TJX report Q2 2015

This was my latest investment from August and it is always a bit more exciting to see in the quarter report after the buy if the decision was sound or not. Already on the front page I could see that there was no cause for concern. As with almost every other company the share price have been dropping as of late.

Tessenderlo report Q2 2015

The chemical company Tessenderlo arrived with their half year report last week and in between the desperation and fear regarding China and investors still not being able to keep the fingers away from the cookie jar so the share prices are jumping all over the place. This said... on the day of the release the share price dropped significantly.

Protect the shareholders or yourself?

This reflections will be based more on gut feeling than actual proof and as always anything I say should be taken with a large grain of salt.

I will go over two thoughts that I currently have:

Why do you make an IPO?

Which managers will protect the shareholders and which will protect employees?

Gerry Weber report Q2 2015

My German fashion retail chain Gerry Weber arrived with their Q2 report and the reading was not very good to be honest and I can directly say that I kind of knew this by observing the amount of customers entering and being inside their stores.

Analysis of AMS

Company: AMS

ISIN AT0000A18XM4 | WKN A118Z8

Business: An Austrian technology company. They are working with sensors and are involved in sensors that are mimicking all the human senses. Their products more specifically are: Audio, Chemical Sensors, Light Sensors, Lighting Management, Sensor Driven Lighting, Position Sensors, Flow Sensing, Precision Time Measurement, Power Management, NFC/HF RFID, UHF RFID, RF Transmitters & Receivers, Lightning Sensor, Sensor Interfaces, ASICs, Full Service Foundry and EoL Notifications.

Active: Present in 20 countries but are making sales world wide.

P/E: 22.6

Enel report Q2 2015

And those energy companies keep coming with their reports. Actually this has been out for a while but I have just not gotten around to take a closer look at it. Now I did and I am not that unhappy.

Dividend from ETF Russia: August 2015

By the look of it my ignorance is even one level higher. Not only didn´t I expect the dividend payment in February please see dividend from ETF Russia: February 2015 but to make things worse I did not know that they would pay out a dividend twice per year: one major and one minor payment by the look of it. Now I know... so at least that is something.

For my 270 parts I received 10.58 USD that got converted into 9.35 €. From this I paid 2.46 € in taxes and I ended up getting 6.89 € cash on my broker account. Since the last dividend payment I have made an additional investment so my total invested capital is 2019 € which then gives me a total YoC of 2.6% which was significantly pushed down due to the second investment. I therefore look forward to the dividend payments in 2016!

The Stock Dividends page has now been updated if you want to follow my dividend progress.

Aquamarine Capital: Guy Spier Q2 2015

Aquamarine Capital is Swiss based investment partnership that is run by the South African born Guy Spier (this link goes to Wikipedia). One of Guy Spiers'  buddies are Mohnish Pabrai and both of them are famous for paying a large amount of money for having a dinner with Warren Buffett.

Mr. Spier is a copycat investor and I see directly that he is looking at / communicating a lot with Mohnish Pabrai as well as having a big eye on Berkshire Hathaway. What I find interesting is that Guy seem to remain in investments that Mohnish has already left.

Cez report Q2 2015

Cez arrived with their Q2 report for 2015. The share price hardly ever moves for Cez unless it is the day that they pay out the dividend so I really do not know how the market accepted the report.

Pershing Square: William Ackman Q2 2015

This used to be the final investor that I followed but I have decided to add one more to the group that I follow. William have not had an exciting quarter based on the movements by him.

For the previous report please visit Pershing Square: William Ackman Q1 2015.

There were no new investment made in the US.

Conclusion: The only thing happening in the US was that William sold off Actavis that was a new investment for Q1 2015 so a very short holding time on that one.

Greenlight Capital: David Einhorn Q2 2015

The swiftest mover of all the investors that I follow is David and here I will report what he has been up to during the second quarter of 2015.

