Hello everyone,

Since many of you have shown your depots recently, I thought I'd follow suit and present mine too.

Briefly about myself:

I have just completed my training as a bank clerk and now work in an auditing firm.

I am also unable to insure certain risks such as incapacity for work or similar due to pre-existing conditions (nothing serious).

I have also just moved into a great apartment with my boyfriend.

Investment goal:

I am building up the portfolio with savings plans as well as individual purchases. The ultimate goal is for all positions to be self-financing with €25.00 per month. With the dividends that accrue by chance, I would like to cover part of my monthly fixed costs. This is quite possible as I have an extra account for my custody account (free of charge at my house bank).

The following items are still missing: $META (-0,65%)
$JNJ (+1,28%)
$MA (+0,04%)
$MSFT (+0,27%)
$NVDA (+0,4%)
$PEP (+0,31%)

For 2025, I would like to get as close as possible to the €100.00 mark.

It's a bold target, and many might object because of the savings plan / individual purchase combination, but this is the best way for me. The role model for this is @Simpson.

I would also like to replicate the portfolio step by step at Trade Republic for vacations etc.

In my current circumstances I have enough reserves to be able to focus on dividends.

As of yesterday, I beat the MSCI World with 0.71%, which I think is pretty good.

Do you have any ideas for changes to the positions? And please don't liquidate all positions and then into the $VWRL.

The $VWRL (+0,84%) only came later that some positions overlap, but this is not a problem for me because of the dividend idea.

Have a nice weekend!

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 (-0,54%) and $ETH (-3,55%) 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 (-0,54%) remains a fixed value in the portfolio, while I $ETH (-3,55%) (incorrectly entered due to staking - around 0.4 shares or €1000) and $XRP (-2,32%) 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.

While AI, quantum computers and space travel aim to change the world, a steadily growing section of the population is...

Power mentality, cash flow crews and the sacred 7-step revenue model aka:

MLM and pyramid schemes. 🧠✨

Yes, you read that right.

Despite the internet, education and a thousand warnings on TV, people still believe that you can become a millionaire overnight with "team building", "passive income" and a starter package for €499. 🙃

And who benefits?

Not just the "business coaches" with Gucci belts and rental lambos.

But also a few listed companies that are secretly living off the rampant cognitive crisis:

📈 Meta (Facebook)
$META (-0,65%) - where you receive daily advertisements for the next "mentoring program", people on Insta tell you about their luxury life and you are sent superfluous voice messages on Whatsapp about "mindset" and the hamster wheel

📈 Alphabet (Google)
$GOOGL (+1,27%) - because someone has to google it: "Is this really a Ponzi scheme?"even if many do without it or you are shown the next unskippable ad on YouTube.

📈 Adobe
$ADBE (+3,25%) - because every "CEO" has to craft their pitch deck and Insta ads somehow.

📈 Zoom
$ZM (+1,17%) - for daily "team calls" where 99 people learn how to pull someone else in so that the next call has 100 people right away.

📈 Herbalife
$HLF (-0,16%) - Oh come on, classics. They live on madness.

📈 Sixt
$SIX2 (-0,31%) - Somewhere you need the rented Porsche for the next Insta story

📈 Shopify $SHOP (+0,04%)
- Because dropshipping is somehow a third cousin of MLM. The difference? Fewer coffee runs, more fake reviews from Bangladesh.

📈 NVIDIA $NVDA (+0,4%)
/ AMD $AMD (+1,56%)
- AI tools need GPUs. And if the "business mentor" automates his entire coaching empire with AI-generated content posts - guess who sells the picks and shovels?

📈 Apple $AAPL (-0,21%) - If you don't make your "business call" via an iPhone 15 Pro Max with AirPods - are you even an entrepreneur? Status symbols are mandatory. Debts? Never mind.

📈 Amazon $AMZN (+0,1%) - For: Books with titles such as "Mindset Millionaire", "Wake up from the Matrix" or "Your first 6-figure launch in 60 days". Plus: Shipping for food supplements, CBD oils and 50-euro "focus boosters".

Conclusion: is humanity going stupid? Possibly.

But your portfolio doesn't have to be. 😏

Invest in stupidity. It has unlimited growth potential.
(Even Einstein already knew that!)

Transparency note:

The research of suitable stocks on the topic was carried out using ChatGPT.

