I am Michael Gielkens, partner and co-owner of Tresor Capital. Investing has been my great passion for years: from analyzing holdings and serial acquirers to building long-term strategies. What was once a hobby is now my job.
Deep Dives
The Canadian investment holding company Brookfield Corporation (New York: BN) is at a tipping point in its development. Whereas the company was known for decades primarily as a global manager of real estate, infrastructure, and renewable energy, the strategy has clearly broadened in recent years. The combination of strongly growing insurance activities, a record amount of deployable
Family Holding Companies
This week's topics: The quality of management is a crucial but difficult-to-measure factor for long-term value creation, which can be assessed through indirect signals such as communication and capital allocation. The openness of Ryan Rockafellow (TerraVest) and the no-nonsense approach of Tom Gayner (Markel) are considered prime examples.
Family Holding Companies
This week's topics: We sold the position in Indutrade earlier this year to reinvest in the superior performing sector peers Addtech and Lifco, which score significantly better on profitability and return on invested capital. The AI revolution manifests itself in various ways: from the pragmatic, decentralized innovation at
Deep Dives
The rise of artificial intelligence (AI) dominates conversations in boardrooms and at investor forums. The technological advancement is undeniable, and the potential impact on various sectors is immense. For investors in the software sector, and particularly in vertical market software (VMS), this raises a crucial question: does AI pose a
Family Holding Companies
This week's topics: Asseco Poland, a Polish software 'serial acquirer', offers latent potential through the recent entry of Topicus.com, which now has a controlling interest together with the founder. The implementation of the proven 'Constellation playbook' should drastically increase profitability, as successfully
Deep Dives
In the world of investing, much attention is paid to balance sheets, profit and loss accounts, and macroeconomic trends. Essential, without a doubt. But one of the most critical factors for long-term success is often underemphasized: the quality and motivations of management. The term "skin in
Family Holding Companies
This week's topics: Alphabet's potential investment in the crucial AI infrastructure company Vast Data is a direct example of their broader 'moonshot' strategy, aimed at financing the fundamental building blocks of future technology. Prosus reallocates capital by selling its stake in competitor Meituan to
Deep Dives
Earlier this month, we traveled to Hamburg for the annual Capital Markets Day and shareholders meeting of Chapters Group (Frankfurt: CHG). As Tresor Capital, we consider it of utmost importance to closely monitor the companies in our portfolio. We can confidently report that this day