4 Comments
Jan 7Liked by Carsten Mueller

Doing nothing is the hardest part.

Happy new year to you!

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Thanks Carsten for generously sharing all your move and performance in a very detailed fashion. I like the special situation bucket for keep you active... while waiting for trees to grow.- I might copy you on this and assigned a 5% allocation to this to keep me busy. The opportunistic crocodile analogy is amazing.

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Jan 7Liked by Carsten Mueller

Curious why you sold out of Texhong? Obviously had a very difficult recent year, but plenty of history of strong profits and shareholder returns.

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They have been investing a big amount into the downturn, making them quite levered and potentially vulnerable in a cyclical sector. I am also not sure what returns on capital they will be able to generate over the cycle. That said, I still like the company and its CEO and think there is a decent chance that this will recover.

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