We (around 40 people from SW development) trundled into a bar after work last week and wanted to round off the evening in a relaxed atmosphere. Instead of 2 beers, there were of course significantly more and the topic of our operational business was over relatively quickly, in the end of course (once again) we only talked about AI and the discussion hype/sustainability and how each individual can benefit from it (many do without any company insurance, prefer to receive an annual bonus and invest it in the stock market).

In the end (8 beers later) there was relative agreement that it is

a) it is a megatrend with a tailwind (comparable to the internet or smartphones back then)

b) AI will change every industry (and in my opinion very quickly)

c) targeted investments will lead to significant increases in value in 5-10 years.

What has left us all with questions is the impact on the labor market. Entire industries will look completely different in the future; instead of people, there will be robotics and perhaps a handful of people monitoring everything. Where will that lead? Tax systems need to be rethought (loss of jobs = loss of wage tax and social security contributions), the education system needs to be revolutionized and so on. Where are we heading? AI user tax? Digital value-added taxation?

Very exciting with our political leaders and little hope :D

Of course, this is all minimally frightening, but it also offers us all incredible opportunities.

To return to the core issue: I think we all have an opportunity here to build massive wealth. My portfolio is extremely tech-heavy, so I'm still betting on the big players ($NVDA (+0,4%) , $TSM (+0,17%) , $ASML (-1,43%) - entire value chain for chip development), $GOOGL (+1,27%) , $META (-0,65%) . $AMZN (+0,1%) and also a few riskier ones like $PLTR (+0,57%) , $SMCP, $NOW (+0,21%) etc.).

Quantum computing would of course be the next big highlight, but that's another story.

What do you think about it? How will AI shape our generations, what social impact will it have and where are you investing?

LG Max

Today there were fresh figures from Siemens $SIE (-0,96%) for the second quarter of 2025 and, as always, I'll try to make them as understandable as possible for you 📈

In this article you will find everything you need to know about the current status.

The information is based entirely on the Q2 report [1], the media presentation [2] and the earnings call [3].

Hier to the article from the last quarterly report.

📅 First of all, the context: Why Q2 at Siemens?

Siemens' fiscal year begins in October. That means:

• Q2 2025 covers the period from January to March 2025
• The figures were published on May 15, 2025

Overall overview: Robust performance with a special effect

Siemens delivered a strong operating performance. Sales grew by 6 %, incoming orders by 9 %. An important driver was a special gain from the sale of a company in the Smart Infrastructure division, more on this later.

Key figures

• Turnover+6% to € 19.8 billion
• Incoming orders: +9% to € 21.6 billion
• Book-to-bill ratio: 1.10 -> more orders than sales
• Order backlog: € 117 billion -> still at a record level 🔥
• Profit after tax (continuing operations): € 2.44 billion
• EPS (before PPA): € 3.00 -> incl. € 0.32 profit from the sale of the company

👉 The profit includes a special effect from the sale of the Wiring Accessories business in the Smart Infrastructure division. This contributed around € 0.32 to EPS and 550 basis points to the margin.

("EPS before PPA" shows the operating earnings per share, excluding distortions due to acquisition-related special effects, which analysts consider to be the more realistic benchmark for measuring earnings)

• Free cash flow (Industrial division): € 2.1 billion

(Why only the Industrial Sector is stated: Because the focus is on the Industrial Sector without Healthineers & Financial Services as the core business. This shows Siemens' true operating financial strength, without dividends from investments or financial transactions)

The Siemens Groups at a glance

Share of total sales:

• Digital Industries: 21,7%
• Smart Infrastructure: 28,8%
• Mobility: 16,2%
• Siemens Healthineers: ~28%
• Siemens Financial Services: 0,5%

*Difference to 100%: "Reconciliation to consolidated figures, see end of article

📊 Digital Industries (DI):

Siemens is global leader in industrial automation and software for factories. This involves robot control systems, production software and automation solutions for the automotive, pharmaceutical and electronics industries, for example.

Our productsSIMATIC, NX, Teamcenter, TIA Portal

📉 figures:

• Turnover: -5 % to € 4.3 billion
• Profit: -9 % to € 512 million
• Incoming orders: stable at € 4.3 billion
• Book-to-bill: 1,00

🔎 Regional trends:

• China: Incoming orders -16%, sales -10%
• Germany: Sales -22 %
• USA: stable sales

What's going on at Digital Industries...

Digital Industries is Siemens' central division for industrial automation and software, i.e. actually the area that should offer the greatest leverage in AI, efficiency and scalability in the future, which makes the current decline of Sales: -5% & profit: -9%.

