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# GlobalStockPicking.com

There is always a bull market somewhere...

## Sitemaps

- [XML Sitemap](https://www.globalstockpicking.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Turning Point Brands (TPB US)](https://www.globalstockpicking.com/2026/04/13/turning-point-brands-tpb-us/) - Today is Garry Kasparovs birthday. Growing up as a teenager in the early 90s, I remember how the discussion in media went around computers beating humans in chess. Already as a 9 year old I bought a chess computer. It signaled with lights at the corner of the board what moves it wanted to make.
- [Ten Years!](https://www.globalstockpicking.com/2026/03/22/ten-years/) - Twelve years ago, after many years working in back-office roles I had finally landed a dream role, as a Portfolio Manager in Stockholm. I was given a free mandate to invest globally with other fund managers, finally I had a role related to equity investing. Just two years later, I resigned, to move back into
- [TINA for China?](https://www.globalstockpicking.com/2025/01/06/tina-for-china/) - There Is No Alternative was originally minted for other political motives but was famously revived to explain the environment with zero interest rates - TINA - you just had to buy equities. The question on my mind the past few weeks has been, has China now reached such a moment in time? So I wanted
- [2024 coming to an end](https://www.globalstockpicking.com/2024/12/28/2024-coming-to-an-end/) - I hope you had some relaxing holidays and can look back at 2024 as a successful year! After a long radio silence from me during 2024 I'm back with a post. With so much great material on Substack nowadays (it really exploded compared to what was available back in 2016 when I started this) I
- [L'occitane (973 HK) - Call to action](https://www.globalstockpicking.com/2024/05/03/loccitane-973-hk-call-to-action/) - Disclaimer: Global Stock Picking uses information sources believed to be reliable, but their accuracy cannot be guaranteed. The information contained in this publication is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. The opinions expressed in such publications are those of the publisher and are subject
- [I promised a fresh start and something new](https://www.globalstockpicking.com/2024/04/22/i-promised-a-fresh-start-and-something-new/) - Beginning of this year I posted that I had done my last performance review and promised a fresh start - something new. Well it took a while to move my ideas into a new product, but today it's time to reveal what it is! Before the reveal, give me a few minutes to explain how
- [Year of the Dragon - HK stock picking](https://www.globalstockpicking.com/2024/01/28/year-of-the-dragon-hk-stock-picking/) - We are quickly approaching the year of the dragon, a special year for Chinese people. In the past birth rates would go up as its extra lucky to be born during a dragon year. Given how extreme the Hong Kong market underperformed the rest of the world in the past 3 years, I just have
- [Summary 2023 & changes on the horizon](https://www.globalstockpicking.com/2024/01/17/summary-2023-changes-on-the-horizon/) - After two years with around zero returns (but a lot of volatility), like many others the GSP portfolio sprinted towards year end managed to eke out a return of +13% for 2023. This compares poorly to MSCI World at 25%, in-line with MSCI World ex USA and quite favorably versus Hang Seng at -14% (what
- [OssDsign - USA bone regeneration pureplay](https://www.globalstockpicking.com/2023/11/19/ossdsign-usa-bone-regeneration-pureplay/) - Introduction Neck and spine problems will be on the rise in the future. We stare down into our smartphones all day and spend too many hours sitting (with bad posture) in front of our computers (old post for more on this link). OssDsign has a very interesting product, in a small but important niche of
- [My watch outperformed my portfolio in 2021](https://www.globalstockpicking.com/2022/01/04/my-watch-outperformed-my-portfolio-in-2021/) - Happy New Year! There is no beating around the bush on this one, 2021 unfortunately was a lost year for the GSP portfolio. I bought a watch in mid 2021, it has already appreciated with roughly 10%, easily beating my 2021 performance of 3% return. That a watch can out-perform my portfolio is a pretty
- [Mid-year portfolio review 2022](https://www.globalstockpicking.com/2022/07/07/mid-year-portfolio-review-2022/) - It's been difficult six months to try to find somewhere to hide, I have taken some hits but managed to navigate the downturn decently well. My portfolio detracted -11% in the first half of 2022 vs -20% for my main benchmark MSCI World Total Return, both denominated in USD. Never fun to be down, but
- [Summary 2022](https://www.globalstockpicking.com/2023/01/02/summary-2022/) - This has been one of the most eventful years since I started investing, I would say only 2008 tops it for me. War in Ukraine, crazy inflation, huge rate hikes, collapsing currencies and China who locked in their population to keep dynamic zero. And with all these events happening, my return for the year is
- [ZimVie - Undervalued MedTech spinoff](https://www.globalstockpicking.com/2023/06/24/zimvie-undervalued-medtech-spinoff/) - Background ZimVie completed it's spinoff from 29bn USD MCAP Zimmer Biomet (ZBH) in March 2022 and traded around a 800-700m MCAP + some 600m USD of debt after spinoff. The MCAP has since then shrunk to around below 150m USD and lately rebounded to 350m USD. The company is active in two segments: Dental (main
- [My high conviction Hong Kong holdings](https://www.globalstockpicking.com/2023/03/19/my-high-conviction-hong-kong-holdings/) - I promised in my "Summary 2022" to comment on the holdings that contributed most positively/negatively in 2022, they happen all to be Hong Kong stocks and among my largest positions. Best stocks in 2022 – PAX Global and Vinda Worst stocks in 2022 – Modern Dental & Greatview Aseptic All four stocks have been reduced somewhat to
- [Smartphone usage - Myopia - Part 2](https://www.globalstockpicking.com/2023/01/10/smartphone-usage-myopia-part-2/) - In the early days of my blog I talked a lot about my investment process, how I tried to combine top-down analysis of long term trends with bottom-up stock picking. I still think the best ideas comes from this approach, you identify something the market has not fully appreciated yet and then you find the
- [Portfolio updates, new holding and other thoughts](https://www.globalstockpicking.com/2022/11/26/portfolio-updates-new-holding-and-other-thoughts/) - After a fairly long period of lower activity both on the blog and holding wise, in these past weeks I have sprung to action to make some changes. Others like Swedish Match were force upon me, now to be fully bought out by Philip Morris. This is a quite a dramatic change to the portfolio
- [Anicom - Dominant Japanese pet insurance](https://www.globalstockpicking.com/2022/09/25/anicom-dominant-japanese-pet-insurance/) - Time to reveal my first investment in a truly Japanese company (that is bought with Yen and only listed in Japan). What really triggered me to pull the gun was the significant JPY weakening we have seen lately, with only domestic sales I'm fully exposed to the Yen in this holding, let's dig into Anicom
- [Portfolio walkthrough - short comments](https://www.globalstockpicking.com/2020/11/29/portfolio-walkthrough-short-comments/) - It's high time to review my holdings and if anything changed in their investment thesis. This will be a monster post, for me it's a great way to review all my holdings and make sure I stay up to date. For you, if you hold or are interested in one of these stocks you will
- [Portfolio re-balancing and selling Diageo](https://www.globalstockpicking.com/2020/03/23/portfolio-re-balancing-and-selling-diageo/) - The rationale for worries and opportunities in all my holdings are spelled out in my previous post. Today I will just briefly announce my portfolio decisions. One little obstacle in this extremely volatile market is that in the blog execute all trades on close, this might mean quite large deviations from the levels I would have
- [Swedish Match my largest position - takeover](https://www.globalstockpicking.com/2022/05/11/swedish-match-my-largest-position-takeover/) - It is not every day your largest position get a takeover offer at 40% premium. Surely something to be celebrated - or? Philip Morris International Inc. (“PMI”), has today announced a public cash offer to Swedish Match’s shareholders, offering SEK 106 per Swedish Match share in cash. Fantastic for my more than slightly bruised portfolio
- [RaySearch - The Post-Covid turnaround](https://www.globalstockpicking.com/2022/03/13/raysearch-the-post-covid-turnaround/) - Disclaimer: This post is for general information purposes only and does not constitute investment advice. Always do your own due diligence. Please see full disclaimer on globalstockpicking.com. Elevator pitch Only independent software company in radiotherapy for cancer treatment with very strong product offering, never lost a customer. Founder led company which spent more on software
- ["Everything" is a bubble](https://www.globalstockpicking.com/2022/01/23/everything-is-a-bubble/) - What does a bitcoin speculator, a Rolex collector, a Magic the gathering cards collector, a wine collector and a tech growth stock investor have in common? Not that much they might think, but in my view something happened in 2019 that got all of these people exposed to the same something. My previous post headline
