TL;DR like to roast my deposit, appreciate all opinions!

I always find the many posts here and reading various biographies very interesting, so I've wanted to say a few words for a while now.

Tried early, but started late

I am now 32 and unfortunately started investing seriously far too late, studied far too long, and with the larger salaries finally built up as much as possible and tried to catch up as quickly as possible. "Unfortunately" means for the most part the past calendar year, which is why I put a large part of my money into shares at already high prices and then had very little cash left in the crash to add to it. Fully invested, in other words. During the crash, I mainly reallocated and continued to fully invest what was left over from my monthly salaries.

Yet back in 2011, at the age of 18, I had a share called Facebook and a Starbucks share in my portfolio without much of a clue. I just wanted to know what my mother was actually doing with her shares and how it worked, and with FB and Starbucks I simply chose two companies that "everyone" uses/needs anyway. The idea wasn't that stupid, it worked, and after a short time I was happy about the small profit in absolute terms, sold the shares at DiBa despite the high fees at the time and simply forgot about shares for years - wealth accumulation, a word that wasn't in my vocabulary, the money I had was simply turned upside down as a young adult. Well, young me, just leave the shares lying around or, even better, take a closer look at them and carry on, it "might" have been worth it...

Of priorities and wrong horses

The years went by without any shares, but with lots of fast food and partying, but at least things have changed. At some point, I started to think about the future and wealth accumulation, first taking an interest in interest rates, and then the logical next step was dividends and shares. Unfortunately, it started rather haphazardly. As a student, I started investing small amounts, and of course betting on the wrong horses. Speculative lithium shares were particularly bad in this phase, unfortunately these were large sums even by my standards, from my grandfather's estate. That was bad. However, crypto was a very good horse, more precisely $BTC (-0,62%) and $ETH (-3,67%) which (as a computer scientist) I became interested in early on and exited several times with high profits, also thanks to domestic mining. It's just stupid that back then, in the last decade, I would never have imagined how cryptos would develop. If I had, I would have simply left it all, or at least part of it. You learn and you're always smarter afterwards anyway.

Fully invested - excessive, unhealthy, or simply good housekeeping?

So now I'm 32 - and proud of a portfolio that I think I've built up to a good size in a relatively short time. Which has given me other ideas for some time now. I'm still a long way from reaching my goal, but I have to get back on the "invest 100%" path, which has been completely contrary to my past for a long time now, and strangely enough, I'm finding it difficult to do so - something to reflect on. There are too many (supposed?) opportunities every day. So I simply could not $UNH (+4,71%) after a long period of observation yesterday and of course the savings plans had to run today too. I think I've always been good at budgeting, or let's put it this way, at least good at getting by with the money available to me in a perfectly timed way, but "indulging", not just in company shares, may become a little more prominent again. I don't go without noticeably in everyday life, I need very little, which I don't think is a bad quality to begin with. But I have changed a lot in the area of "consumption" compared to the past. I think it would be good to find a healthy balance. In my opinion, just as you don't just live to work, but work to live, the same applies to saving/investing. I actually read a post here on gq today that described exactly that and I could relate to it very well. So, reflection and taking your foot off the gas is allowed - no, it's a must! I am familiar with frugalists, but I never wanted to be one. I'd be interested to know if anyone else here feels the same way, or did?

Wrong decisions, mistakes... and (hopefully) the right conclusions

Back to the topic! (Not only) on the way to today's portfolio I have made many wrong decisions, as already mentioned, so I thought that a well-kept portfolio roast could do me some good. Other, new opinions and assessments can't be bad!

