Today I started a position in BMW3 (Xetra), non-voting preferred shares of BMW. The company has had a great performance, continues to gain market share and it is among the most profitable companies in the sector. Moreover, it is historically one of the more resilient names, in terms of fundamentals, in the sector when the cycle turns. Furthermore, I like the management and its strategy a lot. Half year ago the stock was cheaper, but currently it is still very attractive as a long term investment. Its normalized PE is well below 10.
Also today, I started a position in Plus500 (London). This is tricky position. I have read very strong opinions against the company. I would highlight the following one:
cablecarcapital.com
Nonetheless, I think the company, at current valuation, offers a decent margin of safety. The business model is a bit strange. It is probably more similar to that of a gambling company than a broker. Regulators have also raised some issues. Nonetheless, they display a growing profitable customer base, and so far, main regulation issues have been somehow dealt with. Therefore, I am starting a position.
I am running out of Euros and my account in USD also has little liquidity. Today I sold some gold etfs (with gains of 4%), to start one of the positions. I probably need to rotate some of my long positions... |