- [GPW - Warsaw Stock Exchange Group](https://www.globalstockpicking.com/2021/10/10/gpw-warsaw-stock-exchange-group/) - Summary + Exchange business are attractive both for their moat and resilience in an inflationary environment. + GPW is trading a highly attractive valuation where even a bear case gives upside in share price. + Attractive dividend yield north of 5%. + Polish stock markets have not seen the rally developed markets have, perhaps the
- [When things go wrong](https://www.globalstockpicking.com/2021/09/24/when-things-go-wrong/) - Back in May-June after my last blog post my life and portfolio was in bloom, I had my best outperformance since the blog started and I was back good physical shape. That did unfortunately not last and things went quite wrong from there on. I had struggled with my health for the past year and
- [Part 1 - Catching the Value Rocket](https://www.globalstockpicking.com/2021/05/23/part-1-catching-the-value-rocket/) - A study of small caps listed on the Hong Kong exchange Over the last couple of years much of my portfolio performance can be attributed to a few holdings which have 2-5x in a short period of time. The latest one being Modern Dental Group where the price recently just took off. If you want
- [Essex Biotech - Why I am bullish](https://www.globalstockpicking.com/2021/02/23/essex-biotech-why-i-am-bullish/) - Recently some of you readers have contacted me either through the blog or on twitter to discuss Essex Biotechnology. Since I also recently increased this to a high conviction position, I thought I would share my thoughts on why I did so and some very recent development. This post will not make sense if you
- [VIGO Systems - Polish detector champion](https://www.globalstockpicking.com/2021/02/22/vigo-systems-polish-detector-champion/) - + Hidden Champion in a niche of IR detector market. + The future use cases of detectors is very large and is growing (for example self driving cars) + Very high margin sales speaks of the quality of Vigo's products, also a nice track record of growth. + Founder led with high ownership from current
- [Portfolio changes over the past months](https://www.globalstockpicking.com/2021/02/15/portfolio-changes-over-the-past-months/) - With ~5 years of announcing every buy/sell transaction on the blog, I have now for a while shifted to only post changes under "Trade History". Sacrificing some transparency but with the aim to focus blog posts on more interesting things than every trade done. I imagine this will be my new format, where I look
- [Let winners run or invest with margin of safety?](https://www.globalstockpicking.com/2021/02/14/let-winners-run-or-invest-with-margin-of-safety/) - As you long term readers know by now this blog has two main themes, stock picks and evaluating my investment style. This is another one of those posts where I explore one aspect of portfolio management - should one hold on to winners as their valuation gets more stretched? In the past year markets have
- [Summary of 2020](https://www.globalstockpicking.com/2021/01/02/summary-of-2020/) - Intro Much can be said about this year, I choose to focus on how extreme the dispersion been this year. A very small subset of the markets has been doing tremendously well in 2020. Bitcoin has tripled and Tesla and other ESG trendy "hot stocks" soared hundreds of percent on back of the massive stimulus
- [Synektik - Betting on Polish healthcare](https://www.globalstockpicking.com/2020/12/31/synektik-betting-on-polish-healthcare/) - Summary + Strong core business of radiopharmaceuticals, natural moat where products can only be produced locally. + Added an extremely successful leg as exclusive Polish distributor of Da Vinci surgical systems. Sales have exploded on back of pent up demand for these systems. + Product for heart disease in pipeline, finalized Phase 2 trials, seeking
- [Guest Post - A bullish scenario for global equities](https://www.globalstockpicking.com/2020/10/12/guest-post-a-bullish-scenario-for-global-equities/) - We have had many good discussions around Macro lately, so I requested another guest post, enjoy! It’s well known that one of the biggest drivers of strong performance for global equities since the bottom in March is lower real yields, which has driven Price/Earnings ratios to historically high levels. Real yields, which effectively is nominal
- [Guest post about the US debt cycle](https://www.globalstockpicking.com/2019/06/03/guest-post-about-the-us-debt-cycle/) - A good friend of mine, who is the one I bounce ideas the most with, asked if it was possible to do a guest post. Without this guest, my discussions and investment ideas over these years would not have been the same. So I'm very happy to present some Macro thoughts from my friend -
- [Smartphone usage - ticking time bomb - Part 1](https://www.globalstockpicking.com/2020/09/30/smartphone-usage-ticking-time-bomb-part-1/) - Intro A time bomb is currently ticking in most of our bodies, maybe you are aware of it. But very few of us do anything about it, especially for our kids. This post is the backdrop to a series of post which will involve investment ideas related to this theme. But even if you are
- [Breaking 100% Return & Trading disclosure](https://www.globalstockpicking.com/2020/08/16/breaking-100-return-trading-disclosure/) - I can today proudly and happily announce that I reached over 100% return since I started this blog in March 2016. To be exact a 104.9% return vs MSCI World at 60.1%. This has been done with a volatility (16.2%) lower than MSCI World (17.1%) and a 0.77 correlation, all measured on weekly returns since
- [Speculation is back](https://www.globalstockpicking.com/2020/08/02/speculation-is-back/) - I introduced my three buckets of investing about 2 years ago it was a major step forward for refining my investment strategy. I have stuck to it since, focusing mainly on my long term holdings and from time to time jump into Opportunistic or Speculative holdings. Overall the Opportunistic investments have done very well, whereas
- [Portfolio re-balancing & some thoughts](https://www.globalstockpicking.com/2020/07/21/portfolio-re-balancing-some-thoughts/) - Some thoughts... I have been thinking and discussing a lot over the past few months, what is actually going on in the world? I think most investors have been taken by surprise by size of the disconnect between the stock market and the underlying economy. I try to stay clear of taking too much notice
- [Short Dairy Farm update](https://www.globalstockpicking.com/2020/07/12/short-dairy-farm-update/) - Dairy Farm is one of two holdings I held more than 2 years, which still has a negative return. Previous poor management combined with Hong Kong protest and Coronavirus has made this (normally) defensive company perform very poorly over the past two years. In the more recent sell-off I even decided to add to my
- [Selling LG Chem - My last holding from my first investment theme](https://www.globalstockpicking.com/2020/06/28/selling-lg-chem-my-last-holding-from-my-first-investment-theme/) - Over the years as I have become more confident in my investment style and invested less and less through themes. A theme can still be a good backdrop for the investment case, but I want to pick a specific company, not get exposure towards the overall theme. When I started the blog in 2016 I
- [New holding PAX Global, Selling Tianneng, BBI Buyout finalized](https://www.globalstockpicking.com/2020/06/04/new-holding-pax-global-selling-tianneng-bbi-buyout-finalized/) - Tianneng Power (819 HK) - Sell full holding (2.3% weight) As you probably have understood if you read my previous post, the short thesis released was for Tianneng Power (819 HK). I did my best trying to take the material they had written seriously, but like I already implied in my previous post it did
- [Short report out on one of my holdings](https://www.globalstockpicking.com/2020/05/27/short-report-out-on-one-of-my-holdings/) - I just wanted to give a quick heads up that a short report is out on one of my holdings. https://www.cloudythunder.com/ Quick thoughts are that there seem to be some merit to their claims, I dont think the company is a zero though. Just less profitable (or even loss making) than it appears if they
- [Portfolio changes: Valneva, Philip Morris, Veoneer, Vinda & Kirkland Lake Gold](https://www.globalstockpicking.com/2020/05/04/portfolio-changes-valneva-philip-morris-veoneer-vinda-kirkland-lake-gold/) - Time for some portfolio changes again. I have continued to contemplate what I'm comfortable with in my portfolio and have come to some conclusions: Philip Morris & Kirkland Lake Gold - Swapping my defense PM International was bought as a highly defensive holding in my portfolio, a way to get a higher return over time
- [Essex Biotechnology (1061 HK) - Core products fund investment portfolio](https://www.globalstockpicking.com/2020/04/05/essex-biotechnology-1061-hk-core-products-fund-investment-portfolio/) - + Silly low valuation at P/E 8 (net cash) given the companies track record of profitable growth. + A number of own developed patented products in the market selling at good margins, with large market share in China. + Founder led for 20+ years, building this company from scratch. +/- Using much of it's cash
- [Portfolio update - what a difference 3 weeks make -22% YTD](https://www.globalstockpicking.com/2020/03/22/portfolio-update-what-a-difference-3-weeks-make-22-ytd/) - My portfolio has dropped -22% year to date and it's been a struggle how to position myself in this type of market. This still compares fairly well to MSCI World which is down -30% YTD, both calculated in USD. Talking about USD, the currency moves we have seen lately has been out of this world.
