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Frederik Gieschen

@NeckarValue

8 Jan

Brian Jellison's new strategy at $ROP
"bankers focused pitches on consolidating end markets and making easy-to-do deals where the value was in the synergies... Boards wanted easy-to explain combinations"

Book: Lessons from the Titans

Different times:
"The valuation for an asset-heavy company with
potential tail liabilities was not much less than the
valuation for a software company ... if the asset heavy
company had razor/razorblade characteristics, its
valuation was often higher."

"Jellison found the biggest mispricings in less sexy, slower, but still solid growers. These were usually software companies in highly niche markets."

Read 6 tweets

Frederik Gieschen

@NeckarValue

8 Jan

@tom_morganKCP

"new investors typically uncritically adopt heroes and gurus... with more experience ... imperfections appear. They have increasingly long lists of who they dislike. But pointing out faults is trivially easy."
@tom_morganKCP
thekcpgroup.com/insights/the-a…

"The problem is that we have a tendency to repress everything from the prior stage as we move to the next one.

The more different perspectives you transcend and include, the more easily you can identify the universal themes and ideas that appear across wisdom traditions."

"I tend to get very excited whenever I find a new thinker or guru. “This is the person who finally has the answer!” I worship the guru, not their insights. Then when my heroes inevitably turn out to have feet of clay, I tend to throw out their entire body of work."

Read 6 tweets

Frederik Gieschen

@NeckarValue

5 Jan

How did a secretive German family (with a complicated Nazi past) build a global coffee and food empire?

Actually, it was three creative managers who turned the family business into a unique hybrid investment firm.

Today, JAB controls 50+ billion in assets and many iconic brands

JAB is a combination of family holding and private equity firm with investments across coffee (Keurig, Peet's, Caribous), food (Krispy Kreme), restaurants (Panera Bread, Pret), beverages (Dr. Pepper Snapple), and perfumes (Coty).

It all started in 1823 in Southern Germany...

JAB = Johann Adam Beckinser who acquired a chemical lab in Pforzheim. He hired a young chemist named Karl Ludwig Reimann (first to extract nicotine from tobacco) who took over the firm after B's death. It became a top producer of citric acids, the sour ingredient for soda & candy

Read 20 tweets

Frederik Gieschen

@NeckarValue

3 Jan

I get excited by the liminal space between the years. Anything seems possible with the blank canvas of 12 fresh months.

But it's a conundrum: I know from experience that long lists of goals don't work. They're quickly forgotten.

Instead, I combined several frameworks this year:

First I thought I'd get fancy. Forget goals and resolutions. We want Objectives and Key Results (aka OKRs). If it's good enough for Google...

This is John Doerr’s formula: “I will (Objective) as measured by (this set of Key Results).”

@patriciamou_

You don’t have to reinvent the wheel here. Check out this template by @patriciamou_

docs.google.com/spreadsheets/d…

Read 13 tweets

Frederik Gieschen

@NeckarValue

2 Jan

@danwwang

Always enjoy @danwwang's annual letter

"It’s too soon to say that regulatory actions have snuffed out entrepreneurial dynamism in China, it’s easier to see that a decade of tightening has strangled cultural production. I expect China will grow rich but remain culturally stunted"

"An important factor in China’s reform program includes not only a willingness to reshape the strategic landscape but also a discernment of which foreign trends to resist."

"leadership is targeting a high level of manufacturing output, rejecting the notion of comparative advantage. That model ... has leaked out of the lecture hall and morphed into a political justification for only watching as American communities of engineering practice dissolved."

Read 11 tweets

Frederik Gieschen

@NeckarValue

2 Jan

Bank analyst complaining about the dotcom bubble in March 2000.

"The run-up in technology stocks... has been such a sizable distraction on our ability to provide guidance on bank stocks, that I felt compelled to make some sort of commentary on the complete and total insanity"

"I don't think bank stocks can make a meaningful recovery until tech stocks have corrected

Until the performance dissipates, money will continue to chase it in the tech sector"

"The investing public has taken on the role of amateur VCs - funding excessively risky ventures years from profitability at prices hundreds of times higher than professional VCs"

"Most of today's investors have never experienced a sharp, protracted downturn in equity values"

Read 4 tweets

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