In particular, in the past I have often missed the opportunity to simply let profits run their course and instead dragged losses around with me for too long (which brings us back to lithium). A thought that I recently had again when I was thinking about when it would make sense to $HIMS (+8,65%) possibly realize, as an example. $PLTR (+0,57%) and $NVDA (+0,4%) are two examples that, like so many others, I naturally had on my radar, but they always seemed too expensive, the setback never came and I really missed the big rallies as a result. At the same time, I also get caught out by FOMO from time to time. So in both good and bad phases, I try not to just see red or green, fear or hope, but simply to evaluate what actually makes sense "from now on". Sometimes you realize a loss in order to try your luck elsewhere, sometimes you should let profits run, sometimes take them, sometimes endure the dip, sometimes be courageous and sometimes defensive. Easier said than done. I find it very nice and helpful to exchange ideas on this platform and how open and "yet" respectful it generally is. Of course, I will most likely never reach some portfolio sizes, but you can always learn something about how some people manage their portfolios, regardless of the absolute figures. You will always make mistakes, but at least you should deal with them correctly and draw the best possible conclusions.

Portfolio restructuring, planned investments / savings plans

And today? After some evaluation, research, regrouping and restructuring, I now have fewer, but still quite a few positions in different sectors, most of which are already of a decent and roughly balanced size. My medium-term plan is now to build up all positions to a certain target size. This is why I am currently running savings plans:

$MPWR (+0,66%)

$AVGO (-2,17%)

$ISRG (+0,41%)

$DXCM (-0,61%)

$DHR (+3,09%)

$ALV (+0,6%)

$9988 (-0,13%)

$BRK.B (+1,26%)

$APH (+0,53%)

$MELI (+0,35%)

$BLK (-0,34%)

$RSG (+1,28%)

$DGE (+0,27%)

$VKTX (+3,85%)

ETF/ETC:

$UBU7 (+0,45%)

$EWG2 (-0,6%)

Partly with small weekly amounts, until enough cash is available to fill the target position evenly. With $AVGO (-2,17%) for example, there is not much left. Also $BRK.B (+1,26%) / $APH (+0,53%) and others are already approaching the target. In some cases with somewhat larger sums for still small but prioritized positions, until opportunities and/or resources for individual purchases arise, such as the $ALV (+0,6%) and $RSG (+1,28%) should be mentioned here, as well as $DGE (+0,27%) as a turnaround candidate.

Once the aforementioned positions are full, I would like to turn my attention to the more defensive candidates that are already in the portfolio but which I am currently prioritizing - $MCD (+1,05%) / $KO (+0,9%) / $CCEP (+0,96%) / $ULVR (+1,3%) and others - and finally increase the ETF and gold share in the long term.

$VKTX (+3,85%) is a bit of a gamble, as I have actually said goodbye to pharma - $ABBV (+1,05%) / $NOVO B (-2,62%) / $LLY (+3,39%) and $MRK (+1,8%) were still part of the inventory until recently. Instead, I decided to go with $DXCM (-0,61%) / $ISRG (+0,41%) / $DHR (+3,09%) on medical technology.

$BTC (-0,62%) remains a fixed value in the portfolio, while I $ETH (-3,67%) (incorrectly entered due to staking - around 0.4 shares or €1000) and $XRP (-2,71%) would/will sell at corresponding prices.

I still lack around €15,000 in individual stocks at current prices to bring all positions to the current desired/dream target. This will take some time, but is foreseeable. And then I would be really quite proud and happy "as things stand now"! In any case, I now feel very comfortable on the path I have chosen and, as I said, I have to stop myself from forgetting that not all money has to be invested all the time.

Savings rate

To put this into figures, I have averaged a savings rate of around €1500 over the last 24 months, with an average of €100 a month in dividends. 1400€ investment, that's about 82% of my monthly budget after deducting all "unavoidable" fixed costs including fuel and household, but not including consumption such as clothes, going out or vacations. Exaggerated, I can't say otherwise myself. But at least I have a good reason to step on the gas and get the compound interest going.

So what is all this for?