- [Buying TGS & Veoneer, Add Dairy Farm and Selling Irisity](https://www.globalstockpicking.com/2020/03/11/buying-tgs-veoneer-add-dairy-farm-and-selling-irisity/) - I wrote about a month ago about my take on the Corona virus from a Asia perspective, basically my worst case scenario has come true and then some. The virus is more or less out of control in Europe and large parts of the developed world is staring into two scenarios: Either they do a
- [5 years and blog still going strong!](https://www.globalstockpicking.com/2020/03/01/5-years-and-blog-still-going-strong/) - It's 5 years since I started this blog and what a journey it has been so far! When I set out on a mission, of becoming a better investor through this blog, I realized it would be hard to consistently keep posting. With life having it's ups and down it has from time to time
- [Investment styles and lifelong learning](https://www.globalstockpicking.com/2016/06/05/investment-styles-and-life-long-learning/) - Thoughts on investing styles Around the same time as I started this blog I also switched into a new area in my team at work. I'm once again faced with the struggle and joy of learning new things at work. As everyone interested in the field of finance, I read a tremendous amount of financial
- [Investing in challenger to dominant Tetra Pak - Greatview Aseptic (468 HK)](https://www.globalstockpicking.com/2020/02/23/investing-in-challenger-to-dominant-tetra-pak-greatview-aseptic-468-hk/) - The history and development of the Liquid Packing Carton market, or aseptic packaging as it is also called, is a very interesting one. Although the industry is a huge global industry, it has over the years been almost totally dominated by one player. In 1952 the Swedish businessman Ruben Rausing convinced a local dairy company
- [The situation in China & Hong Kong](https://www.globalstockpicking.com/2020/02/09/the-situation-in-china-hong-kong/) - Although I find it highly interesting with Macro analysis, I deliberately write less about such topics on this blog. I want this blog to be focused on stock picking and the struggles of portfolio management. That said, given how many investment I have with a majority of their revenue exposed to Asia/China/Hong Kong I guess
- [Changing my mind can be embarassing (Sell: Valneva, Reduce Swedish Match, Add Nagacorp)](https://www.globalstockpicking.com/2020/02/04/changing-my-mind-can-be-embarassing-sell-valneva-reduce-swedish-match-add-nagacorp/) - Selling Valneva as of today's close Other bloggers and people public about their investment decisions have spoken about that it's harder to exiting something that you recently bought. This due to some type of shame factor of changing ones mind so quickly on sometime, one recently thought was a good enough investment idea to add
- [Valneva - Microcap vaccine producer](https://www.globalstockpicking.com/2020/01/28/valneva-microcap-vaccine-producer/) - Valneva + Two strong cash generating assets, with the prime asset being Ixiaro, the only FDA approved vaccine for Japenese encephalitis + The only company attempting a Lyme disease vaccine, with a potential huge untapped market. + Strong family owner, which is the largest shareholder with 15%. + Interest from US investors who have taken
- [BBI Life Sciences (1035 HK) - Buyout Opportunity](https://www.globalstockpicking.com/2020/01/21/bbi-life-sciences-1035-hk-buyout-opportunity/) - The last month I spent quite a lot of time researching a couple of small/micro cap Pharma/Biotech companies listed in Hong Kong (I still have one more interesting candidate to perhaps reveal later). The most interesting candidate which I had planned to introduce here on this blog was BBI Life Sciences. As it happened the
- [Aligning with my strategy - portfolio changes](https://www.globalstockpicking.com/2020/01/01/aligning-with-my-strategy-portfolio-changes/) - To align my portfolio further with my investment philosophy it's time for another larger portfolio change with as many as four new holdings - Tethys Oil, Valneva, Tianneng Power and Union Medical Healthcare. I haven't written as much over the past months, but I have spent a lot of time trawling for new investment ideas
- [2019 Performance review and some conclusions](https://www.globalstockpicking.com/2020/01/01/2019-performance-review-and-some-conclusions/) - 2019 was a disappointing year from the perspective of not nearly meeting the returns of my benchmark MSCI World. On the other hand the portfolio is at all time highs and has in total delivered a fantastic return since I started the blog. The Global Stock Picking portfolio is up 14.3% in 2019, that compares
- [A look in the rear-view mirror](https://www.globalstockpicking.com/2019/12/31/a-look-in-the-rear-view-mirror/) - This time around I thought I would take a different approach. Recently I walked through all my current holdings: Short comment on all holdings Today as a year end evaluation I will do the opposite, go through all companies I held but sold. This will also give new readers who hasn't read through my blog from
- [Back in YY again](https://www.globalstockpicking.com/2019/11/30/back-in-yy-again/) - The investment case of YY has changed a lot since my analysis back in Feb 2017. The company has in less than 3 years morphed from a highly cash generative "China only" company, to reinvesting cash into overseas high growth (so far loss making) businesses. As a general point, I really like companies with a core
- [New holding Mix Telematics, reducing AK Medical](https://www.globalstockpicking.com/2019/10/30/new-holding-mix-telematics-reducing-ak-medical/) - A very quick post, just to register my portfolio changes: Adding Mix Telematics - 4% position After a lot of searching I found a new investment interesting enough to take a small position here the day before the quarterly report is out. The company is Mix Telematics, which is dual listed in South Africa and
- [Sell Tonly Electronics, add to Dairy Farm & LiveChat](https://www.globalstockpicking.com/2019/10/20/sell-tonly-electronics-add-to-dairy-farm-livechat/) - Something a bit odd happened recently with my holding Tonly Electronics. Due to re-structuring in the company which is the majority shareholder in Tonly, the HK exchange forced TCL to make a bid for the shares in Tonly. Since this was an involuntary bid, the bid premium was very small to non-existent. I had not
- [Short comments on all holdings](https://www.globalstockpicking.com/2019/09/19/short-comments-on-all-holdings/) - This is my current portfolio snapped as of yesterday, I will make a short comment on each holding, starting from the top. Nagacorp My clear leader performance wise, with a large contribution to my performance over the past years (first investment in January 2017). I have a few reasons for keep liking this holding. Currently
- [Selling two long term holdings - NetEase and Coslight](https://www.globalstockpicking.com/2019/09/08/selling-two-long-term-holdings-netease-and-coslight/) - NetEase As i already hinted in my previous post, NetEase is the only company left that I identified as not having an "edge" against the market. I was at the time of posting not willing to sell it just yet, but now the time has come. I was looking for a better exit level as
- [Portfolio update and larger portfolio change](https://www.globalstockpicking.com/2019/08/11/portfolio-update-and-larger-portfolio-change/) - 2019 has been the toughest year for the GlobalStockPicking portfolio in terms of under-performing against the MSCI World benchmark, YTD the return stand at 3% vs 15% for MSCI World. I did very well up until about April this year, when I posted about a new all time high for the portfolio. Such boasting was immediately
- [LiveChat Software - company with a strong track record](https://www.globalstockpicking.com/2019/07/31/livechat-software-company-with-a-strong-track-record/) - + SaaS company with strong track-record of growth in number of customers, revenue and cash flow. + Providing services in a niche with strong tailwinds, companies need to find way to communicate with their customers online effectively. + Founder led with large shareholding from the founding team. + Operating out of Polish University city, young
- [3D Printing Part 1 - Hype has died, time to invest?](https://www.globalstockpicking.com/2019/06/09/3d-printing-part-1-hype-has-died-time-to-invest/) - The Gartner hype cycle in the picture above can be used in many situations in life. For example I would draw a very similar curve of my perceived knowledge of equity investing. Starting at a low level back in 2002-2003 as a total beginner. Quickly I reached a peak of disillusion around 2007, when all
- [Sell Edgewell, adding to Nagacorp and other thoughts](https://www.globalstockpicking.com/2019/05/22/sell-edgewell-adding-to-nagacorp-and-other-thoughts/) - When investing in a company I do my best to understand the products the company is selling. I want to understand the environment the company is operating in, competitors, brand value, together putting the company into a context. I try to understand the management of the company and where they want to take the business.
- [Sell UR-Energy and All-time-high!](https://www.globalstockpicking.com/2019/04/09/sell-ur-energy-and-all-time-high/) - The portfolio reached a new all time high on Friday last week. It's not very long ago I wrote a post where I shared my thoughts around the market. I thought then that we had started a cyclical downturn and the bear market had started. Suddenly the market feels stronger than ever again. My gut
- [Cheetah Mobile (CMCM US) - Value or a trap?](https://www.globalstockpicking.com/2019/04/09/cheetah-mobile-cmcm-us-value-or-a-trap/) - I bought into this company knowing that there was some issues, but believing they issues very minor compared to the values hidden in this company. There were claims the company had conducted click injection in many of its apps. When looking for cheap companies, you sometimes get entangled in some pretty hairy investment cases. In
- [JD.com out Swedbank in](https://www.globalstockpicking.com/2019/03/28/jd-com-out-swedbank-in/) - JD.com JD.com was a tough investment case, continuing to fall sharply after I bought into the company at 25.7 USD per share. This was an investment in my Opportunistic bucket, after allegations against the CEO and majority owner Richard Liu. I thought the stock looked extremely cheap and had a unique position with the logistics
- [Follow-up on portfolio changes](https://www.globalstockpicking.com/2019/02/24/follow-up-on-portfolio-changes/) - This is a follow up post of my recent portfolio changes. Below is my current portfolio, now fully invested, no cash. As always you find this picture on my portfolio tab. Another small push of about 0.5% is needed for the portfolio to take a new all time high. Below follow my thinking on the
- [Quick update on portfolio changes](https://www.globalstockpicking.com/2019/02/11/quick-update-on-portfolio-changes/) - I will follow-up later with a longer post explaining my thinking behind my portfolio changes. For now just getting on paper the changes effective as of market close today: Reduce Nagacorp position to 4% of portfolio.Sell full holding in Scorpio Tankers.Increase position in Irisity to 4% of portfolio (still Speculative).New holding Cheetah Mobile at 3%
- [New holding Edgewell Personal Care, Reduce in Dairy Farm](https://www.globalstockpicking.com/2019/01/17/new-holding-edgewell-personal-care-reduce-in-dairy-farm/) - I have been looking for a long time for some defensive consumer staples companies, with strong brands and a reasonable valuation. Many of the companies with strong brands are based in the US and the recent sell-off has created some opportunities in this space. As of close today I take a 4% position in Edgewell
- [2018 Summary and Review](https://www.globalstockpicking.com/2019/01/05/2018-summary-and-review/) - For 2018, the Global Stock Picking portfolio is down -2.5%, that compares to MSCI World Total Return (i.e. including dividends) down -8.2% on the year. My return is also including dividends but no trading fees deducted. In the counterbalance to fees, I do not calculate any return on cash, which has averaged around 9% of
- [Dental Industry Part 3 - Modern Dental Group (3600 HK)](https://www.globalstockpicking.com/2018/12/16/dental-industry-part-3-modern-dental-group-3600-hk/) - + Strong core business of dental prosthetic production with good cash flow generation. Possible margin improvement after factory move in 2019/2020. + Although listed in HK, this company mostly has stable revenue from developed markets - Europe/USA/Australia. + A kicker is the growth opportunity in China where the need for dental care is huge
- [Portfolio Update & Changes (Amer Sports, Swedish Match)](https://www.globalstockpicking.com/2018/12/09/portfolio-update-changes-amer-sports-swedish-match/) - After a very tough October, my portfolio has recovered somewhat and is in total down -1.6% on the year. That compares to MSCI World which is down -4.4% on the year. Both have achieved these returns, with the exact same volatility, 15.1% for the year (calculated on weekly returns). My correlation is 79.5% to MSCI
- [Tonly Electronics - Another Hong Kong value investing case](https://www.globalstockpicking.com/2018/10/07/tonly-electronics-another-hong-kong-value-investing-case/) - Before we start this analysis I just want to point out a few things. I spent a lot of effort to reduce my exposure towards China about 1.5 year ago. And here I am, pitching another Hong Kong listed company. I'm aware of this, but I just can't give up on a investment just because
- [Dental Industry - Part 2 - Labs and Distributors](https://www.globalstockpicking.com/2018/12/04/dental-industry-part-2-labs-and-distributors/) - In this second post we will start to understand more of the dental supply chain and it's players. The below picture borrowed from a Modern Dental Group presentation, gives a nice overview of the different market players. This pictures also reveals the major investable industry players: Source: 2016 Modern Dental Group Presentation. Dental laboratories and distributors
- [Sell Dignity & Fu Shou Yuan](https://www.globalstockpicking.com/2018/11/29/sell-dignity-fu-shou-yuan/) - A new view on the funeral sector Early this year I was really trying to find new long term investments, that I could hold for years and years. I thought I had come up with a very defensive and good investment idea. From my perspective it also seemed somewhat overlooked by the market. Great long
- [The Dental Industry - Part 1- Overview](https://www.globalstockpicking.com/2018/11/11/the-dental-industry-part-1-overview/) - Why the dental sector? I had several sector themes in the past and some of them are still in my portfolio (EV's, breweries, funeral). My most well covered theme has been Electric Vehicles. It's time to learn about a new niche segment of the market. Over the past year I have spent a lot of
- [The Perfect Storm - Teva - Part 1](https://www.globalstockpicking.com/2017/08/08/the-perfect-storm-teva-part-1/) - Teva Pharmaceutical Industries I have had Teva on my watchlist for a while now. In my spare time I scan the market for many companies and recently quite many have been Pharma companies. A few of them has sparked my interest and Teva was one of them, at the time due to the "low" valuation
- [Superforecasters - And being perpetual Beta](https://www.globalstockpicking.com/2018/10/14/superforecasters-and-being-perpetual-beta/) - I like reading, both for pleasure and as a great way of educating myself. A nice combination is when the educational book is written in such a way that it feels like pure pleasure reading. Michael Lewis is an example of such a writer for me. His books become page-turners for me, I just can't
- [GlobalStockPicking 2.0 - Major Portfolio Changes](https://www.globalstockpicking.com/2018/09/17/globalstockpicking-2-0-major-portfolio-changes/) - Before I start this post, I just have to comment on the last months terrible portfolio performance. After being comfortably ahead of the MSCI World benchmark, I'm now behind by almost 5% on the year. The portfolio is down nearly -8% in 1.5 month. Some of it, is company specific stuff, like the gaming halt
- [The Art of Screening - Part 1](https://www.globalstockpicking.com/2018/09/02/the-art-of-screening-part-1/) - This will be an exploration in how to set up stock screenings, if you have a lot of experience of playing around with this, please do comment and help me out. A stock screening could have many purposes, most screens are not related to finding the "hidden gems". The screening could be used to list companies
- [Thoughts on the market and portfolio construction](https://www.globalstockpicking.com/2018/08/26/thoughts-on-the-market-and-portfolio-construction/) - The last month I have not written much here on the blog. However the inactivity does not mirror what I have been up to. I spent a lot of time lately, screening for stock picking ideas, reading, listening to inspiring podcast and most of all thinking and contemplating. My screening which will be covered in
- [Portfolio holdings - half year review](https://www.globalstockpicking.com/2018/07/02/portfolio-holdings-half-year-review/) - Year to date the portfolio is up +3.5%, compared to MSCI World at +0.8%, both including dividends (so called total return). My portfolio has in the past generated it returns with significantly higher volatility than MSCI World. You can almost see it in the graph below how stable the upward trend was in MSCI World.
