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GordonGekko69

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  1. From my point of view Ferrari and Porsche SE (HoldCo) are not comparable. I also didnt run alot of number chrunching here. PAH3 is more or less a public listed family office of the families Porsche/Piech. As a HoldCo the gap to NAV will never close in total and thats fine for me. I see a lot of potential here. The emphasis surely lies in their major invesmtments Volkswagen and Porsche but they are smart people and if you look at their additional investment portfolio I think they invested in some good companies (areas). Just look at the latest investment in ABB e-mobility. P911 is a great company. Not that of a nieche market as Ferrari but still nieche. They are confident to reach a 20% margin and planning to distribute 50% of profits via dividends. Volkswagen will use the IPO proceeds to strenghten the e-mobility (Software and battery research and capabilities). There is still a huge cap to close with regard to Tesla and I think it will take some time but it is manageable. Plus they have some more valuable Brands like Lamborghini or Audi. Following the PAH3 management statement they intent to keep the dividend constant and paying down the debt they took on to finance the P911 stake. They also keep investing in portfolio companies. As a HoldCo PAH3 pays only minor taxes according to German Corporate Tax Law. The proceeds from sale of investments and received dividends are 95% tax free if you hold a minimum 10% stake in equity. So if 5% of Volkswagen and P911 dividends are taxable at approx. 30% then the current effective tax rate on those cash-flows is 1.5% only and 98.5% of the dividends can be used for operating business or paying down the debt. I intend to keep the investment in PAH3 at least 10 years. Will see how it unfolds.
  2. The Damn Retailer 35% 0700 3% HK listed Tencent PRX 4% Amsterdam listed Prosus 3690 1% HK listed Meituan 1658 2% HK listed Postal Savings Bank of China BAYN 5% German listed Bayer GOLD 3% NU 2% PAH3 6% German listed Porsche SE Holding PCYO 2% PDD 4% SRG 6% MU 3% TUI1 1% ARWR 4% SLV 4% Cash 14%
  3. Added a bit to NU and PCYO and made PAH3 a full position for me
  4. more PAH3, sold puts on PAH3 @ 64 (9/16) @ 67 (9/16) and @ 62 (10/21), little add to PCYO and sold Puts on WBD @ 10.5 (10/28)
  5. Only wrote puts on PAH3 so far but never got assigned. Today I just bought my starterposition
  6. Tencent (0700.HK), NU and PCYO (Starter, Thanks @Gregmal for the idea)
  7. I have a $70 Put expiring on Friday would be insane if this is getting assigned.
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