In the long term, my girlfriend and I dream of owning a property somewhere on the Croatian Adriatic, her homeland, and where I was able to spend many wonderful weeks with my parents every year as a child. A beautiful region that I consider an important part of my life, with many great moments and memories that may become even more. I hope to get closer to this goal "quickly" with the depot. The language is already halfway there! :)

In the long term, this would probably involve a little reallocation into value dividend payers, which should help with repayment. However, I would also like to lay the foundations for later distributions today, without neglecting growth. There is probably no perfect mix for this, but you are welcome to rate mine.

So, unfortunately I was once again unable to be brief. Thank you for reading, whoever has made it this far, and for your comments! I'm very excited and wish you all a great weekend.

Today I would like to hear your opinion :)

First of all, a brief introduction to myself:

I am 35 years old, married and have 2 children.

We live in a house and almost 10 years ago I bought my mother an apartment in which I support her financially.

Accordingly, I am paying for almost 2 properties.

My portfolio is a good mix (for me) of BTC/dividends & growth.

I buy the Mercedes shares annually as an employee package; the performance is strongly positive in real terms, but I have included them here as they also arrive in my portfolio.

$BTC (-0,62%) I have been saving €100/month for years.

my other current savings plans:

$MSFT (+0,27%) 200€/month

$GOOGL (+1,27%) 100€/month

$HTGC (+1,02%) 50€/month

The savings plans are not set in stone and will be adjusted from time to time,

The target value for shares is €3000-3500 for the time being.

the kids are now in daycare for another year + one 3 years, after which the savings rate will be adjusted upwards again (daycare fees currently ~500€/mth).

$MBG (-1,7%)
$BLK (-0,34%)
$MO (+1,44%)
$ULVR (+1,3%)
$P (+0,31%)$MCD (+1,05%)
$JPM (-0,08%)

McDonald's $MCD (+1,05%) is one of my top 3 positions in the portfolio and not without reason:

The Group has stood for stability, strong dividends and global brand power for decades.

But even McDonald's is not immune to inflation, consumer restraint and macroeconomic headwinds.

In the following article, I categorize the Q1 figures based on the official earnings release [1] and supplementary statements from the earnings call/webcast [2].

In addition to the pure figures, it's also about loyalty programs, margin development, new menu strategies and my personal conclusion on the share.

Have fun!

_______________

McDonald's is starting the new year with a decline in sales and profits, with business weakening in the USA in particular. Nevertheless, the company is showing global resilience, particularly through its licensed markets and the rapidly growing loyalty program.

📊 ESTIMATES VS. REPORTED

*(According to the earnings report, operating profit (EBIT) amounted to $2.65 billion; the third-party provider Quartr states a slightly different figure of $2.71 billion, which may be due to rounding or other valuation measures).

📊 Results Q1 2025

• Turnover$5.96 billion (previous year: $6.17 billion) -> decline of 3%

• Operating profit (EBIT): $2.65 billion (previous year: $2.74 billion) -> decrease of 3%

• Earnings per share (EPS):

• GAAP (incl. special effects): $2.60 (previous year: $2.66) → -2%
• Non-GAAP (adjusted): $2.67 (previous year: $2.70) → -1 %

What is GAAP vs. non-GAAP?

• GAAP: official accounting in accordance with US accounting rules
• Non-GAAP: adjusted figures, e.g. without special effects such as restructuring costs, often better suited to evaluate the "operating business"

💰 Margin & result

"Our adjusted operating margin was around 45.5%, despite declining sales."

• Ian Borden, CFO

• Operating margin down slightly (vs. 46.3% in FY 2024), but remains very robust given the environment
• Restaurant margins above $3.3 billion in Q1
• Declines in company-operated margins, especially in Europe (see brief digression)

EXCURSUS: Company-operated margin: (operating margin from company-owned restaurants)

...refers to the profit margin that McDonald's generates from the restaurants it operates itself, as opposed to franchise or licensed operations.

McDonald's operates two types of restaurants worldwide:

1 . Franchise restaurants (around 95%)

• Operated by independent entrepreneurs.
• McDonald's earns from this through franchise fees, rent and revenue sharing.

