Monday, April 13, 2099

Valuation of all stocks listed in Holland AEX All Share AAX: Benjamin Graham Defensive Investor method

Warren Buffett: "Well, start with the A’s." Click on the companies below for Graham Evaluation:

Aalberts Industries 2022
Ahold Delhaize Koninklijke 2022 
Accsys Technologies 2022
Bever Holding 2021 
Boussard & Gavaudan Holding Ltd. An expensive hedge fund.
Brigade M3 SHA (SPAC needs to buy before August 2023)
Brill, Koninklijke 2021
Brunel 2021
CABKA (Dutch Star Two) March 15th results 
FL ENTERTAINMENT (SPAC) March 16th 2023 results
Flow Traders 2022
ForFarmers 2022
Fugro 2022
Galapagos 2022
Marel 2021 ? 
Nedap 2021
MKB Nedsense 2021
Morefield Group 2021
New Sources Energy 2021
Ordina 2021
Accell Group 2020  taken private at EUR 58 in 2022, great price for shareholders. 
Altice 2020 end of December 2020
Apollo Alternative Assets 2019  delisted on December 28, 2020 and liquidated.
Batenburg Techniek: Taken off the stock exchange for 46 Euros by van Puijenbroek family. Good price for investors:
BinckBank 2019 Saxobank
Boskalis Westminster Koninklijke 2021 bought in 2022 by HAL Trust for EUR 33 per share
Curetis 2019 traded May 2020 for EUR 0,29
DPA Groep N.V. 2022
Esperite: 2018 Stem Cell Bank losing money, selling shares. Price recently fell from 3 to 0,25
oktober 2019 falliet, koers: 0,046 geen handel.
Hunter Douglas 2021 bought for EUR 175
K. VolkerWessels 2019 taken private (again) in 2020 

Thoughts on share prices: Peter Lynch and Nick Kraakman

Tuesday, April 18, 2023

Groupthink in FT

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Thomas Brenninkmeijer, a fifth-generation member of the ownership group and a Cofra director, says: “The important thing is that we attract around us a very large group of extraordinarily talented non-family members who have the exact same passion and view of the world and society”.

(Boudewijn) Beerkens (CEO of Cofra) appears to consider the involvement of outside capital and management, along with greater transparency, as lesser risks than developing an insular, defensive mentality. 

 Asked to list the greatest threats to Cofra flourishing, he cites a potential breakdown in the spirit of Unitas that binds the family and the danger it will become inward-looking. “Sometimes, if you are with a small group, you can get groupthink,” he says.

Thursday, April 06, 2023

ValueMachinesFund raison d'etre in practice

After reading The Super Investors of Graham- and Doddsville, I approached to set up together because I believed that I and others around me were incurring an opportunity cost by not investing better for the long term.

I am happy to see that it seems to be working in practice. Case study of a fellow ValueMachinesFund investor who unfortunately passed away:

Investment@ ValueMachines@ Alternative
€100,000€121100€115,000Nov 1, 2019
€40,000€10593€49,462Apr 1, 2020
€16,000€12995€19,368Oct 1, 2020
€1,000,000€146104€1,105,769Jan 1, 2021
Total:€172115Apr 1, 2023

Opportunity cost avoided: EUR 117 000,- (not taking "Box 3" tax and inflation into account which might make the relative difference bigger?).  

Note: This case involves luck on the one hand, and good decision-making (like buying at EUR 105) during the Coronapanic on the other hand. At ValueMachinesFund we prefer to think in terms of 7 years or more. 

Monday, April 03, 2023

Incredible conversation with Bing ChatGPT4

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