Portfolio end of May: 60% Cash Weights excl. cash: >30% $NEM.DE >15% $SDI.L $PUBM $SUS >10% $FC Sold: $APPS $BICO.ST True-time weighted rate of return (excl. cash): May: -1,2% Ytd.: +0,2% Incl. cash: May: -0,2% Ytd.: +0,3%

@Investmentideen Those are really helpful, thanks!

Main learnings: don't invest in too complex businesses (which $APPS is due to acquisitions), normalize inflated earnings for financial models, be cautious with multiple acquisition if the business model isn't set up for it, macro isn't an excuse for ongoing underperformance.

ST may be in pilot projects and they keep paying down debt but those already were the highlights in the last quarters. Feel like they got too much going on in the company. Kinda reminds me of BICO and their acquisitions they couldn't handle as the environment got rougher.

Sold $APPS. Feels like execution is missing on all fronts. You can't only blame macro since multiple quarters while other addtech players report flat top line. The product market fit doesn't seem to be as great as Bill always says. SBC increasing to 7% of revenue.

@Invesquotes So that's the way I think about insider ownership too. Bonus point if insiders own a lot but understandable if they don't imo. Maybe except for the founders.

@Invesquotes Ye probably rare. Wouldn't expect it from management to do it anyways cause if I'd get sbc as employee in a large comp I would sell as fast as I can due to 'concentration risk'. If the company fails it would impact my life anyways, don't need to transfer the risk to my wealth.

$SUS $SUS.ST Surgical Science Sweden Q1 ▪ Net sales SEK 229m (159) ▪ GM 69% (64,6%) ▪ EBIT SEK 53,2m (20), ▪ Margin 23,3% (20%) ▪ Profit SEK 50m (16,5) ▪ Margin 21,8% (16,3) ▪ FCF ~ SEK 36m Seems like a solid quarter.

Will be interesting to see how the european real estate market evolves in the medium term, especially in the private sector. Could also weaken $NEM.DE tailwinds a bit.

Just received the printed annual report of Nemetschek and came across it.

New $BKNG headquarter in Amsterdam. Being built and operated with Nemetschek $NEM.DE software.

So I would go with something like 10% Sdi, 90% Cash and take my personal summer investing school and probably use Sdi as a case study to apply things I learn. While looking for other ideas as I build up a framework and learn. Any thoughts?

If I would rebuild now, I probably wouldn’t buy $APPS or $PUBM, $FC as it‘s a 100% borrowed idea, $SUS and $NEM.DE sitting on high valuations. Probably only one I would keep here would be $SDI.L.

Just a thought: Thinking about selling most of my stocks, no not cause I think of a crash, but thinking about a portfolio rebuild. As I said in my 22 recap: I want to find a more detailed framework/strategy. So would spend some time with reading and rebuilding. 1/x

$NEM.DE Q1 ▪ Guidance for 2023 confirmed ▪ Ambition for 2024 and 2025 confirmed ▪ Transition to subscriptions and SaaS continues to progress as planned ▪ Announced price increases in design ▪ Bluebeam: most new customers opting for SaaS with more extensive cloud features

@MoS_Investing Simply by underperformance vs the index I would use for indexing over 5-10yrs. Question is when to start comparing. I feel like you need some years to find your favourite approach in stock picking where it's hard to compare cause ur strategy is constantly in change.

$NUMND

@mavix_leon @SebKrog @hurdle_rate @Stock_Opine @Carlos_MoraM @Invesquotes @IrrationalMrkts @stonkmetal @SaaSletter

That kicked off some interesting discussions in the comments. Check it out. I feel like it‘s as always: It depends.