2 . Company-operated restaurants (approx. 5 %)

• Belong directly to McDonald's
• Sales and costs run entirely through the consolidated balance sheet.

Why is this margin important?

• It shows how profitable McDonald's own stores are.
• If, for example, costs for staff, food or energy rise, this puts pressure on this margin.
• In the earnings call, it was emphasized that company-operated margins were under pressure in Q1, particularly in Europe:

• cost inflation
• weaker demand
• unfavorable exchange rates

🌍 Global comparative figures (Comparable Sales):

• These are sales from existing restaurants that have been open for at least 13 months. They show organic growth without the effect of new locations.

• Worldwide: -1.0 %
• USA: -3.6 %

• International Operated Markets (IOM): -1.0 %
• International Developmental Licensed Markets (IDL): +3.5 %

What are IOM and IDL markets?

• IOM: Countries and regions in which McDonalds itself is more heavily involved (e.g. Germany, UK, France)

• IDL: Countries in which McDonald's does not operate its restaurants itself, but licenses them to local franchise partners. These partners pay fees to McDonald's but run the business independently. Examples: Japan, Middle East, parts of Asia and Africa.

📉 Why did things go worse in the USA?

The decline in sales in the USA (-3.6 % comparable sales) was mainly due to:

• Fewer guests (falling visitor numbers)
• Consumer restraint among lower income groups
• Price increases in the previous year, which are now increasingly deterring customers
• Fewer orders per visit & fewer premium products in the shopping basket (weaker product mix)

🌐 System-wide sales (system-wide sales):

• This comprises the total sales of all McDonald's restaurants, i.e. both existing and new locations, regardless of whether they are operated by McDonald's itself or by franchise partners.

• Q1 2025: -1 %
• but: +1 % at constant exchange rates

What does this mean?

Without the influence of fluctuating exchange rates, sales would have increased by 1 %. Calculated in US dollars, for example, a weak euro has a negative impact, even though the local business is stable.

🔁 Leap Day distorts comparison:

2024 was a leap year with February 29 (Leap Day), which means one more day of sales compared to 2025, making the previous year's base appear artificially higher. This makes the decline in sales appear larger than it actually is.

🎯 Loyalty program, McDonald's digital joker

Via the app or with a customer account, users receive loyalty points for their orders, which they can exchange for free products or discounts, similar to Payback but with burgers.

• $8 billion in sales in Q1 2025 with loyalty members
• $31 billion in the last 12 months
• 175 million active users (in the last 90 days), measured on a rolling basis

Why is the revenue from loyalty members higher than the Group revenue of $5.96 bn?

• The $8 billion are system sales (Systemwide Sales see above, i.e. the total sales of all McDonald's restaurants worldwide, including franchise operations.

• McDonald's Group revenue ($5.96 billion) only includes the revenue of the company itself (e.g. franchise fees & revenue from own stores).

➡ The high loyalty revenue shows how strong customer loyalty and app usage have become and how important this digital strategy is for McDonald's future.

➡️ Loyalty customers order more frequently, spend more and are less price-sensitive. The program helps McDonald's to stabilize sales and retain customers, especially in difficult economic times.

💳 Consumer climate & customer behavior

"In contrast to a few months ago, spending by middle-class consumers has now fallen almost as sharply as that of low-income households."

• Christopher Kempczinski, CEO

• Macroeconomic pressure & geopolitical uncertainty are impacting the QSR environment more than expected.
• Low- and middle-income customers are spending significantly less - especially in the USA.
• High-income customers remain relatively stable.

UnderstandingWhat is the QSR environment?

QSR = Quick Service Restaurant

This refers to the quick service restaurant sector, e.g. McDonald's, Burger King, Subway, KFC, etc.

When the "QSR industry" is mentioned in the earnings call, this refers to the competition and demand in the global fast food sector.

