GordonGekko69

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.

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%

Added a bit to NU and PCYO and made PAH3 a full position for me

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)

Only wrote puts on PAH3 so far but never got assigned. Today I just bought my starterposition

Added to PCYO and NU

added a bit to Tencent (0700.HK)

addded a bit to PCYO

Tencent (0700.HK), NU and PCYO (Starter, Thanks @Gregmal for the idea)

Some PRX, NU and PDD

I have a $70 Put expiring on Friday would be insane if this is getting assigned.

I only have a small Position with 10 and 11 strikes. Still 4x on both was nearly 6x 2 days ago. Expiration is 03/18. Not decided yet if I exit today or keep until Mo/Tue.

Wrote a Put on PAH3 (Porsche SE) @ 64 EUR Exp. 03/18. If assigned that would be my starter position

added a small portion to PDD and a bottle macallan classic cut 2019 and a bottle macallan Edition No. 5. A bit of an alternative investment and if the world decides to go to hell I have 2 excellent bottles of whiskey before I bite the dust. Saying that its Friday eve over here and its time to start the weekend with a Gin. laters

Sold 30% of my SLV to enhance my cash balance for future buys. Wrote 2 Puts on BABA @ 100 USD Exp. 09/16 Wrote 2 Puts on PDD @ 35 USD Exp. 10/21 May start a position in PAH3 beginning next week or sell Puts around 66 EUR to get my starter price of 65 EUR

Added to Bayer (BAYN) and BABA. wrote puts on BABA @ $95 Exp. 03/18 and PDD @ $40 and $45 Exp. 03/18 wrote calls on BAYN @ 56 EUR Exp. 03/18

I do as well but I bought a bit of GOLD and a Gold ETF in Q3 2021. Its more or less a cash substitute for me at present. In my country the gains on some GOLD ETFs are tax free after a holding period of 12 months that why I added the ETF to GOLD

Started a small position on PRX (Prosus/ Exchange Amsterdam). Sold an additional Put @ 65 € Exp. 03/18 and a call @ 74 € Exp. 03/18

as I did

trimmed some BAYN.DE/BAYZF at a small profit. Sold puts on PYPL with Expiry 02/04 @ $125

Sold a call on NVAX @ $145 Jan21.22 Sold a put on NVAX @ $119 Jan.21.22 Bought a long starter position in NVAX prior to selling the options