- [Reflections and how to improve](https://www.globalstockpicking.com/2018/07/02/reflections-and-how-to-improve/) - Its been a few slow weeks for me with vacation, which is usually when I find time for reflections and lessons learned. My thoughts below are a continuation of this post 6 months ago: Portfolio changes larger reshuffle Part 1. I started out this blog and investment portfolio in March 2016. My portfolio at the time had a
- [Further China reduce - Sell YY](https://www.globalstockpicking.com/2017/06/29/further-china-reduce-sell-yy/) - I have had a extra close eye on YY for a while now. The reason is that it had surpassed my conservative valuation in my analysis (YY Full analysis) of 56 USD. Actually I still wanted to squeeze out some more of the juice and believed we could see the stock trading up towards 70-80
- [Rotate away from China & Portfolio changes](https://www.globalstockpicking.com/2017/05/30/rotate-away-from-china-portfolio-changes/) - Time to rotate away from China I have in numerous post expressed in different ways my feeling of wanting to rotate my portfolio away from it's heavy China tilt. But why did I end up with such a China exposure in the first place? Here is a few reasons: I live in the region and
- [The effect of oil - selling Huhtamäki](https://www.globalstockpicking.com/2018/06/11/the-effect-of-oil-selling-huhtamaki/) - I think most people have noticed oil price increasing significantly over the last 12 months. I started to expand on this topic in my latest post about Dream International. I realized going through all those years of annual reports that the price of oil had a impact of the raw material cost for all the
- [Dream International - a dream investment?](https://www.globalstockpicking.com/2018/05/22/dream-international-a-dream-investment/) - Summary Dream International is a Hong Kong listed plastic and plush stuffed toy manufacturer, with factories based in China and Vietnam. Most of the factories today are based out of Vietnam, which gives a cost advantage on China based producers. The company supplies toys to a limit number of larger companies, such as Disney, Oriental
- [Huhtamäki - A food packaging company](https://www.globalstockpicking.com/2018/05/13/huhtamaki-a-food-packaging-company/) - + Large player in food packaging niche, riding on global tailwind of "on-the-go" food and drinks. + Good track-record of growth through acquisitions. + Exposed to emerging markets, where the competition is more fragmented and expectation is for significant growth. + Food packaging is a sensitive product in terms of food safety. This creates a
- [Adding Rezidor Hotel Group - HNA related idea](https://www.globalstockpicking.com/2018/04/16/adding-rezidor-hotel-group-hna-related-idea/) - A good idea for a book, could be to dig in behind the scenes of the incredible global spending spree of Chinese companies like Dalian Wanda, Anbang and HNA. I find this whole thing very interesting. I won't have time to go into all the details here and I don't have all the details myself
- [Xtep sell full holding](https://www.globalstockpicking.com/2018/03/22/xtep-sell-full-holding/) - As I was hinting in my previous post, I was looking for a decent exit level in Xtep holdings, today was the day. The company is still cheap and I think it is operating in a segment (running shoes geared towards Chinese) with clear tailwinds. Why I'm selling is for more subtle reasons. I think
- [Reflections on top 5 holdings](https://www.globalstockpicking.com/2018/02/25/reflections-on-top-5-holdings/) - In the graph of portfolio performance dividends are included, but in "Return (in USD)" of current holdings dividends are not included. Holding comments As you can see above, my portfolio has become more diversified than ever before (18 holdings). I would say the reason for that is the high valuations we currently see in stock markets. I
- [Another Portfolio change](https://www.globalstockpicking.com/2017/08/22/another-portfolio-change/) - Defensive is my new offensive So I continue my quest of reducing China exposure and finding good defensive plays. My portfolio changes are the following as of market closings today (Tuesday): Buy 6% of my NAV into Gilead Sciences Add 50% to my current holding in Xtep International Sell 40% of my current holding in BYD
- [Breweries - Kopparberg & Olvi + Nagacorp conclusions](https://www.globalstockpicking.com/2018/02/21/breweries-kopparberg-olvi-nagacorp-conclusions/) - More brewery - Kopparberg My final addition of brewery companies, with a 4% weight, is the Swedish cider company, Kopparberg. The company has been selling sweet fruit cider (and beer) for many years in Sweden and later expanded to the UK. Kopparberg was the first entrant offering a sweet fruit cider in UK, which was
- [Double up Nagacorp, Sell Shanghai Fosun](https://www.globalstockpicking.com/2017/06/14/double-up-nagacorp-sell-shanghai-fosun/) - Nagacorp Although its my smallest position in the portfolio, I have writte quite a lot about Nagacorp in the past. More about Nagacorp. When i finally took a position, I did so with some short term hesitance, given that I did not see any short term triggers. It will take time to scale up the revenue
- [Back in NetEase - at a higher price](https://www.globalstockpicking.com/2017/05/11/back-in-netease-at-a-higher-price/) - Beat of highest estimates Again this wonderful company delivers very strong results, and I realize it was a mistake to sell out of the company. A small comfort is that at least since I sold I managed to recycle the cash in other profitable investments. But now I can't stand on the sideline and therefor
- [2017 Performance, Criteo sell, Inditex buy](https://www.globalstockpicking.com/2018/02/11/2017-performance-criteo-sell-inditex-buy/) - 2017 Performance +28.8% With MSCI World being my main benchmark at 23.1% for the year, I'm pretty satisfied with +28.8%, although I did it with a higher volatility than the benchmark. Calculated on weekly returns MSCI World created it's 23.1% return which an almost mindbogglingly low realized volatility of 5%, that's a sharp ratio any
- [Double Pain & Doubling down in Dignity](https://www.globalstockpicking.com/2018/01/29/double-pain-doubling-down-in-dignity/) - So I have been busy eating so called humble pie lately. One could also make a joke of being buried by my latest investment. To recap, I invested in Criteo and a few days later the stock dropped -30%. I invested in Dignity and a few days later it dropped -50%. Although the companies are
- [Portfolio Changes - larger reshuffle - Part 1](https://www.globalstockpicking.com/2018/01/15/portfolio-changes-larger-reshuffle-part-1/) - Thoughts on investment philosophy I have recently had quite a lot of time to contemplate my investment style and philosophy. I think I reached some conclusions. After all that is what this blog is about for me, learning from and seeing my mistakes more clearly and then adjusting accordingly. Before I started this blog I
- [Dairy Farm - Asian food giant](https://www.globalstockpicking.com/2017/12/26/dairy-farm-asian-food-giant/) - Dairy Farm + Exposure to Asian region with rapid middle class growth. + Franchise taker of world-renowned brands in selected markets (IKEA, 7-Eleven, Starbucks). + Joint Ventures with highly successful companies (Maxim's, Yonghui). + Strong and majority owner in Jardine Group, with newly appointed CEO for Dairy Farm. + Counter cyclical to property market, lower
- [Portfolio changes - Criteo In, Sony out](https://www.globalstockpicking.com/2017/12/05/portfolio-changes-criteo-in-sony-out/) - Adding Criteo 6% weight For the second time I buy back into a stock I previously held. First time it was NetEase, this time it is Criteo (Criteo - Growth Case). To also revisit the reason I sold it was uncertainty on their revenue model and competitors crying wolf (Criteo - lawsuit scares me). Like
- [A lot of work for nothing..](https://www.globalstockpicking.com/2017/11/09/a-lot-of-work-for-nothing/) - I noticed over the past months that a lot of my initial holdings, from when I started the blog has been performing extremely well. I always try to evaluate if what I have been doing make sense, or if I should change my investment strategy. So I decided to check, how well has my starting
- [Portfolio changes - Dairy Farm & Ramirent](https://www.globalstockpicking.com/2017/11/01/portfolio-changes-dairy-farm-ramirent/) - Ramirent out I continue to rotate my portfolio away from cyclical companies to safer quality havens. Ramirent has been riding the cyclical construction boom in the Nordics. I believe we are seeing the very last legs of that. Especially in Sweden construction could very soon come to a halt with daily articles commenting on the
- [Portfolio Review Q3](https://www.globalstockpicking.com/2017/10/08/portfolio-review-q3/) - The third quarter of the year has passed and the bull market is still roaring pretty strong. My guess a few years ago would have been that we should have seen a larger setback by now. On this particular point I feel pretty humbled by being wrong for so long. Performance wise I do not feel
- [New holding Essity](https://www.globalstockpicking.com/2017/10/04/new-holding-essity/) - As of yesterday's close I entered a 6% position in Essity, the newly formed personal care and tissue products company. Essity was the Hygien part of SCA and was spun out of SCA earlier this year. That left SCA with forest ownership and pulp production in SCA. I have kept SCA on the radar for
- [New holding - Catena Media](https://www.globalstockpicking.com/2017/09/21/new-holding-catena-media/) - After listening to interviews with both the CEO and the largest owner of Casino and betting affiliate Catena Media, I started to understand this niche market a bit better. I decided to take a position in this gaming industry niche. Gaming affiliates has been a pretty murky business, with a high number of very small
- [Sell BYD and EV mania](https://www.globalstockpicking.com/2017/09/18/sell-byd-and-ev-mania/) - Sell full BYD holding A quick post to state that as of today's close I sold my full remaining position in BYD. EV mania When I started this blog 1.5 year ago the first EV mania wave had passed, Tesla had been treading water in the 200 USD range for a few years. But I
- [The Perfect Storm - Teva - Part 2](https://www.globalstockpicking.com/2017/09/18/the-perfect-storm-teva-part-2/) - Recent development This is the continuation of my post (Teva - Part 1) more than a month ago on Teva Pharmaceutical Industries. At the time the ADR was trading at about 18.5 USD per share. The share price would continue to deteriorate over the coming month down towards a low of 15 USD per share.