The "QSR environment" includes:

• Consumer behavior (how often do people go out to eat?)
• competitive pressure
• pricing strategies
• Costs (e.g. for raw materials, wages, rents)

🔎 Interim conclusion so far:

As expected, the figures show a challenging quarter with declines in sales and earnings in almost all core markets.

The USA in particular suffered from inflation, price pressure and weaker demand.

At the same time, McDonald's remains remarkably profitable with an operating margin of 45.5 %, which speaks for the resilience of the business model.

Growth in the licensed markets (IDL) and the strong loyalty program provide clear rays of hope.

For me, these are the first signs that McDonald's is structurally well positioned, even if the short-term momentum is currently slowing.

⚙️ Further initiatives & Strategy 2025:

Value-oriented menu strategy & McValue platform

"Leadership in price-performance is crucial in this environment."

• Kempczinski, CEO

• $5 Meal Deal in the USA
• EDAP menus (Every Day Affordable Price) in all 5 most important international markets
• Example France: Happy Meal for €4, menu cooperation with Ligue 1
• Example Germany: new McSmart Snacks program for price-conscious customers

Customer loyalty & marketing offensives

"Our Minecraft campaign is our biggest global campaign to date - with over 100 participating markets."

• Kempczinski, CEO

• Minecraft movie campaign with digital experience & in-store promos
• 50 years of breakfast in the US with McMuffin Day & bagel return
• In Canada: $1 coffee & field hockey promo with 50 million impressions

Innovation & new structure

"We are creating burger, chicken & beverage specialists as we compete more and more against specialized players (e.g. chains that focus only on chicken or beverages, such as Chick-fil-A or Starbucks) to develop targeted products and better compete in these segments."

• New Restaurant Experience Team
• Faster implementation thanks to integrated product/tech/supply approach
• CosMc's insights flow into new beverage tests in US stores
• New category managers for Beef, Chicken & Beverages

GBS = Global Business Services:

• McDonald's centralizes areas such as accounting, IT & controlling to save costs and work faster.

More focus on mobile orders & digitalization

• Mobile orders via app & kiosks make the ordering process more efficient, collect data and increase basket value

Investments:

• +$300-500 million CapEx planned annually until 2027
• Focus on new restaurants, modernization & technology

📉 Challenges:

• Inflation & reluctance to spend, especially in the USA & Europe
• Currency risks: Weak foreign currencies depress sales in US dollars
• Operating margin pressure: Rising costs coupled with falling visitor numbers

📌 Personal conclusion

In the first quarter, McDonald's showed that even a giant can come under pressure, especially in a weak economic environment with declining visitor numbers in the US and Europe.

Nevertheless, the share price has remained relatively stable.

At the same time, I am convinced by the long-term levers:

the strong loyalty program, targeted pricing models and the international expansion in licensed markets (IDL), which are growing solidly.

I am continuing to hold my position, as McDonald's remains a robust basic investment for me.

However, there will be no further acquisitions at the moment, as I would first like to see margins and customer numbers stabilize in the long term.

_____________

Thank you for reading! 🤝

_____________

Sources:

[1] https://corporate.mcdonalds.com/content/dam/sites/corp/nfl/pdf/Q1_25_Earnings_Release.pdf

[2] https://web.quartr.com/link/companies/5595/events/314423?targetTime=0.0

______________

$MCD (+1,05%)
$YUM (+0,87%)
$QSR (+1,62%)
$WEN (+3,01%)
$CMG (+0,09%)
$SBUX (-1,76%)
$DPZ (+1,02%)
$JACK (-0,47%)

McDonald's Corporation ($MCD (+1,05%)
) slightly missed analysts' expectations in the first quarter of 2025 in terms of both sales and earnings per share. Despite challenging market conditions, the company was able to maintain its operating margins at a high level and and maintained its maintain its competitive position. No statements on the dividend or share buy-backs were made in the report. made in the report.

