February 18, 2021

Yet another value investing blog?!

Welcome to my recently started personal investing blog! While I had the idea of writing about my activities on the stock market for years, I never found the time (and probably also not the courage) to actually start pushing out some ideas.

Why am doing this?

I would like to start by explaining why I am starting this blog and what I want to get out of it. First of all, I like the idea of publishing my thoughts so that everyone will be able to see what my investing ideas are. Also, I found myself talking with mutual people about the same ideas, and hence a new blog post might be a good starting point for a conversation that bears fruit. Last and not least, I want to create some kind of investing diary for myself. The huge advantage of doing this online is the fact that this may help me to continue in difficult times. As I had been following some very good investment blogs for some years now, I have to admit that I enjoyed reading them the most during difficult times.

What can you expect?

I will write here irregularly about investment ideas. My goal is to build up a kind of sample portfolio or watchlist here over time. This will naturally be very similar to my private portfolio but does not necessarily have to be the same. So it will certainly also happen that I will write about companies that I find very interesting, but at a given valuation not attractive enough to buy. From an investment philosophy, I would most likely describe myself as a (modern) value investor. This means that I am basically always on the hunt for exceptional companies and try to acquire them at a discount to their intrinsic value. I will also discuss special situations from time to time. These include merger arbitrage situations, restructurings, distressed opportunities, and back-end situations. Finally, it may occasionally occur that I found myself being keen on wild and speculative ideas and I won't miss the joy of sharing those with you. 

What can't you expect?

There is one thing that you cannot expect to get here: Recommendations on how and where to invest! Everything I will do here is my personal opinion and my personal thoughts. None of this should be taken as investment research. Therefore here for the first time in all clarity: Please do your own research! I cannot, may not, and do not want to give recommendations for any investments. I will only reflect on my own thoughts here. What you make of it, is completely up to you. Therefore, I want neither congratulations for good "tips" nor any reproaches for bad "tips"!

Who am I?

That doesn't really matter, as I don't want to create any attention for my person here. Nevertheless, a few words about me. I've been actively involved in the world's capital markets since 2013 and have seen just about every investment philosophy and speculation once (and tried most of them myself). However, after far too many initial mistakes, since 2015 I've been doing mostly quality investing, which means that I've been trying to buy shares in outstanding companies. Over the years, I have developed more and more and now call myself a modern value investor. I still look for outstanding business models. However, I now also look beyond the end of my nose and invest primarily in small and unknown companies and no longer only in high-quality blue chips as I did in the beginning. I also pay much more attention to valuation. My investment philosophy is therefore very much concerned with risks (my definition of risk is the permanent loss of capital) and only then with possible profits. Yes, I want companies with exceptional growth prospects. But I like them, even more, when the market doesn't see them (and therefore doesn't price them in) and I can get them for free. I could go on and on about my investment role models, but that would go beyond the scope of this article (and might also provide an opportunity for a future post). Thank you so much for your time! And welcome to my blog!

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