There has been several new additions to his portfolio:

E.On report Q2 2015

The Q2 report from E.On is also out and since their IT department have still not managed to sort out the RSS feed (even thought I have complained on them) I obviously do not get a heads up when the report arrives. Very annoying. Share price on the day of release should have been down according to me and what the market responded I do not know.

Dividend from Cez: August 2015

My Czech electricity producer Cez paid out dividends. Last year it was a painful experience due to the 35% that they take in taxes and this year it was even worse for me since I had to pay taxes also in Germany.

For my 100 shares I received a total of 4,000 CZK which got converted to 145.83 €. From this I then ended up paying 66.43 € (almost 46%) in various taxes and I received out as cash on my broker account 79.40 €. The YoC is at 6.8% which I find excellent but the taxes are heavy and leaves me very little in the hand.

To find out more about Cez then please visit analysis of Cez 2015.

The Stock Dividends page has now been updated.

Avtovaz report Q2 2015

My Russian car producer Avtovaz arrived with their... well... one page press release to explain what the first half year has looked like. There is a proper filing also but it is in Russian and with this company I do not care very much what happens from quarter to quarter. The share price have generally been dropping which is to a large extent due to a much weaker RUB.

Firewood shed from SJ-pallar

As I wrote in my Summary of July 2015 my plan was to build a new firewood shed on the backyard of my summer house based on SJ-pallar. SJ-pallar (please see the wood construction above) is the Swedish word for these wooden construction that are today often used for shipping products. My thought was that they would be excellent to use for storing firewood. The future years will give me the answer.

Berkshire Hathaway: Warren Buffett Q2 2015

I almost got the feeling that Berkshire is making another Deere move again because there is a similar situation to what happened back then with Deere. They increased their holding and then all of a sudden completely gone followed by being back again next quarter as a much larger holding. We shall see if I was correct in a quarter from now.

There was one new addition and that was:

Axalta Coating Systems - An American company that are producing liquid as well as powder coatings.

RWE report Q2 2015

Once again I have shown my skill in catching falling daggers. The report was very poorly accepted by the market and the share price decreased significantly on the day of the release. The share price of RWE has gone from above 30 € down to around 16 € and I ended up "catching" the knife in the middle so I am now around -30% on this investment. Bad done Fredrik!

Dalal Street: Mohnish Pabrai Q2 2015

Also this quarter Mr. Pabrai showed some activity with his Dalal Street since one of his holding were once again kicked out.

For the previous summary please visit Dalal Street: Mohnish Pabrai Q1 2015.

Conclusion: Citigroup was another of those companies that he have kept for more than the three years that I have followed him. The additions and decreases of shares in the various companies were more for show than anything else... a couple of hundred shares here and there so no major movements which means Mr. Pabrai is sitting on a decent amount of cash.

K+S report Q2 2015

The potash and salt mining company K+S arrived with their Q2 report and for me it was once again happy reading. The market was not overexcited with the report which I am.

Talanx report Q2 2015

My mutual insurance company Talanx arrived with their Q2 report for 2015. Personally I was not very impressed with the report but the market found it fully ok by the look of the share price movement.

MüRe report Q2 2015

After a big talk down of the share price from the CEO and himself (+several other managers) tanking more shares on the low we now have an very good quarter from MüRe. It makes me dislike the CEO even more looking at his personal agenda to enhance his fortune at the cost of some poor guys that bought the shares around 200 €.

Fugro report Q2 2015

The hopefully turnaround case Fugro arrived with their Q2 report and the reading was less than exciting. The share price has kept dropping so I assume that the market was also not so excited this time.

Adidas report Q2 2015

My German sports retail company Adidas arrived with their half year report and it was not all as great as one would have hoped it to be. Market response on the report I also did not follow upon the day of the release.

Coba report Q2 2015

Commerzbank arrived with their quarter report and since I am less active than usual I really do not know what the market response was to it. The fact remains though that the share price have in no way gone like a sky rocket so I assume it was not well accepted.