$MF (-0,45%) (wendel) • Optimal 72/85 • Pays 4.5% today and 6.3% forward. Cash payout ratio: 24%. Trades at a 31.9% discount to its NAV and a P/FFO of 3.2x. The market sees accounting losses; I see asset sales (Stahl, IHS) translated into returns for shareholders.

My issue with Wendel: GAAP losses are part of the model, not an anomaly. Portfolio turnover = messy accounting forever. Either you factor it in via FFO or you don’t.

$CA (+2,53%) (Carrefour) • Optimal 70/85 • 6% yield with the dividend covered 2.5 times by free cash flow (payout ratio 23%) and a P/E of 14.9x. The recent loss is due to restructuring and the integration of Cora and Match, not the supermarket losing customers.

My concern with Carrefour: extremely thin margins (0.4% average net margin) and two dividend cuts in its history (2018 and COVID). It’s been rising for 5 years since then, but it doesn’t have a perfect track record.

Two positives, two temporary issues, two ways to collect in France.

This post is not aimed at traders or people looking for "hot stocks", but at the long-term buy & hold shareholders in this forum.

In the past, I have repeatedly asked myself who benefits most from the constantly rising prices of food and everyday consumer goods. In my opinion, it is primarily the retailers, not the producers of these products. Manufacturers of branded products such as Unilever $ULVR (+1,5%) , Nestle $NESN (+0,98%) or KraftHeinz $KHC (+2,83%) suffer from the fact that they do not have their own distribution channels and retailers have built up massive competition through private labels, which puts additional pressure on the margins of branded companies.

In Germany, the retail sector is largely in the hands of family businesses (Lidl, Aldi, Kaufland, Rossmann, DM, etc.), so it is not possible to invest via the stock market. Internationally, however, things look better, as there are companies traded on the stock exchange such as Walmart $WMT (+1,97%) , Costco $COST (+1,56%) or Target $TGT (+0,07%) which also earn good money. I would say that these stocks are also the ones that get the most public attention. At the same time, these companies are also very US-centric and have struggled to expand into markets outside the US in the past.

Recently, however, I came across a video that compares the expansion of retail chains around the world and here I noticed a value that I had hardly noticed before. It's about Carrefour $CA (+2,53%) . I can no longer find the exact video, but it was close to the one I'm linking here: https://www.youtube.com/watch?v=vhszDvl7Lbg

I wonder why Carrefour is hardly noticed by investors. Is it because of the chart development? Is it because of the company's figures? Is it because the company is based in France and the withholding tax on dividends there? Or is it simply a brand that you rarely come across in this country?

I have put the stock on my watchlist. What is your opinion?

I just want to use the first day of the year to set out my financial cornerstones for 2026. In a way, it's a little public self-talk so that I don't lose focus and have a guideline to follow throughout the year.

Initial situation: Due to my professional background, I have always been very real estate-oriented in my investments. This was no different in 2025, with over 90% of my assets being real estate and less than 10% "other" - including my regular securities portfolio. In principle, I feel quite comfortable with an overweighting in "stones", but I would like to shift the ratio slightly in order to have a larger proportion of assets that can be liquidated quickly. It is also desirable to have less exposure due to possible additional government regulations in the area of tenancy and real estate law (energy-related renovation obligations, rent regulations, etc.).

My portfolio is clearly geared towards distributions, as I am already over 50 years old and no longer fully employed. So I need something I can live from. My portfolio therefore mainly contains 'boring dividend stocks and ETFs'. It would be nice to generate an average of 2tsd euros net per month in dividends by the end of 2026.

Measure 1: A small apartment is for sale - the notary appointment is in the second week of January. Proceeds after deduction of brokerage and transaction costs approx. 200tsd, which will flow directly into the portfolio. I will sell my existing positions $TDIV (+0,61%) and $WINC (-0,78%) as well as my individual shares $BATS (+1,16%) , $RIO (-0,43%) and $PETR4 (+0,35%) increase them.

Measure 2: Sale of a small building plot - it is not yet possible to predict when this will be completed, as the plot is somewhat special. However, I think a sale in 2026 is realistic - proceeds approx. 160,000 euros. I would like to use the money to add a few more individual shares to the portfolio. Depending on how the prices have gone by then, I'm thinking of $PZU (+0,29%) , $PFE (+0,15%) and $CA (+2,53%). Maybe I will also $JEGP (+0,17%) further.

Measure 3: In February/March I will probably get my money back, which I spent on various building materials for a joint project. About 12tsd Euro. This will also go into the depot. There may also be the first returns from my first house subdivision project. But how much will come out of it is speculation, and the money will be returned at GmbH level, so that doesn't "count" for the time being.

Measure 4: This is the biggest board. I don't know yet whether it will work - at the moment I give it a realistic 25-50% chance of being implemented. I would like to take over a package of three houses with two business partners. We have a provisional commitment from the seller, but we have to manage to arrange financing. We need around EUR 3.5 million from the bank, so it won't be easy, especially as we only have until the end of February and the houses have a significant commercial component, which is generally viewed negatively by banks. If anything comes of it, I'll report back. It would be my last big deal in this area. We would split up and sell two houses and keep the third.

(Image generated with Lovart.ai, modified in Photoshop)

Low performers, shitcoin collectors, uphill brakers and poolside swimmers!

Now it's time for a little #beerchallenge with me🍻

If you don't want to read it now: I spent two weeks with my boss and the camper including mountain equipment and gravel in the Schweiz🇨🇭 and in Südfrankreich🇫🇷

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🇨🇭🇨🇭 SWITZERLAND 🇨🇭🇨🇭

We first headed towards Kandersteg via Freiburg to take a look at Lake Oeschinen. I have to say, it's a beautiful lake with a great panorama!

We then continued towards Lake Geneva to Vevey to dip our big toe in the pond and (unintentionally) take a look at the $NESN (+0,98%) the headquarters.

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🇫🇷 🇫🇷 FRANCE 🇫🇷 🇫🇷

First of all: rejoice you $DG (+0,46%) shareholders, you got €65 toll from me.

We went to the Verdon Gorge via Grenoble. A bit up and down in just under 3.5 hours.

The next stop was the small coastal town of Hyeres on the Côté d'Azur for a swim and a tan.

Of course, we shopped at $CA (+2,53%) and refueled at $TTE (+1,67%) refueling.

Via St. Tropez, Cannes and Monaco, we then headed back home via Lake Maggiore.

After a total of almost 2200km, we had a moderately tasty meal at the lake Dosenbier❤️

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The end of the story:

We were on the road for a total of three weeks, drove 2700km and paid around €200 in tolls.

The vacation was good to get away from the hassle of saving money and enjoy life 🫶🏽

Greetings and kisses,

alpaca

Carrefour ($CA (+2,53%) ), French retailer, informs that in four European countries, products such as Pepsi, Lay's Chips and 7up are no longer sold because they have become too "expensive".

From Thursday the Carrefour stores in France, Italy, Spain and Belgium shelves for PepsiCo products ($PEP (+1,4%) ) carry signs stating that the brands are no longer in the range "due to unacceptable price increases".

Estimated, as the documents from August 2015 to May 2018 are missing.