EgonKuhn

Sold my BYIT.L (Bytes Technology Group PLC) position

Sold my BBY and the remaining half of my IVZ position

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From my European perspective, you can be rightly proud of what you have achieved in such a historically short span of time, and you can face the future with confidence and optimism. Whenever I have visited the USA or otherwise interacted with Americans, I have been particularly impressed by the willingness to tackle issues head-on. You may not always succeed right away, but ultimately you fight your way through. Driven by the courage, the dynamic spirit, and the mindset of the settlers from your founding days. To create a better future for yourself, your loved ones and the generations after you. Celebrate today, you have every reason to! Happy 4th of July

Yeah. That is the main problem. And what astonishes and holds me back is that they are doing next to nothing about it. Instead of acknowledging that the era of negative interest rates might be over, they are simply turning a blind eye. There seems to be little will to tackle this or other issues decisively. Instead they just muddle through somehow. A bit like all of Europe, unfortunately. We Germans love our sausage. As in any love relationship, it is sometimes helpful for the peace of mind to consciously avoid looking too closely It’s an interesting idea to use the NBIM as a sort of rough filter. Given the public profile involved, they ought to have a certain incentive to pay attention to the downside risk in their positions.

Sold my URW.PA (Unibail-Rodamco-Westfield SE) and GPW.WA (Gielda Papierów Wartosciowych w Warszawie S.A. - the stock exchange provider in Poland) positions

It's often better to not know so well, how the sausage is made

I see. Of course I could stare at the endless rows of figures in TIKR for ages and still be none the wiser in the end If I understand you correctly, your impression from three years ago has been confirmed, and you’ve stuck with the investment vehicles of Paulsson and Lundberg, or perhaps even added to your holdings from time to time? Here in Germany my impression of REITs and REICs is that, while they somehow muddle through, they are ultimately treading water operationally. They are running, yet practically getting nowhere. Like a hamster on a wheel.

Changing gears to the right thread here. I guess "K-Fastigheter" is something else than "Wihlborgs Fastigheter AB", so "Wihlborgs Fastigheter AB" isn't there in this graphic? The working hypothesis for all these Northern European and ultimately virtually all European REITs/REICs seems to be that Europe will never return to a growth trajectory again and that interest rate levels will therefore remain relatively low forever. One can certainly take that view, but I would feel somewhat more at ease if they were reducing their debt levels much more aggressively. Yet I don't see that happening anywhere neither with Germany’s Vonovia for instance nor with the Swedish companies. Whatever additional rental income comes in is swallowed up by steadily rising interest expenses. Consequently they are essentially treading water when you look at FFO trends over the last few years. Have you ever come across an example of a European RE play significantly deleveraging currently, moving toward a Debt/EBITDA ratio of for instance 5, like the major US multifamily REITs?

Thanks for your perspective here! I have some of these Nordic RE plays in my watch list but never pulled the trigger because of their indebtedness after so many years of extremely low interest rates in Europe.

I took a look at them on TIKR and was a bit alarmed to see that they actually even more debt now than during the last downturn in 2022. Doesn't that worry you a bit? As long as interest rates in Europe remain relatively low, everything will likely be fine. But if we ever see a period of higher interest rates again, there won't be much left over for dividends.

Sold my AMUN.PA (Amundi S.A.) position

New starter position in HONA (Honeywell Aerospace spin off)

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