2016: A Year of Outperformance and Some Avoidable Mistakes

Another year has gone by and I can announce that for the first time in this blog´s short two-year history I have squarely beaten the S&P500 by 4.9%. The value of funds invested is up 18%  from the beginning of the year and the S&P500 closed 13.1% higher (in EUR). I am especially happy about the results since they were achieved by employing a very rational approach that I am confident to be able to replicate in the years ahead.

For each company that I bought shares in I could determine with high certainty its intrinsic value and document most of the analysis here on this blog. As a consequence I achieved healthy returns with Clydesdale Bank, Baidu, IBM, RCI Hospitality and Davita. Many of these fine companies are still far away from my target prices and will hopefully serve as foundation for next year´s outperformance. Continue reading

Advertisements

Worst Timing Ever – And How to Avoid Major Fuck-Ups in Future

Selling some few hours prior to a neat 20% rally sucks (See the RCI Hospitality chart below). I guess we´ve all been there and we cannot undo our decisions. What we can do is trying to avoid similar unnecessary letdowns in the future.

bildschirmfoto-2016-12-08-um-18-41-23

To do this I will try to put down some principles that might keep me from hastily hitting the sell button Continue reading

Teil II: Valuation of Assets, Liquidationswert

Im zweiten Teil der Serie Value Investing the Columbia-Way basierend auf dem Buch Value Investing – From Graham to Buffett and Beyond von Greenwald et al. (2001) möchte Ich mich genauer genauer mit der Bewertung der Assets im Liquidationsfall befassen. Die Bewertung der Assets, wie bereits im vorigen Beitrag beschrieben, ist die sicherste Variante zur Aktienbewertung, da hierfür keine Schätzungen Continue reading

Über Berkshire Hathaway Inc.

Anlässlich der Veröffentlichung des Jahresabschlusses Berkshire Hathaway´s vergangenes Wochenende, möchte Ich die Gelegenheit nutzen ein paar Worte über dieses außergewöhnliche Unternehmen zu verlieren. Wie traditionell zu jedem Jahresbericht wurde auch dieses mal einen lesenswerter Brief von Buffett an seine Aktionäre veröffentlicht. Jedes Jahr aufs neue schaffen Buffett und Mungers Briefe, was in der Finanzwelt außergewöhnlich ist, Continue reading