Quick update.
Not much to report. The markets have been a bit choppy but not really heading in any clear direction. I have sold out the position in the Italian Post Office $PST.MI (Poste Italiane) this has made a good profit in a short time and reached what I felt was fair value now (no longer cheap) so decided to sell out. I have used the proceeds to increase holding in $IOS.DE (IONOS Group SE)
Ionos is at what I feel is a bargain price. There has been a research note (I will track down and link) which has led the market into downgrading the company, but feel is misunderstanding the potential of having a European data centre cloud business. It is claimed it will lose out when people can build Web services with Ai but this is missing the point that there is more and more stuff that needs to be hosted someplace, and having a coding agent does not revalue storage. I am prepared to wait this one out and hopefully be proved right here. It is true it has legacy products for hosting small business web sites etc which are obsolete, but I think is a distraction of the true potential of the business and misunderstanding of how quickly a pivot can be made if you have the underlying structure it has.
The rest of the portfolio I am currently happy with, there is still greater value to be found outside of the biggest US companies, so I will be continuing to search out global opportunities.... Show More
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