- [Portfolio changes](https://www.globalstockpicking.com/2017/08/09/portfolio-changes/) - I made a mistake.. when I bought XXL 1.5 month ago. The Norwegian sporting goods retailer is expensive without continued growth that I knew. But how solid is the ground in their home markets? After both visiting one of their stores and not having the same positive feeling as before (maybe too much Peter Lynch
- [The USD effect & Portfolio comments](https://www.globalstockpicking.com/2017/08/07/the-usd-effect-portfolio-comments/) - The USD effect I want to start with a graph of EURUSD, because it has such profound effects on the market when it starts moving. With the risk of being called something of a Chartist, to me this is a significant move. We are breaking out of a 2 year side-way trend. This could be
- [Where to hide - a factor approach](https://www.globalstockpicking.com/2017/07/29/where-to-hide-a-factor-approach/) - Not about calling the downturn This post will be about, how to best position your portfolio for a bear market. I just want to begin by saying, I'm not calling the market peak. As we know markets can stray irrational longer than you can stay solvent, at least if you are betting against it. I believe markets to
- [Buy the dip - Tokmanni](https://www.globalstockpicking.com/2017/06/25/buy-the-dip-tokmanni/) - Tokmanni - another bricks and mortar investment Company Overview - Finland's largest discounter Tokmanni which today is something of a "Wallmart light", started in 1989 and changed the name to Tokmanni in 1991. The first stores were established in Eastern Finland. In the 2000s it was decided to expand nationwide, and Tokmanni made significant acquisitions in
- [XXL - buying what everyone hates](https://www.globalstockpicking.com/2017/06/19/xxl-buying-what-everyone-hates/) - Buying bricks and mortar business The Norwegian sporting goods retailer has been hit by the same negative trends as all bricks and mortar stores worldwide and the stock has traded down significantly from its highs. I'm not sure if it's wise to go against this trend of bricks and mortar shops all dying from online
- [Portfolio update and Rottneros out](https://www.globalstockpicking.com/2017/05/16/portfolio-update-and-rottneros-out/) - It's always something with this one.. So once again Rottneros delivered a solid top-line, but magically did not transfer fully to the bottom line. This time the company just refers to "non-planned costs". Next quarter (as has already been guided) will also be bad due to a problem at the Vallvik plant, and the quarter
- [Anniversary hangover & sell Summit Ascent](https://www.globalstockpicking.com/2017/04/03/anniversary-hangover-sell-summit-ascent/) - Coslight hangover Well I didn't get many days of celebrating a first year of strong performance, the hangover came quickly and pretty brutally. I was very upbeat about the upcoming annual report for Coslight Technology. They even released a profit alert a few days before, which I took as support that second half figures would
- [1 Year Anniversary!](https://www.globalstockpicking.com/2017/03/26/1-year-anniversary/) - Some thoughts on the past year As we all (older people) know, its scary how fast the years pass by. So here we are, and a year has already passed since I took the leap to launch the blog and my official portfolio. I launched my portfolio in the recovery from the strong sell-off in
- [Earnings season and other thoughts](https://www.globalstockpicking.com/2017/03/19/earnings-season-and-other-thoughts/) - Having a global portfolio the earnings season is less of a season and more of a continuous thing over the year. Most European companies are long done with the annual reports, whereas many Chinese companies are still holding it off for another week or two. In general I'm not very happy with the result updates
- [Rottneros - the SEK winner](https://www.globalstockpicking.com/2016/10/29/rottneros-the-sek-winner/) - As i mentioned in the previous post I have taken a position of 5% of my fund in Rottneros mainly because of the weakening SEK. Sitting on the beach (yes my life is hard) I was not in a position to write a full analysis, so here it is. Rottneros at a glance: MCAP: 1
- [Sell Ericsson and thoughts on China](https://www.globalstockpicking.com/2017/03/01/sell-ericsson-and-thoughts-on-china/) - Ericsson out This has been a very interesting holding over the last six months, with my analysis and buying strategy for once working very well. I did my initial analysis (Value Hunting - Ericsson) of the company in September. The stock was then trading in the 60 SEK range and I concluded that I was
- [YY.com - Full Analysis](https://www.globalstockpicking.com/2017/02/13/yy-com-full-analysis/) - General Intro This is a follow-up on my previous post where I initiated a position in YY.com. I have already directed you (Here is the link again) to an excellent article on the whole live-streaming phenomena in China. As I stated before, I believe in this going forward both as a phenomena and YY's revenue
- [YY.com in Ctrip out](https://www.globalstockpicking.com/2017/02/06/yy-com-in-ctrip-out/) - To not increase my China exposure, which is at somewhat uncomfortable high, I decided that for every China exposure holding going in, another one has to go out. This means to make space for my new holding YY.com which I'm very excited about, I have to throw out one. The Chinese holding I have not
- [Chinese shoes - XTEP](https://www.globalstockpicking.com/2017/02/01/chinese-shoes-xtep/) - If you have been following my posts on portfolio changes you know that I have been running a fairly high cash position lately. I have been struggling to find new good investments. With a few days off during Chinese New Year I have tried to search for new investment cases. I wanted to find something
- [Portfolio changes - Two holdings out](https://www.globalstockpicking.com/2017/01/29/portfolio-changes-two-holdings-out/) - Two portfolio holdings left the portfolio as of Friday close: Avanza Bank and Highpower International. Avanza Bank The stock has performed very well lately, breaking the 400 SEK level which was something of a target for me in the medium term. The return in SEK has been 23% since April last year. Unfortunately the SEK
- [Nagacorp - Casino in Cambodia](https://www.globalstockpicking.com/2017/01/22/nagacorp-casino-in-cambodia/) - It's about learning Thanks for the good comments in the previous post, a discussion I hope to keep going during 2017. It think it will take me quite a while to understand enough about such a complex field as DNA sequencing. And I probably wont feel comfortable to invest before I at least know a
- [Performance review cancelled - Let's talk DNA](https://www.globalstockpicking.com/2017/01/08/year-end-performance-review-or-not/) - The last few months I struggled somewhat to keep up the posting, I clocked only one post in November and two in December. This is partly due to me moving back to Asia, but to be totally honest also a bit of writing fatigue from my side. Especially writing these performance/portfolio updates and the time
- [End of Year update - All holdings](https://www.globalstockpicking.com/2016/12/26/end-of-year-update-all-holdings/) - Does my portfolio need a brush up? The year is coming to an end and I think it's time for some year end cleaning. What I mean is that I perhaps have not spend enough time following my portfolio holdings and more focusing on finding new good investment cases. My current holdings need an evaluation
- [Back on track - adding to Coslight!](https://www.globalstockpicking.com/2016/12/13/back-on-track-adding-to-coslight/) - This is going to be a very short update. Life has been very busy lately, moving country and a new role at work. I expect to start writing more frequently again. I'm currently in Shanghai on business trip and the latest on the ground data point is that regulators are putting in place very strict
- [Trumpflation](https://www.globalstockpicking.com/2016/11/14/trumpflation/) - Inflation is back!? Just when I thought I was out.. ..they pull me back in. Like the character Silvio in Sopranos says, I say about inflation and interest rates. Just when we were giving up and starting to believe the low rates would be here forever, Trump pulls us back in. Two weeks since my
- [SEK bargains](https://www.globalstockpicking.com/2016/10/28/sek-bargains/) - The Swedish Krona (SEK) is plummeting further after the Riksbanks latest communication of a lower for longer scenario. In a fairly short period of time the Krona has gone from fairly strong to weak, particurlary to the USD which strengthen against more or less everything. In a perfect world a stock denominated in SEK, with
- [Ericsson revisited](https://www.globalstockpicking.com/2016/10/12/ericsson-revisited/) - Little did I know how timely my recent analysis of Ericsson would become. It just ended up on the top of my "Value list" and because of that I decided to take a closer look (Value hunting - Ericsson). My conclusion was to buy in the 50-55 SEK range, and well, it entered and went below
- [Performance Review - since inception](https://www.globalstockpicking.com/2016/10/09/performance-review-since-inception/) - Still a stock pickers market In the future I will move to quarterly performance reviews, so this is the last irregular update. The portfolio has done extremely well and I must say this much out-performance does not come without a certain amount of luck. I feel we are reaching the end of this long bull-market
- [Trading update](https://www.globalstockpicking.com/2016/10/04/trading-update/) - Short update on changes in portfolio. Im happy with the performance of Netease and chose to close the rest of my position on todays closing price. This trade has given me an average return of almost 50% in about six months time. Great company but current valuation has as much to live up to. I
