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"The future of work and commerce is agentic". You can read statements like this everyday now (and listen to a podcast about it below). Mc Kinsey explains what an AI agent actually is
 Matthias Saggau is looking back at 10 years of advising the Partners Fund
Brian Balfour is looking at the "Missing Piece of the AI Revolution: Distribution". "Facebook, Google, Apple, LinkedIn—every platform followed the same brutal pattern: open, grow, close, monetize. The next distribution monopoly is coming". It´s gonna change everything for virtual goods and services.
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Coloplast shares have been a good compounder over the last 2 decades. Looks like the last leg of the rally was driven by multiple expansion and "over-earning". But after a 50% drop, the multiple has now somewhat "normalized". There has been a management change. The Octopus is introducing us to the business. A very good starting point for further analysis
 Jonathan Ruffer is worried about the Market (see podcast below)
 Mr. Spex looks like a flawed business model. After the IPO, market cap dropped from EUR 800mio to EUR 50mio (below cash). Nonetheless, the interview with its new CEO gives a very good "look-behind-the-scenes" of how German real estate billionaire Albert Büll invests his money (see podcast below).  |
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ARD has another series on the "Mythos Tour de France" (click)  40 years ago this week, 17-year-old Boris Becker won the title at Wimbledon. A legend was born. Watch the full match here (click). Nobody in our working-class / farming community had ever played tennis. It was "football-only". The next day, kids in the street would play tennis. With whatever racket they could find (badminton, table tennis, plastic, etc). With clothes lines or just chalk lines working as a net. Using the (uncomprehensible) English words (i.e. "thirty love") when keeping score. Throwing ourselves to the concrete to imitate the famous "Becker Hecht" (picture below). Within a year, we started joining the tennis club (that had 4xed its capacity) and beating the "rich kids" at their own game. Simpler, very good days of childhood. And Boris will remain a hero forever, whatever happened after his career. A true legend. Enjoy the Weekend!
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