ant at work

Hello dear reader (diary), it has been ages since my last post. I have been busy and short of ideas and considerations. Actually, I had some ideas but they were too confused to worth making them public. To make amends for my prolong absence I will write about a troublesome topic. Authenticity and sincerity in your forecasts and assumptions. I know is incredibly easy to party for the company you have been reading about and analyzing for days and weeks. The CEO and CFO wrote touching letters prom...

I am publishing this post as of 12 May 2021. I wanted to publish it two days ago before yesterday's correction over the major DM indexes, but I have been quite busy lately. Despite yesterday's sell off my ideas remain the same but while reading it please keep this in mind. Overview The market begins to take inflation related topics seriously. There is growing evidence that supply remains a problem for many companies, just as demand is peaking up - particularly acute on materials and components...

Together with this blog post I am also introducing a new section where I share my current equity holdings. There is no better way to understand the style of an investor than looking at its portfolio. This will make a perfect introduction to this new post since I am going to talk about my process of stock picking. As I mentioned more than once I heavily rely on intrinsic valuation (Discounted FCF or DDM) to determine whether a company is worth to be included in my portfolio. To run an accurate a...

Foreword As you probably know this blog is not about intraday strategies or doubtful golden rules. I am sure you can easily find swindlers out there that promise you stellar returns simply by clicking on their effing link. I don't believe in a market that is predictable and bounded to the past. But I do believe in inefficiencies. And as soon as humans remain involved in the market those inefficiencies will persist. For this reason, an investor shall be active and prepared to take advantage fro...

As first blog post of the main series, I am going to present my reasons for being so devoted to investing. Since I believe that framing is the key to lay solid foundations for a sound investment strategy, so let's start from "why?". It will come to aid in hard times when the market goes against you testing your nerves. Once you answered this question you can pass to the other ones concerning your investment horizon, risk adversity, ethic, etc... So why do I actively invest in the stock market?...

Equity Euro Stoxx 50 looks overbought, small correction expected. 100% of my exposure to European equity has been hedged. Nasdaq 100 is back to its maximums and approaching the overbought area. The slightly higher than expected inflation rate is going to sustain the US market for a little longer, but I do expect a correction soon. I stay cautious and away from "long duration" stocks which are the ones expected to suffer the most the moment the market's focus comes back to the treasury yield. ...

How will I organize my blogging activity? Since blogging is for me a new thing I have a lot to learn about it, but at the same time I want to stay authentic and share thoughts as soon as they come to my mind. In other words, I'll try to publish in an organized way leaving room to some spontaneous extra-contents every now and then. Firstly, at the beginning of each month I'm going to publish my impressions about the macro environment and the indicators that I use to support my decisions. Most o...

Welcome Hello dear passer-by, welcome to my blog, a scratch book of investment ideas, photography and much more. Please do not take any content of this blog as a financial advise, in fact it represent exclusively an open personal notebook where I regularly jot down my thoughts in an organized way. Who am I? I work as an assistant portfolio manager in an asset management company based in Luxembourg. I am directly involved in trading stocks and derivatives for an investment fund and other indiv...