- [A story about Asian gambling and how it came to Russia](https://www.globalstockpicking.com/2016/10/03/a-story-about-asian-gambling-and-how-it-came-to-russia/) - Asia and gambling Since I first sat foot in Asia and started to meet more local Asians, I have been fascinated by how deeply ingrained gambling is in their culture. Sure we have all sorts of gambling in Europe and the US too, but what surprised me the most was how large sums of money
- [Investment process in more detail](https://www.globalstockpicking.com/2016/09/11/investment-process-in-more-detail/) - The Funnel When I evaluated fund managers, I often asked them to describe their full investment process. Most fund managers present this as some sort of funnel, where you start with your whole investable universe at one end, and the stocks in your portfolio in the other and in between the steps how you got
- [Value hunting - Ericsson](https://www.globalstockpicking.com/2016/09/24/value-hunting-ericsson/) - What stocks are "Value"? In a number of posts (Last section here, and here) I have concluded a desire to tilt my portfolio more towards Value. Particular in Europe where Value stocks have been hammered. So a few months ago I started by asking myself, what stocks in Europe are actually considered Value? At the time
- [Coslight Outstanding results & NetEase Slice](https://www.globalstockpicking.com/2016/09/13/coslight-outstanding-results-netease-slice/) - My holding Coslight Technology (1043 HK - listed in Hong Kong), a batter producer in China did what is commonly called a turn-around by presenting very strong first half 2016 results. They actually issued an pre-announcement that the results would be significantly better, but the market did not react much on the news. Anyhow the results
- [You win some, you lose some](https://www.globalstockpicking.com/2016/08/25/you-win-some-you-lose-some/) - So the earnings season continues and it is definitely throwing a mixed bag at me this time, some serious burns and a few good ones. Let's go through the largest movers: NetEase The day before the earnings release I cut my holding with 30%. So was that a good move? Yes and no. Yes, because
- [Why European small cap speculators feel great](https://www.globalstockpicking.com/2016/09/06/why-european-small-cap-speculators-feel-great/) - A few lazy days So I have been fairly stressed out lately, struggling to keep my blog updated and more importantly keeping up with the news flow in stocks I own or follow. The reason for this has been a final push at my old job and everything that needs arranging before my move back
- [My first pharma holding and Portfolio Update](https://www.globalstockpicking.com/2016/08/15/first-pharma-holding-and-portfolio-update/) - Yes, it's time to deeplet these high cash levels, I have suffered some serious performance drag having 15% cash in an uptrending market. First it was LG Chem announced the other day. As of today's close I'm allocating a 6% position in my first Pharmaceutical company - and no, it's not Valeant (although it seems
- [Slicing and dicing - NetEase, CRRC and Autoliv](https://www.globalstockpicking.com/2016/08/17/slicing-and-dicing-netease-crrc-and-autoliv/) - Tomorrow NetEase, which has become the portfolios biggest position will report results, I still believe in the company long-term but I decided to slice the position somewhat, to lock in some profits while we are close to what I saw as the short term price potential of the stock. I sell 30% of my NetEase
- [New investment - LG Chem](https://www.globalstockpicking.com/2016/08/09/new-investment-lg-chem/) - So after the sale of Criteo the portfolio has been suffering from way too high (unintended) cash levels (17%). Somewhat hurtful in a market which just keeps rallying. So it's high time to add a new holding to the portfolio. Why LG Chem Today I initiate a full position at 7% in LG Chem listed
- [BYD - Electric bus and car maker](https://www.globalstockpicking.com/2016/07/23/byd-electric-bus-and-car-maker/) - Introduction BYD's stands for Build Your Dreams and its products are probably not that well known to you, at least if you live in a western country. But it is infact a huge company with 200 000 employees and a MCAP of 20bn USD, listed both in Mainland China and on the Hong Kong Stock
- [Still early days for EV sales](https://www.globalstockpicking.com/2016/08/05/still-early-days-for-ev-sales/) - Sales concentrated to a few models Inside EVs is a great page for keeping on-top of the world of EVs and batteries. They do some nice data on EV sales in the US, as can be seen below. Very interesting to me is how the Chevrolet Volt (which is a Plug-in hybrid) has started to
- [Interesting ETF - Global X Lithium](https://www.globalstockpicking.com/2016/07/28/interesting-etf-global-x-lithium/) - For the ones that have been following my posts, you know that I have been struggling with how to express my theme of the EV future. I touched upon this dilemma in numerous post and mainly in this one: Investments in EV Value Chain. Today when I reviewed the largest shareholders in the battery producer Coslight Technology, which
- [Criteo - Lawsuit scares me - I'm out](https://www.globalstockpicking.com/2016/07/26/criteo-lawsuit-scares-me-im-out/) - Criteo the company I recently wrote an article about, has started a legal battle with the private competitor SteelHouse. So what is it all about? Well you can read it yourself in these two business insider articles: It started with Criteo and then SteelHouse came back with a counter. The growth numbers Criteo have been pulling, are impressive indeed.
- [Sell Yuexiu Transport, buy CRRC](https://www.globalstockpicking.com/2016/07/13/sell-yuexiu-transport-buy-crrc/) - The company which collects toll fees at highway bridges in China and pays out a large share of the profits as dividends has been a long term holding in my private portfolio. But all good things come to an end. Time to sell Yuexiu Transport and Infrastructure it has been treading water for a while
- [Investing through Themes](https://www.globalstockpicking.com/2016/07/06/tailwind-investing-through-themes/) - Is Investing through Themes a sensible approach? Most of my portfolio holdings are tied to a theme, with a few exceptions. The idea is to give me some tailwinds in my investments over the long-term. A risk is that you overpay for the tailwind, due to Mr market already pricing in a rosy future. When
- [Portfolio Update](https://www.globalstockpicking.com/2016/06/30/portfolio-update/) - I was expecting a higher degree of PTBD - Post Traumatic Brexit Disorder. But some markets are all almost back to their pre-Brexit highs. The Global Stock Picking portfolio fared extremely well and was even up on the Brexit week. So here it is, performance updated with 3 new fresh weekly data-points: Holdings as of
- [European bank meltdown](https://www.globalstockpicking.com/2016/06/30/european-bank-meltdown/) - The hardest hit sector due to Brexit is definately the European banks. Banks like Standard Chartered and Deutsche Bank have been making headlines long before Brexit with share prices plummeting. To me the share price weakness is starting to smell like a buying opportunity in selected European banks. On top of my list is Stan
- [Heat of the moment](https://www.globalstockpicking.com/2016/06/25/heat-of-the-moment/) - It was the heat of the moment, as the 80s rock group Asia used to sing. For me personally true on several levels as Im taking some vacation in very hot Italy while the Brits decided to turn up the heat in the financial markets - wow I did not forsee that at all. Especially
- [SAS - Im out](https://www.globalstockpicking.com/2016/06/10/sas-im-out/) - SAS came with a surprisingly weak quarterly report today, well below consensus estimates. On top off that the Swedish Pilots are threatening to strike again and are demanding 3.5% salary increases as well as stronger protection for newly hired pilots (bacisxally meaning they should be paid well too). Although all this is not catastrophy as
- [Portfolio update +8% in less than 3 months](https://www.globalstockpicking.com/2016/06/05/8-in-less-than-3-months/) - What a start Incredible start to my fund +8% in less than three month - annualize that! This really shows what a skillful investor I am - just joking I have been lucky. This is way too short time-frame to evaluate an investment track-record, but it sure feels nice to have a bit of outperformance
- [Portfolio changes and Value Investing](https://www.globalstockpicking.com/2016/06/01/portfolio-changes-and-value-investing/) - SAS Pref - Slicing position So my biggest position in the portfolio is the SAS Preference shares, this is somewhat of a high yield bond position and therefore has a different kind of characteristics than the rest of the portfolio. For instance the position would lose in value if/when the Swedish Riksbank decided to hike interest
- [Trading 2016-04-19](https://www.globalstockpicking.com/2016/04/19/trading-2016-04-19/) - As I said in my previous post I will start with shorter updates (from my phone) with trades done. Trades will be announced on the same day and trades on close prices. 1. Sell half of my position in Highpower International. Rational is the risk for a rights issue outweights the upside of the bid
- [NetEase - Chinese Gaming](https://www.globalstockpicking.com/2016/05/28/netease-chinese-gaming/) - I’m sitting 11 000 meters in the air, over the Siberian tundra writing this post, if someone told me ten years ago that I would be able to do that, I would probably have laughed. Technological advance often goes quicker than we can imagine and it also opens up opportunities for substantial new revenue streams. One
