value and opportunity
Birkenstock – Cheap enough to be interesting or is it the next Dr. Martens “Fashion Fiasco” ?
Some links 27/2026
Rubis SCA: Interesting French listed Special Situation with a Corporate Restructuring catalyst
CEWE Group CMD – More potential upside than I thought
Some links 26/2026
Updates: DCC (sold), TFF (sold), EVS (hammered) & Rightmove (rumours)
CEWE KGaA – Good company but not a “Buy” yet ?
Some links 25/2026
Another Return of the Travel Series: Is it now time to buy Booking at 15x NTM P/E ?
Some links 24/2026
Not aMUSEd: The UK “Portal Pain Basket” (Mony Group, Autotrader & Rightmove)
Some links 23/2026
Update Special Situations: Norma, Paypal & NEW: Delivery Hero (No action)
Some links 22/2026
Fielmann Group – Will “Junior” be able to execute the 5 year plan once again ?
Some links 20/2026
Quick Updates: Fuchs SE (Buy), Paypal Special Situation (Buy) & EVS SA Post mortem
Some links 19/2026
Some links 18/2026
Quick Updates: Frosta 6M 2026, Paypal vs. Stripe&Advent, Easyjet spectacle & DCC “Sweetener”
Fundsmith 6M letter – Active vs. passive, Momentum & Style change
Some links 17/2026
Performance review 6M 2026 – Random ramblings: AI winners vs. losers, European AC, Volkswagen & Football 2026 Worldcup
Special Situation “Quickies”: EasyJet, Nagarro & BioNTech
Some links 16/2026
Hello Japan – A quick look at Berkshire’s new partner Tokio Marine
Norma Group Quick Update: Separable Tender rights – Precedents Rhoen 2014 & Rocket Internet 2022
Norma Group: Large Buyback Tender Special situation
Quick Updates: DCC (Intertek) & Wise
Rocket Internet Post Mortem, SpaceX (again) and the strange Google capital increase
Updates: EVS Broadcast, Jensen Group, Wise & Installux
“Space is the place” – SpaceX IPO, OHB SE and a Rocket Internet update
DCC Plc Update – Starting the “Intertek Dance” ?
Updates: STEF SA & Gerard Perrier SA
Some links 15/2026
Some links 14/2026
Notes & impressions from Omaha 2026
DCC – Interesting “Special Situation” following KKR potential buyout offer at 58 GBP ?
Bachem AG: Riding the “Golden Age of Peptides” with this Hidden Champion from Switzerland
Some links 13/2026
Deja vu all over again: Allbirds vs. Zapata’s 1998 “fish oil to Dot.com” Pivot
Some links 12/2026
Some links 11/2026
Panic Journal 2026 Spring edition – Trump/Iran, SpaceX/Indices and German NatGas storage problems
Visibility as a Creator/Writer on LLMs – A test and some thoughts
Some links 10/2016
BioNTech: The Founders announced their exit – what’s next ?
Quick updates: Jensen, SFS, Italmobiliare & Bois Sauvage
Some links 09/2026
Quick Updates: EVS Broadcast, Thermador, Eurokai and Sixt
Paypal – Too old for Rock n’ Roll and too young to die ?
Some links 08/2026
Short Updates: Innoscripta & Nomad Foods
Private Equity Series (8): The “Stonepeak precedent”, a “Dirty PE Industry Secret” and what it could mean for the Industry
Some thoughts on Vibe Coding, SaaS vs AI (10 Moats) and Guidewire Software
Some links 07/2026
Some links 06/2026
Quick Updates: Frosta, Alimanetation Couche-Tard, Bombardier, Bouvet & Robertet
Frosta AG – Defining their own Category the Hard Way
Some links 05/2026
Quick Update Innoscripta (Company Conference Call)
Innoscripta SE: 60% EBIT margins & rapid growth but why did the 2025 IPO flop ?
Some links 04/2026
OTC Adventures: Rocket Internet AG – Jump on this Rocket and get some Kalshi & SpaceX exposure for free ?
Some links 03/2026
The Value & Opportunity Soundtrack
Private Equity Series (7): Secondaries – The Magic Money Machine for the PE industry
Biontech: Checking in once again & using LLMs to value the Pipeline
Some links 02/2026
Alcoholic Update: TFF Group 6M results & Mercosur-EU Trade agreement
Some links 01/2026
(Under-) Performance review 2025 – Comment: “Mean reversion investing – Banks & Spirits”
My 23 Investments for 2026
Some links 30/2025
15 Year Anniversary of Value & Opportunity
Quick (and dirty): Cie Bois Sauvage Special Situation
Some links 29/2025
Some links 28/2025
Some links 27/2025
Random ramblings on AI
Some links 26/2025
Some updates: Wise Plc, Rightmove Plc, Eurokai KgAA, Bouvet ASA, Bombardier
Wise Plc – The “Costco of Currency transfers” ?
Some links 25/2025
Some links 24/2025
Some links 23/2025
Was this the “Karpathy Moment” for the AI Industry ?
Performance review Q3 2025 – Comment “Keep waiting for that European Economic rebound”
Some links 22/2025
Private Equity (Mini) Series 6: Private Equity for the masses – Y2K edition
Some links 21/2025
The Anatomy of a 100 Bagger – How a Canadian Investor managed to hold Google for 21 years
Some links 20/2025
Private Equity Mini Series (5): Trade Republic offers Private Equity for the masses (ELTIFs) -“Nice try, but hell no”
Quick updates: EVS Broadcast, Eurokai & Jensen
Domo Arigato Mr. Roboto – Using AI Chatbots for an initial Stock Quality scoring
Some links 19/2025
Navel gazing Alert: How to improve my investment process by incorporating “Momentum”
Some links 18/2025
Novo Nordisk – 9 years later
Some links 17/2025