Vintage Analyst

"There is always something to do" om Peter Cundill - en global fondförvaltare som reste världen runt för att hitta undervärderade bolag, bl. a. i Sverige, Japan etc. En bra bok som passar när man reser för att få lite inspo ;)

Notes and links from investing content (March 2025) There is no lack of content nowadays and it is easy to get overwhelmed.

Some links & notes from podcasts (and other content) that I found interesting during March 2025.

open.substack.com/pub/vintagea...

Ett bra avsnitt! Siffror är viktigt men inte alltid viktigast. Relativ performance i all ära, men det är en god riskjusterad absolut avkastning som man vill ha :)

Ett par bilder från Vietnam nyligen! 😄 Warren Buffet förenar världen 😄

Odd Lots - YouTube Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday ...

Odd Lots berör en del intressanta ämnen i form av både enskilda avsnitt och i serier av flera avsnitt (till exempel The Hidden History of Eurodollars).

www.youtube.com/playlist?lis...

Dynastin – en dokumentär podd från Svenska Dagbladet Finansmannen Jan Stenbeck fostrade sina barn till att utföra stordåd. Så varför har de i dag lämnat över ansvaret för hans imperium? Dynastin är poddserien om syskonen Cristina, Hugo, Sophie, Max – oc...

Jag tyckte om Dynastin som handlar om Stenbeck-familjen. Den kan med fördel kompletteras med dokumentärerna om Jan Stenbeck och Wallenbergare.

www.svd.se/story/dynastin

“We overestimate the impact of technology in the short-term and underestimate the effect in the long run.”

Another thing yet to play out, in my opinion, is the vast amount of no-return investments during the 0%-rate environment. Such things take a long time to get through the system..

Föredrar egentligen fysiska böcker men här finns det arbitrage att göra (Kindle) :D

Inte direkt "oupptäct" men en läsvärd genomgång av den viktiga halvledarsektorn med allt vad det innebär :)

En investeringsbok som lägger en sund grund på hur man kan se på investeringar & värderingar.

En inspirerande bok om 12 heltidsinvesterare (icke-professionella) som helt olika investeringsstilar.

8/n

Having that said, I would have liked more detailed explanations and examples when it comes to the valuation and business analysis, but there are plenty of books that cover that.

All in all, worth a read, especially for the beginning investors!

7/n

To sum it up, a quick and easy read with the main idea to treat investing as a business with the aim to buy growing cash flows at attractive prices.

The best investments are no-brainers. Thus, KEEP THINGS SIMPLE.

6/n

Investors should SELL the stock when the quality of the business starts deteriorating or when the price increases making alternative opportunities more attractive from the expected return perspective.

5/n

The biggest risk is overpaying. You should only buy when there is a MARGIN OF SAFETY to the fair value as you will always make some mistakes in your analysis.

4/n

Focus on cash flows (or owner earnings) rather than accounting earnings. Cash yield is a quick and dirty way to determine whether the stock is under- or overvalued.

The best indicator for a moat and quality is a high Cash Return on Invested Capital (CROIC).

3/n

Hence, the aim should be to find businesses that generate strong cash flows and can increase the net worth over time.

Keep things simple and invest in NO-BRAINERS. One can make complicated models, but the best investments require not more than a simple napkin-calculation.

2/n

The book presents well-known principles, but has
an interesting perspective of treating investing as running your own business and thinking of it as buying income - potentially for a living.

1/n

Book review: "F Wall Street" by Joe Ponzio.

"Back to basics and common sense" is how I would describe the book "F Wall Street" by Joe Ponzio in one sentence. A quick read that covers the basics and is a good read for beginners. My main takeaways:

open.substack.com/pub/vintagea...

Some food for thought by Ian Rushbrook (from the book Money Makers by Jonathan Davis) before investing only based on cheapness.

We're not in a bubble. 🫧

How do I know?

Because Palantir ($PLTR) is only valued at 64x Sales, 435x LTM Operating Income and 160x Operating Cash Flow.

It's not too late to buy in at these moderate levels...

Some great charts from HSBC - China's *direct* export exposure to the US has slumped and is now at the lowest levels since in modern history, and does not stand out relative to other Asian economies.