EgonKuhn

We are back to mid 2022 valuation and short levels in this sector. Maybe it's just me but I don't hear much about the demise of homebuilders this time. Sentiment wise it looks like there is still some room for more doom and gloom?

I would like to see RMS.PA down below an EV/EBIT of 20 like during the Euro crisis a decade ago. Unfortunately I was too dumb than to recognize it for what it is. Maybe we get there this year or the next one, I would like to buy more of it.

New positions in RMS.PA (Hermès International S.C.A.) and G24.DE (Scout24 SE).

Oh. I wasn't aware of their GSE status at all. So thank you very much! Always something to learn here

Thanks again Bill! Cursory view in TIKR shows a downward trajectory regarding margins especially over the last years. Must look more here what had gone behind the scenes.

Thank you very much Bill! I'm already in CASH but never got a handle for TBBK and GDOT, in part because CASH always seemed like the best way to play in this part of the finance sector. But I will look once more into GDOT, probably for the time after the cash distribution for local German tax reasons.

Trimmed around 1/4 of my FIVE position

Looked at them some months ago being quite impressed about their efficiency (how much loans/assets one employee moves here). So far their leverage scared me away besides not having a stable deposit base. What made you pull the trigger here? Guess you have looked into their loans regarding NPL trends and found nothing scary? Maybe @wabuffo looked at them too and have an opinion about them? For me it looks to be a quite unique model they are driving here - low risk loans/assets with low ROA, highly levered and very efficiently run.

Added to OR.PA (L'Oreal S.A.) and ADYEN.AS (Adyen N.V.)

I think we need something like Spotify for all these magazine, Substack, Ghost, and god knows what other subscriptions. It's absurd to assume that the average customer takes out dozens of these subscriptions just because they want to read an interesting article every now and then.

While we are waiting in our warm homes, the internet archivers comes to the rescue for The Untold Story of Charlie Munger’s Final Years John

Investing in Berkshire Hathaway in September 2012 was a pretty good choice for an initial position . From my perspective there are quite a few interesting companies listed on the Danish stock market. These two just happened to be the ones that came close to my price targets for an initial position in 2025. I also quite like ChemoMetec and Novonesis for example, but unfortunately they stubbornly remain expensive.

I posted it here. Usually I build a position over years, sometimes with a more fast approach in the beginning. With L'Oréal I would wait for the next report and see if I like it. And so on and so on and so on... Unfortunately I find it much easier mentally to buy into falling prices than rising ones. So let's assume the price falls below €300, I would probably consider buying more even before the next quarterly results are released.

This year I almost pulled the trigger on CBRAIN.CO (in their march drawdown) and AMBU-B.CO (more recently) - maybe you have some opinion about them?

Bought a small initial position in BOLSAA.MX (Bolsa Mexicana de Valores S.A.B. de C.V. Series A).

Bought a small initial position in IMCD.AS (IMCD N.V.) and DIA.MI (DiaSorin S.p.A.).

Added to CSU.TO.

Sold my EXPE position.

Bought a small initial position in WKL.AS (Wolters Kluwer N.V.). Added to FI.

Bought a small initial position in AZE.BR (Azelis Group N.V.) and SW.PA (Sodexo S.A.).

The entire sector is currently experiencing a bit of a downturn, and besides Robertet (which I already hold in my portfolio), I also quite like Symrise (bought today), Givaudan (GIVN.SW), and to a lesser extent DSM-Firmenich (DSFIR.AS). Robertet is indeed cheaper and, with its natural raw materials, is also operating in the better-performing segment. But the others aren't resting on their laurels, and even though they aren't cheap, I find them increasingly attractive as well. With Symrise in particular, I also like its stake in Swedencare (SECARE.ST).

Bought a small initial position in SY1.DE (Symrise AG).

Thinking about this too. What gave me some pause yesterday was this lonely analyst with a sell recommendation for FI, Barron's wrote about, who seemed to look deep into their Clover business. It's interesting that even he doesn't found out the Argentina connection, at least there is no mention of it in the article.

I would say that one can at least attribute creativity to him And nobody seems to have noticed the Argentinian miracle.

Added to FI