I'm Michael Gielkens, partner and co-owner of Tresor Capital. Investing has been my great passion for years: from analysing holding companies and serial acquirers to building long-term strategies. What was once a hobby is now my job.
Deep Dives
3i Group is increasing its stake in Action as the discounter keeps growing strongly despite headwinds in France and Germany. At the same time, the private equity portfolio shows that 3i also creates consistent value beyond Action through internationalisation and scalable niches.
Family Holdings
This week's topics: Topicus has received the green light to expand its stake in the Polish IT giant Asseco Poland to 24.84%, ushering in a new era focused on long-term value creation. The strategic alliance brings in the disciplined capital allocation and operational expertise of Topicus
Family Holdings
This week's topics: Shares in Constellation Software came under pressure this week after founder and figurehead Mark Leonard, three days after a rare AI webinar, unexpectedly stepped down as president for health reasons. During that session, Constellation discussed the impact of AI at length: how the company implements
Family Holdings
This week's topics: Does AI pose a threat to established niche software companies? We think not; their true strength lies not in technology, but in deep market knowledge and the high switching costs for their customers. This is confirmed by the CEO of Chapters Group, who emphasises that
Deep Dives
This week we take a deeper dive into the serial acquirer Heico Corporation (New York: HEI-A). The American company, active in the aftermarket for aircraft parts, has recently posted yet another record quarter. Net profit rose to USD 177.3 million (+30%), operating profit to USD 502.1 million
Family Holdings
This week's topics: D’Ieteren took a heavy hit after disappointing half-year results: profit before tax fell by 22.7% and revenue by 2.9%, triggering a share price decline of almost 10%. Under the bonnet, however, the core business remains strong: Belron and PHE delivered solid
Deep Dives
On the stock market, investors are constantly searching for the holy grail: a company that not only generates superior returns, but does so with a predictability and sustainability that spans decades. Such companies are rare. They are not defined by the latest technology hype or the whims of quarterly earnings,
Family Holdings
This week's topics: Alphabet suffered a setback this week with a multi-billion EU fine for abusing its advertising technology, but at the same time secured a crucial victory in a US lawsuit, in which it was decided that the company does not need to be broken up.
Deep Dives
Canadian investment holding company Brookfield Corporation (New York: BN) finds itself at a turning point in its development. Where the company was known for decades primarily as a global manager of real estate, infrastructure and renewable energy, its strategy has clearly broadened in recent years. The combination of strongly growing
Family Holdings
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)
Family Holdings
This week's topics: We sold our 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 is manifesting itself in various ways: from the pragmatic, decentralised innovation
Deep Dives
The rise of artificial intelligence (AI) dominates conversations in boardrooms and on investor forums. The technological progress 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 an