- [Portfolio Update & Trading](https://www.globalstockpicking.com/2016/05/22/portfolio-update-trading/) - The portfolio has been running neck-and-neck with the benchmark MSCI World Gross Return, but with the help of the bid on SAFT and strong performance from Criteo and a few other holdings we have managed to de-couple somewhat over the last two weeks. An unexpected bid is always a lucky shot, but I believe this shows
- [Financials and Ping An Insurance](https://www.globalstockpicking.com/2016/05/13/financials-and-ping-an-insurance/) - Two new trades for the portfolio as of today's close. As previously announced SAFT is being bought by Total and therefor I sell out of my full holding. In comes a new position with the cash from SAFT in form of a Chinese Insurance Giant called Ping An Insurance, listed on the Hong Kong Stock
- [Take-over bid and market thoughts](https://www.globalstockpicking.com/2016/05/10/take-over-bid-and-market-thoughts/) - Better SAFT than sorry Good news for the portfolio today, the oil major Total has made an offer for all shares of SAFT, the battery producer I previously wrote a post about. Under the terms of the deal, Total said it would pay €36.50 a share for Saft, representing a premium of 38.3 percent to its
- [Criteo - Growth Case](https://www.globalstockpicking.com/2016/05/01/criteo-misunderstood-gem/) - It's time to present another of my Portfolio holdings - Criteo. Criteo was founded just over 10 years ago and has in that time grown into a billion Euro revenue company. Back in 2005-2006 Criteo developed a sophisticated machine learning platform that analyzed user behavior. The company applied this to movie reviews as well as
- [Portfolio update 2016-04-15](https://www.globalstockpicking.com/2016/04/17/portfolio-update-2016-04-15/) - Not a great start to my new blog, not making a single post for 4 weeks, I have been busy with work and a longer trip to Asia. I have realized I need some rules to how I announce trading in my portfolio. Starting now I will write a short post for every time I
- [My starting Portfolio](https://www.globalstockpicking.com/2016/03/20/my-starting-portfolio/) - Without further ado, here is my starting portfolio which goes live with closing prices as of Friday March 18: [table id=5 /] 13 stocks and 8% cash position ready for adding 1-2 stocks from my Watchlist, which you will find also in the Portfolio page. I will spend up-coming posts to introduce the stocks in
- [On the ground in Hong Kong](https://www.globalstockpicking.com/2016/03/10/on-the-ground-in-hong-kong/) - I have been visiting Hong Kong the last week, talking with people in the industry as well as locals. It is very obvious Hong Kong has been hard hit by the Chinese slowdown and the sentiment among people is pretty bearish. Let's take a look at the 4 factors that has created a "perfect storm"
- [SAFT Groupe - a battery specialist](https://www.globalstockpicking.com/2016/03/12/saft-groupe-a-battery-specialist/) - Batteries are all around us. Many of the batteries are advanced, going into electronics like our smartphones and laptops, where we care about high performance. Others are cheaper batteries where performance is not as important due to easy access to charging/replacement, like toys, car batteries etc. What is emerging is the need for large sets
- [Investments in EV value chain](https://www.globalstockpicking.com/2016/02/29/investments-in-ev-value-chain/) - Getting it right If we buy the story that EVs are taking over (other theories are out there, like hydrogen powered cars), the question for us investors is, how do we play this to make money? If we focus on the electric cars for a moment. My reasoning so far has been that it will
- [Investment Theme: Electric Vehicles](https://www.globalstockpicking.com/2016/02/28/investment-theme-electric-vehicles/) - Investment themes are important, because they can be drivers of returns for many years to come. An investment theme is about seeing something that is coming long-term and understanding the dynamics in such a way that you are able to profit from it. This is appealing because most investors on wall street does not have
- [Never invest in Airline stocks.. ..or?](https://www.globalstockpicking.com/2016/02/24/never-invest-in-airline-stocks-or/) - "If you want to be a Millionaire, start with a billion dollars and launch a new airline.." ..Richard Branson supposedly said some years after having launched Virgin Airways. After some mistakes in my early trading career, where I lost money on airline stocks. Combined with understanding more about the industry, how unprofitable airlines are held afloat by
- [Know your benchmark](https://www.globalstockpicking.com/2016/02/23/know-your-benchmark/) - My Benchmark Perhaps not the most exciting first post for a blog, but let's start from the beginning. Apart from talking stocks, investment ideas and probably other nonsense, I intend to run this site for a real money portfolio of stocks. This will be a concentrated portfolio of stocks from around the world. Thus I
- [There is always a bull market somewhere...](https://www.globalstockpicking.com/2016/02/22/slides/)

## Pages

- [About](https://www.globalstockpicking.com/about/) - The purpose of this blog was to develop as an investor and see if I could generate alpha. As time went by I realized that putting my ideas "out there" had value in itself, it forced me to do my homework more properly, since you would be reading it. Over time going back to the
- [Performance](https://www.globalstockpicking.com/portfolio/) - Performance This is the performance of my portfolio from inception March 2016 to the end of 2024, so almost 9 full years. This is also the end of the evaluation of my blog performance, which was a big piece of writing, to learn from mistakes and things that went right. The journey is available to
- [Contact](https://www.globalstockpicking.com/contact/) - Contact me below
- [Investment Guidelines](https://www.globalstockpicking.com/investment-guidelines/) - Stock Universe: Global Base Currency: USD Benchmark : MSCI World Gross Return (USD)
- [Investment Process](https://www.globalstockpicking.com/investment-process/) - This will take a while longer to formulate and is one of the purposes for creating this blog. To give me a structured way to formulate my investment style and process. So far it is mostly based on me reading up on companies, understanding their dynamics and invest if I like the company's outlook and

## Categories

- [Uncategorized](https://www.globalstockpicking.com/category/uncategorized/)
- [Benchmark](https://www.globalstockpicking.com/category/benchmark/)
- [MSCI World](https://www.globalstockpicking.com/category/msci-world/)
- [Slides](https://www.globalstockpicking.com/category/slides/)
- [SAS](https://www.globalstockpicking.com/category/sas/)
- [Airlines](https://www.globalstockpicking.com/category/airlines/)
- [Electric Vehicles](https://www.globalstockpicking.com/category/electric-vehicles/)
- [PHEV](https://www.globalstockpicking.com/category/phev/)
- [Hong Kong](https://www.globalstockpicking.com/category/hong-kong/)
- [Saft Groupe](https://www.globalstockpicking.com/category/saft-groupe/)
- [Portfolio Holdings](https://www.globalstockpicking.com/category/portfolio-holdings/)
- [Portfolio update](https://www.globalstockpicking.com/category/portfolio-update/)
- [Criteo](https://www.globalstockpicking.com/category/criteo/)
- [Financials](https://www.globalstockpicking.com/category/financials/)
- [Ping An Insurance](https://www.globalstockpicking.com/category/ping-an-insurance/)
- [NetEase](https://www.globalstockpicking.com/category/netease/)
- [Investment Styles](https://www.globalstockpicking.com/category/investment-styles/)
- [Brexit](https://www.globalstockpicking.com/category/brexit/)
- [ETF](https://www.globalstockpicking.com/category/etf/)
- [BYD](https://www.globalstockpicking.com/category/electric-vehicles/byd/)
- [LG Chem](https://www.globalstockpicking.com/category/lg-chem/)
- [Shanghai Fosun Pharmaceutical](https://www.globalstockpicking.com/category/shanghai-fosun-pharmaceutical/)
- [Sony](https://www.globalstockpicking.com/category/sony/)
- [Skandiabanken](https://www.globalstockpicking.com/category/skandiabanken/)
- [CRRC](https://www.globalstockpicking.com/category/crrc/)
- [Autoliv](https://www.globalstockpicking.com/category/autoliv/)
- [Zhengtong Auto](https://www.globalstockpicking.com/category/zhengtong-auto/)
- [Factor Investing](https://www.globalstockpicking.com/category/factor-investing/)
- [Fama French](https://www.globalstockpicking.com/category/fama-french/)
- [Coslight Technology](https://www.globalstockpicking.com/category/coslight-technology/)
- [Ericsson](https://www.globalstockpicking.com/category/ericsson/)
- [Investment Process](https://www.globalstockpicking.com/category/investment-process/)
- [Nagacorp](https://www.globalstockpicking.com/category/nagacorp/)
- [Summit Ascent Holding](https://www.globalstockpicking.com/category/summit-ascent-holding/)
- [Casino](https://www.globalstockpicking.com/category/casino/)
- [Swedish Krona](https://www.globalstockpicking.com/category/swedish-krona/)
- [Rottneros](https://www.globalstockpicking.com/category/rottneros/)
- [Genome Sequencing](https://www.globalstockpicking.com/category/genome-sequencing/)
- [CRISPR](https://www.globalstockpicking.com/category/crispr/)
- [Avanza Bank](https://www.globalstockpicking.com/category/avanza-bank/)
- [Highpower International](https://www.globalstockpicking.com/category/highpower-international/)
