EgonKuhn

New starter position in DIM.PA (Sartorius Stedim Biotech S.A.)

Added to ACN and new starter position in BIM.PA (bioMérieux S.A.)

New starter positions in TSCO and BVI.PA (Bureau Veritas S.A.)

Sold around 1/4 of my HPE position

Great response @whatstheofficerproblem! What I meant was more that the AGI prediction seems to drive the whole "gold found in the desert story" here with writing code just being an example use case but it triggered you for a nice reply Key is who will be the winner in the end economics wise and where will be the bottlenecks as you described. Great stuff so thank you very much!

That's a great summary @whatstheofficerproblem. Just one counter argument. Isn't the predicted AGI what sits in the drivers seat here trend wise? AI reaching far beyond the software world opening literally a new world of possibilities? Writing code being just the lowest hanging fruit because it's deterministic?

Sold half of my EBAY position

I looked at them early January 2025 and found them interesting enough to put them into my watchlist. A month later they run up far away from my target price but now they came back to more reasonable levels. For me the current price despite being better again is still the main hurdle.

Sold my CA.PA (Carrefour S.A.) position

Left one is ISBN 978-1-86197-711-3 printed by publisher Profile in UK (2008), right one is ISBN 978-0-8021-4391-4 printed by publisher Grove Press in USA (2007). Usually the same content because it's just a licensed reprint.

Perhaps one argument for having more than two knives is that one is too lazy to wash them after use

New position in AON

Added to FIS

Erich Honecker said this quote some weeks before socialism imploded from the inside in the GDR. Regime change can happen if stars align, seen it with my own eyes.

You're absolutely right, but then it wouldn't rhyme so nicely

That's hilarious. It totally brings back childhood memories. Getreu dem Motto: "Den Sozialismus in seinem Lauf hält weder Ochs noch Esel auf!" Or in english: True to the motto: "Neither ox nor ass can stop socialism in its tracks!"

Ordinary german diesel car. It takes indeed some effort to destroy the built in engine

I bought some diesel at the gas station today to fill up my car. One liter cost €2.50 (about $10.90 per gallon). I have a feeling that this should almost double the value of my car

Trimmed another 1/4 of my FIVE position

New position in RYAN as part of my insurance broker basket.

Guess you are talking about DRO.AX (DroneShield Ltd.) here?

Don't like some operational trends here since buying them two years ago. From what I had seen so far it looks like an insiders market with only some breadcrumbs left for public investors.

Sold all of my DGR1R.RG (DelfinGroup A/S) position

You're absolutely right, and they have indeed grown incredibly fast. But with stagnant sales in 2025 compared to the previous year, I would have at least hoped for some free cash flow. Perhaps I'm just too jaded in this industry, but I find it reassuring when management occasionally plans for a harvest period after years of sowing to build up a kind of war chest for the inevitable cyclical downturn. I see a Lovett and a Zalupski as individual investors with significant stakes in DFH. Is there some special culture at work here with kind of "outsider" management/leadership?

During the GFC I experienced a real rollercoaster ride with British home builders and since then I've been extremely careful about free cash flow and debt levels in this sector. Whenever I've looked at DFH in the past, I've always been disappointed by the lack of actual free cash flow. Both in mid-2022 and now I found something like PHM or LEN.B to be significantly better in that regard.