Key financial figures (Q1 2025):

• Turnover: 5.96 billion $
• ↳ Below expectations of USD 6.15 billion
• Earnings per share (EPS): 2,67 $
• ↳ Missed the forecast of $2.69 by $0.02
• Adjusted operating margin: approx. 45,5 %
• Currency effect: Expected positive contribution of +0,05 $ per share

Business development & market conditions:

• Global comparable sales: -1 %
• Despite a decline in customer traffic in key target groups (in particular lower-income households), McDonald's was able to keep its market share stable and customer frequency advantages over the competition.
• Strong restaurant margins and efficiency contributed to operational resilience.

Market reaction:

• Share price decline by -1,35 % after publication of results to 319,65 $
• The moderate negative reaction is due to missed expectations not due to fundamental weaknesses.

Outlook:

• McDonald's confirmed its annual targets for 2025.
• Focus on affordability, value propositions and menu innovations (e.g. McCrispy Chicken Strips, snack wraps) to boost guest numbers.

Conclusion:

McDonald's has slightly disappointed in a difficult consumer environment, but remains operationally solid. The management is strategically focused on value-for-money offerings and product innovation in order to grow in a highly competitive market environment.

$GM (+0,09%) , $MCD (+1,05%) .....

https://www.handelsblatt.com/unternehmen/industrie/geschaeftszahlen-im-newsblog-general-motors-setzt-prognose-herunter-mcdonalds-mit-rueckgang-bei-umsatz-und-gewinn/24098412.html

I have been invested in Chipotle since 2023 $CMG (+0,09%) since 2023. Not only do I really like the company, I also wanted to try the food.

In Europe, Chipotle is only available in Frankfurt, France and the UK. So it's a good thing that Chipotle is in Dubai and the last stop on my trip took me there.

This gave me my first live impression of how the food is ordered there, how long the wait is and, of course, how it tastes.

Similar to other fast food chains, the order could be placed at the terminal without staff. The staff were friendly and asked during the ordering process if everything was OK and if I had any questions. I then ordered a "burrito bowl" with rice, double chicken and guacamole. I also got a soft drink to pour myself with an unlimited refill:

With the place so 80% full, we had to wait about 5-7min for our food. It tasted great, of course not comparable to a restaurant, but very good for fast food. The whole thing cost around €20 (welcome to Dubai 😅). I think that's still ok when you consider that at $MCD (+1,05%) now also comes in at around €15 per menu. The quality of the food at $CMG (+0,09%) was significantly better.

Speaking of
DubaiDubai is an amazing city, it's 43 degrees right now, incredibly modern and cosmopolitan. When you're there and experience it, you worry about Europe even more than you already do. Almost everyone speaks English, everything is signposted in English, the roads are very well developed and the people are very hospitable.

As I don't want this to turn into a travel blog, I'll stop now 🙈

Stay tuned,

Yours Nico

Hello!

I have been actively working on my portfolio since the beginning of this year, my strategy is to go towards dividends and a safe investment in ETF's with ETF's I want to achieve a balanced weighting that is not too American-heavy but also focuses on Europe.

I have a monthly savings plan of €300 which is divided as follows:

50 € $IWDA (+0,44%)

50 € $EXSA (+0,51%)

40 € $ZPRG (+0,91%)

40 € $WQDS (+0,56%)

20 € $O (+1,62%)

15 € $VZ (+1,37%)

15 € $ULVR (+1,3%)

10 € $JPM (-0,08%)

10 € $JNJ (+1,28%)

10 € $PG (+0,36%)

10 € $ENB (+0,14%)

10 € $ALV (+0,6%)

10 € $KO (+0,9%)

10 € $MCD (+1,05%)

Please do not pay too much attention to the crypto positions, I will liquidate the Shitcoins in the near future when prices are good and switch to ETFs/shares.

Now to my simple question, what do you think of the portfolio? Is it good for my strategy or do you have any tips?

I have parted company with McDoof and am now layering in $ALV (+0,6%) and $IWDA (+0,44%) around.