- [Xtep](https://www.globalstockpicking.com/category/xtep/)
- [YY.com](https://www.globalstockpicking.com/category/yy-com/)
- [Huhtamäki](https://www.globalstockpicking.com/category/huhtamaki/)
- [ISS](https://www.globalstockpicking.com/category/iss/)
- [XXL](https://www.globalstockpicking.com/category/xxl/)
- [Tokmanni](https://www.globalstockpicking.com/category/tokmanni/)
- [USD](https://www.globalstockpicking.com/category/usd/)
- [Teva](https://www.globalstockpicking.com/category/teva/)
- [Essity](https://www.globalstockpicking.com/category/essity/)
- [Dairy Farm](https://www.globalstockpicking.com/category/dairy-farm/)
- [Ramirent](https://www.globalstockpicking.com/category/ramirent/)
- [Catena Media](https://www.globalstockpicking.com/category/catena-media/)
- [Olvi](https://www.globalstockpicking.com/category/olvi/)
- [Diageo](https://www.globalstockpicking.com/category/diageo/)
- [Dignity](https://www.globalstockpicking.com/category/dignity/)
- [Fu Shou Yuan](https://www.globalstockpicking.com/category/fu-shou-yuan/)
- [Inditex](https://www.globalstockpicking.com/category/inditex/)
- [Kopparberg](https://www.globalstockpicking.com/category/kopparberg/)
- [Giliead](https://www.globalstockpicking.com/category/giliead/)
- [HNA](https://www.globalstockpicking.com/category/hna/)
- [Rezidor Hotels](https://www.globalstockpicking.com/category/rezidor-hotels/)
- [Dream International](https://www.globalstockpicking.com/category/dream-international/)
- [Oil price](https://www.globalstockpicking.com/category/oil-price/)
- [China](https://www.globalstockpicking.com/category/china/)
- [Thoughts about the Market](https://www.globalstockpicking.com/category/thoughts-about-the-market/)
- [Stock Screening](https://www.globalstockpicking.com/category/stock-screening/)
- [UR-Energy](https://www.globalstockpicking.com/category/ur-energy/)
- [Irisity](https://www.globalstockpicking.com/category/irisity/)
- [JD.com](https://www.globalstockpicking.com/category/jd-com/)
- [Scorpio Tankers](https://www.globalstockpicking.com/category/scorpio-tankers/)
- [Amer Sports](https://www.globalstockpicking.com/category/amer-sports/)
- [Tonly Electronics](https://www.globalstockpicking.com/category/tonly-electronics/)
- [Value Investing](https://www.globalstockpicking.com/category/value-investing/)
- [Book Reviews](https://www.globalstockpicking.com/category/book-reviews/)
- [Superforecasting](https://www.globalstockpicking.com/category/book-reviews/superforecasting/)
- [Dental Industry](https://www.globalstockpicking.com/category/dental-industry/)
- [Modern Dental Group](https://www.globalstockpicking.com/category/dental-industry/modern-dental-group/)
- [Swedish Match](https://www.globalstockpicking.com/category/swedish-match/)
- [Edgewell Personal Care](https://www.globalstockpicking.com/category/edgewell-personal-care/)
- [Cheetah Mobile](https://www.globalstockpicking.com/category/cheetah-mobile/)
- [BATS](https://www.globalstockpicking.com/category/bats/)
- [Philip Morris](https://www.globalstockpicking.com/category/philip-morris/)
- [British American Tobacco](https://www.globalstockpicking.com/category/british-american-tobacco/)
- [Swedbank](https://www.globalstockpicking.com/category/swedbank/)
- [3D-Printing](https://www.globalstockpicking.com/category/3d-printing/)
- [LiveChat](https://www.globalstockpicking.com/category/livechat/)
- [AK Medical](https://www.globalstockpicking.com/category/ak-medical/)
- [Vinda](https://www.globalstockpicking.com/category/vinda/)
- [Sbanken](https://www.globalstockpicking.com/category/sbanken/)
- [Mix Telematics](https://www.globalstockpicking.com/category/mix-telematics/)
- [Tethys Oil](https://www.globalstockpicking.com/category/tethys-oil/)
- [Valneva](https://www.globalstockpicking.com/category/valneva/)
- [Tianneng Power](https://www.globalstockpicking.com/category/tianneng-power/)
- [Union Medical Healthcare](https://www.globalstockpicking.com/category/union-medical-healthcare/)
- [BBI Life Sciences](https://www.globalstockpicking.com/category/bbi-life-sciences/)
- [Greatview Aseptic](https://www.globalstockpicking.com/category/greatview-aseptic/)
- [TGS Nopec](https://www.globalstockpicking.com/category/tgs-nopec/)
- [Veoneer](https://www.globalstockpicking.com/category/veoneer/)
- [Essex Bio](https://www.globalstockpicking.com/category/essex-bio/)
- [Kirkland Lake Gold](https://www.globalstockpicking.com/category/kirkland-lake-gold/)
- [PAX Global](https://www.globalstockpicking.com/category/pax-global/)
- [McEwen Mining](https://www.globalstockpicking.com/category/mcewen-mining/)
- [Neonode](https://www.globalstockpicking.com/category/neonode/)
- [Spark Networks](https://www.globalstockpicking.com/category/spark-networks/)
- [Smartphone Theme](https://www.globalstockpicking.com/category/smartphone-theme/)
- [Smartphone Neck pain](https://www.globalstockpicking.com/category/smartphone-neck-pain/)
- [Guest Post](https://www.globalstockpicking.com/category/guest-post/)
- [Bullish Equities](https://www.globalstockpicking.com/category/guest-post/bullish-equities/)
- [US Debt cycle](https://www.globalstockpicking.com/category/guest-post/us-debt-cycle/)
- [Synektik](https://www.globalstockpicking.com/category/synektik/)
- [Vigo Systems](https://www.globalstockpicking.com/category/vigo-systems/)
- [GPW (Warsaw Exchange)](https://www.globalstockpicking.com/category/gpw-warsaw-exchange/)
- [RaySearch](https://www.globalstockpicking.com/category/raysearch/)
- [Anicom](https://www.globalstockpicking.com/category/anicom/)
- [Myopia](https://www.globalstockpicking.com/category/myopia/)
- [ZimVie](https://www.globalstockpicking.com/category/zimvie/)
- [OssDsign](https://www.globalstockpicking.com/category/ossdsign/)
- [Healthy Stock Picks](https://www.globalstockpicking.com/category/healthy-stock-picks/)
- [L'occitane](https://www.globalstockpicking.com/category/loccitane/)
- [Turning Point Brands](https://www.globalstockpicking.com/category/turning-point-brands/)

## Tags

- [MSCI World](https://www.globalstockpicking.com/tag/msci-world/)
- [Tracking Error](https://www.globalstockpicking.com/tag/tracking-error/)
- [Alpha](https://www.globalstockpicking.com/tag/alpha/)
- [Portfolio Style](https://www.globalstockpicking.com/tag/portfolio-style/)
- [Country weights](https://www.globalstockpicking.com/tag/country-weights/)
- [Index weighting](https://www.globalstockpicking.com/tag/index-weighting/)
- [SAS](https://www.globalstockpicking.com/tag/sas/)
- [Scandinavian Airline Systems](https://www.globalstockpicking.com/tag/scandinavian-airline-systems/)
- [EVs](https://www.globalstockpicking.com/tag/evs/)
- [PHEV](https://www.globalstockpicking.com/tag/phev/)
- [Luxury Spending](https://www.globalstockpicking.com/tag/luxury-spending/)
- [Hong Kong Property](https://www.globalstockpicking.com/tag/hong-kong-property/)
- [Battery](https://www.globalstockpicking.com/tag/battery/)
- [SAFT Groupe](https://www.globalstockpicking.com/tag/saft-groupe/)
- [Portfolio](https://www.globalstockpicking.com/tag/portfolio/)
- [Global Stock Portfolio](https://www.globalstockpicking.com/tag/global-stock-portfolio/)
- [Criteo](https://www.globalstockpicking.com/tag/criteo/)
- [High Growth](https://www.globalstockpicking.com/tag/high-growth/)
- [Relative P/E](https://www.globalstockpicking.com/tag/relative-pe/)
- [Index P/E](https://www.globalstockpicking.com/tag/index-pe/)
- [SAFT Take-over](https://www.globalstockpicking.com/tag/saft-take-over/)
- [Financials Outlook](https://www.globalstockpicking.com/tag/financials-outlook/)
- [Ping An Insurance](https://www.globalstockpicking.com/tag/ping-an-insurance/)
- [NetEase](https://www.globalstockpicking.com/tag/netease/)
- [Gaming stocks](https://www.globalstockpicking.com/tag/gaming-stocks/)
- [Value Investing](https://www.globalstockpicking.com/tag/value-investing/)
- [Martin Shkreli](https://www.globalstockpicking.com/tag/martin-shkreli/)
- [Investment Styles](https://www.globalstockpicking.com/tag/investment-styles/)
- [Guy Spier](https://www.globalstockpicking.com/tag/guy-spier/)
- [Monish Pabrai](https://www.globalstockpicking.com/tag/monish-pabrai/)
- [Avanza Bank](https://www.globalstockpicking.com/tag/avanza-bank/)
- [Factor Investing](https://www.globalstockpicking.com/tag/factor-investing/)
- [Small Cap Factor](https://www.globalstockpicking.com/tag/small-cap-factor/)
- [Fama French](https://www.globalstockpicking.com/tag/fama-french/)
- [Value hunting](https://www.globalstockpicking.com/tag/value-hunting/)
- [Ericsson](https://www.globalstockpicking.com/tag/ericsson/)
- [Cisco buyout](https://www.globalstockpicking.com/tag/cisco-buyout/)
- [Shanghai](https://www.globalstockpicking.com/tag/shanghai/)
- [Rottneros](https://www.globalstockpicking.com/tag/rottneros/)
- [Value Case](https://www.globalstockpicking.com/tag/value-case/)
- [Deep Value](https://www.globalstockpicking.com/tag/deep-value/)
- [Toy Company](https://www.globalstockpicking.com/tag/toy-company/)
- [Hong Kong Value investing](https://www.globalstockpicking.com/tag/hong-kong-value-investing/)
- [China Macro](https://www.globalstockpicking.com/tag/china-macro/)
- [Tonly Electronics](https://www.globalstockpicking.com/tag/tonly-electronics/)
- [Analysis](https://www.globalstockpicking.com/tag/analysis/)
- [Margin of Safety](https://www.globalstockpicking.com/tag/margin-of-safety/)
- [Harman](https://www.globalstockpicking.com/tag/harman/)
- [Smartphone neck pain](https://www.globalstockpicking.com/tag/smartphone-neck-pain/)
- [Smartphone and disc degeneration](https://www.globalstockpicking.com/tag/smartphone-and-disc-degeneration/)
- [Smartphone neck surgery investment case](https://www.globalstockpicking.com/tag/smartphone-neck-surgery-investment-case/)