24
Aug
2020

A new role

At the moment I have several projects I’m working on all at the same time.  Don’t worry, I haven’t decided to turn pro and become a full time beach volleyball player.  Instead I have taken on a new free lancer role, writing pieces for sharepad.  So it feels like this blog may go quiet for...
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7
Jul
2020

Remorseless

While every short seller is still celebrating the demise of Wirecard, I thought it might be worth writing about another financial institution that is in the 95% club – the share price has fallen 95% since the start of 2014. Incorporated under the laws of the British Virgin Islands, the bank I’m thinking of has...
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21
Jun
2020

A quick thought on Wirecard

On 18th June Wirecard announced: Wirecard AG’s auditor Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Munich, informed Wirecard AG that no sufficient audit evidence could be obtained so far of cash balances on trust accounts to be consolidated in the consolidated financial statements in the amount of EUR 1.9 billion (approximately a quarter of the consolidated balance...
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10
Jun
2020

Recurring revenue and moats

A friend on twitter, Andrew who runs https://www.fundhunter.co/ asked an interesting question: is recurring revenue a “moat” in itself?  That is, do all companies that have recurring revenue / customers who stay for years, have competitive advantages (and by implication report high returns on capital).  After thinking about it for 10 seconds I replied with...
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