for the healthcare industry.

Note: Est. reading: 13 min read … how fast are you? 😉

Note2: The interactive infographics are fun

Update: Whitbread, Britvic, Paypal

Whitbread which I mentioned here recently came up with some good numbers (link)


Britvic had a Strong start to the year and is confident of meeting market expectations (link)

GB carbonates continued its outperformance of the market with a revenue increase of 5.5%.

France revenue increased 6.3% with the branded portfolio in strong growth

Ireland revenue increased 6.4%, with both Counterpoint and our branded business performing well.

The International division reported a 19.8% increase in revenue, compared to a 13.8% decline in Q1 last year and was largely as a result of a 14.1% increase in volume.


Paypal reports 21% FX-Neutral YoY revenue Growth and expects 14-16% revenue increase in 2017 (link)


Walgreens reduced its offer for RiteAid “based on the number of required store divestitures” (link)

will be a maximum of $7.00 per share and a minimum of $6.50 per share

Note: the RiteAid stock is now at 5,62 USD



BT Group plc – british Telco at a discount?

What makes more sense than writing about a business under investigations after writing a post about management qualities? Maybe the market has overreacted here?

British Telco BT Group had a … lets say issue with accounting in Italy.

The good progress we’re making across most of the business has unfortunately been overshadowed by the results of our investigation into our Italian operations and our outlook. We’ve undertaken extensive investigations into our Italian business, including an independent review by KPMG, and I am deeply disappointed with the unacceptable practices by some that we’ve found.

The stock price have dropped from 380 GB pence to around 300 GB pence, destroying around GBP 7 bn in shareholder value.

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Some links: Gates, WB, Fundsmith and more

The bromance continues: Bill Gates and Warren Buffett at Columbia 27th Jan 2017

The funniest part is this comment from warren about bing (link) about Bestinvest’s top 10 list (Fonds)

Fundsmith adopts a Warren Buffet-style approach to investing. Picking out consumer brands and companies that have the power to maintain and raise prices and deliver returns over time, with the aim being to hold them for the long-term and have very little turnover in shares.

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How to spot a honest and competent management?

“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.” -Warren Buffett

The part about “honest and competent” management of Warren Buffetts criteria is something that is often missed in a stock-analysis, often followed by this Quote: “I try to buy stock in businesses that are so wonderful that an idiot can run them because sooner or later, one will.” from Warren. Analysts are more numbers-peoples who avoid to looking at soft-skills. I think this is a mistake and I will try to look more at characteristics of the management of companies in the future – I want to get better at analysing them.
Vernon Silver and Elisa Martinuzzi wrote this very interesting and eye-opening article about how “How Deutsche Bank Made a $462 Million Loss Disappear” at Banca Monte dei Paschi in 2008. I recommend it highly. bloomberg- how-deutsche-bank-made-367-million-disappear

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