KEDM Lite Vol. 1
This week’s additions and highlights 1. SPIN-OFFS No material updates this week 2. STRATEGIC ALTERNATIVES & REVIEWS (Potential take-outs, asset sales, M&A, etc.) DSM-Firmenich (DSFIR Netherlands). dsm-firmenich finally sold its ANH unit. While the €2.2bn + €0.5bn earn-out was pretty much in line with what we expected, the market didn’t like. Sell the news? Or is…
Bear market in Dumb Stuff
It won’t surprise you that we have no software names in the portfolio. We spent the last week looking at the carnage on our screens, without really participating. For once, value stocks were not dragged into a broad market selloff and we have to admit, it feels kind of good. We don’t have a strong…
Existing Home Sales
Let’s go back to the housing market of 2021. A year into Covid we were still stuck at home flattening the curve (or at least flattening our couch cushions). Businesses closed and people lost their jobs. Whoever was fortunate enough to keep their job was told to work from home. To keep us from protesting…
IPO Tutorial
After 2 in-depth thematic pitches in the last month (Senior Living Facilities and Private Prisons) we wanted to dive into another monitor this week: IPOs. While we don’t need to explain to anyone how IPOs work, we’ll look at what the data says on how you should ‘play’ them. Given the hot IPO slate planned…
Senior Living Facilities
In 2023, we introduced the silver tsunami to the KEDM crowd as a long-term trend. We pondered whether the right play was through medical devices or senior living facilities (SLF), or whether to fast forward and go straight to the publicly traded undertakers. SLFs have done well since then, with WELL up 143%, VTR up…