Economy & Markets
This week's topics: The U.S. Federal Reserve has started cutting interest rates to support the economy, a move that historically has a positive effect on equity markets. Other central banks are following suit worldwide, and indicators such as the 'credit impulse' point to more liquidity, which is a
Deep Dives
This week, we delve deeper into the serial acquirer Heico Corporation (New York: HEI-A). The American company, active in the aftermarket for aircraft parts, has recently posted another record quarter. Net profit rose to USD 177.3 million (+30%), operating income to USD 502.1 million (+22%), and revenue
Family Holding Companies
This week's topics: D'Ieteren took a hit after disappointing half-year figures: profit before taxes fell by 22.7% and revenue by 2.9%, leading to a share price drop of almost 10%. However, the core remains strong under the hood: Belron and PHE are delivering solid growth.
Economy & Markets
This week's topics: France is once again facing political instability: the third prime minister in a year must unite a divided Assemblée and a towering national debt, while French bonds are now riskier than Italian ones. In the US, the labor market appears much weaker than previously thought after a record revision of
Media
Anyone who relies on standard financial screeners or a quick glance at traditional key figures runs the risk of making a crucial mistake: assessing all companies with the same yardstick. This 'one-size-fits-all' approach is particularly misleading when analyzing serial acquirers and family holding companies. These are not
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. These companies are rare. They are not defined by the latest technological hype or the whims of quarterly earnings, but by
Family Holding Companies
This week's topics: Alphabet suffered a setback this week with a multi-billion euro EU fine for abusing its advertising technology, but at the same time achieved a crucial victory in a US lawsuit where it was decided that the company does not need to be split up. This resulted in a significant jump in the share price. The German investment holding company MBB
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.
Media
This week, Tresor Capital partner and co-owner Michael Gielkens was a guest for the second time on the Jong Beleggen podcast by Milou Brand and Pim Verlaan. This episode delves deeper into serial acquirers: companies that strategically grow through the systematic acquisition of other companies. Although most acquisitions
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