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Special situation: Seel crash

Portfolio content and return

In the beginning of October 2019 we noticed that the market cap of the leading stainless steel producer Outokumpu had dropped to its lowest level ever relative to its shareholders equity for its entire 31 year history as a public company. The same thing at the same time happened to Salzgitter AG, who has a 22 year history as a quoted company. The rest of the shares in the portfolio aren’t much better/worse. The idea of this portfolio is simple: We buy a portfolio consisting of steel companies to a lower relative price than anybody before us ever has done. An investment of 50.000 euro in this portfolio as of 25.10.2019 gave a share in shareholders equity of 100.086 euros, in earnings of 6.529 euros and a dividend income of 1.811 euros. Note that the earnings for the companies in the portfolio are in steep decline for the moment.

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