• Particularly affected: discrete automation (e.g. mechanical engineering, automotive, electronics)

3 main reasons identified:

Destocking: destocking is dragging on

The problem was already visible in Q1, as in my article: customers (especially mechanical engineering & electronics manufacturers) ordered massively during the corona period, but now they don't need any new components for the time being because their warehouses are still full.

The consequenceLess call-offs, less sales at Siemens, although the demand remains in the medium term.

CFO Ralf Thomas:

"Distributor inventories in China are still above levels, even if declining."

Regional weaknesses, especially Europe & China

• In China, FDI sales fell by -10% in Q2, incoming orders by as much as -16%
• In Germany, sales even fell by -22%

• Reasons: hesitant investments, uncertain economy, geopolitical tensions

CEO Roland Busch:

"We need clarity on trade policy. Customers are holding back investments in key regions."

EDA software weakens, despite strong PLM

The software share is split in two:

• PLM (Product Lifecycle Management): +9% growth (positive)
• EDA (Electronic Design Automation): -34 % in orders (a heavy burden on earnings)

EDA tools are primarily used by chip manufacturers, where investment restraint is currently particularly high following the boom of recent years.

What's next...

✅ The book-to-bill ratio is back at 1.0 - a first signal of stabilization

✅ Siemens expects improvement from H2 if inventories continue to fall and the economy stabilizes

✅ Software business remains profitable in the long term, also due to the integration of Altair

CFO Ralf Thomas:

"We see green shoots in PLM and some signs of stabilization in short-cycle factory automation."

Interim conclusion Digital Industries:

The decline in DI is not a structural problem, but a cyclical weakness combined with geopolitical uncertainty. Siemens itself is continuing to invest in AI & software and believes that the downturn will bottom out this year.

For investors this means: Be patient, DI remains the key to the future in my opinion, even if it is currently bumpy.

🏡 Smart Infrastructure (SI): The star in the quarta

This is about energy supply, building automation and infrastructure. Siemens helps companies to work more efficiently and sustainably, from smart buildings to energy grid feed-in

Known products/services:

• Charging stations for electric cars
• Building management systems for smart office buildings
• Switchgear for power grids

figures:

• Turnover: +10 % to € 5.7 billion
• Profit: +27% to € 979 million (incl. special effect)
• Incoming orders: -3 % (strong comparative quarter)

Drivers:

• Data centers, power grids and industrial orders
• Services +6 %, broad margin expansion (18.5 % operating EBIT margin)
• USA & China strong growth in sales

🏷️ Wiring Accessories sales:

Sale of switches, sockets etc. -> no longer a strategic focus.

CFO Ralf Thomas:

"Concentrate on high-margin, digital and scalable solutions"

🚆 Mobility (MO): New orders, top margin

Siemens builds and maintains trains, rail infrastructure and signaling technology. The focus here is on fast, efficient and sustainable mobility systems.

Well-known products/services:

• ICE trains for Deutsche Bahn
• Metro systems for major cities
• Digital interlockings for railroad lines

numbers:

• Turnover: +12 % to € 3.2 billion
• Profit: +70% to € 331 million (margin 9.4%)
• Incoming orders: +22% to € 3.9 billion
• Book-to-bill: 1,22

Drivers:

• New major orders in Rolling Stock & Rail Infrastructure
• Services continues with high margin, order backlog at €49 billion

CEO Roland Busch:

"Train business remains resistant to economic cycles and can be planned for the long term."

🧬 Siemens Healthineers $SHL (+1,16%) (SHS): Strong performance despite trading risks

Siemens is a leader in medical and diagnostic technology. The company supplies imaging systems, laboratory diagnostics and digital healthcare solutions.

Known products/services:

• MRI & CT devices for hospitals
• Laboratory diagnostics for blood tests & cancer research
• AI-supported diagnostic software

Numbers

• Double-digit increase in orders
• Sales growth in the mid single-digit range
• US trade tariffs (anti-dumping) have a negative impact, but no direct drop in profits

💰 Siemens Financial Services (SFS)

Siemens offers leasing and financing services, e.g. for companies that want to modernize their infrastructure.

Known products/services:

• Leasing for medical technology
• Project financing for renewable energies
• Industrial investments

Earnings before taxes: € +210 million (previous year: € 184 million)

• Main driver201 million profit from the sale of shareholdings
• Return on equity at 12.8%

Strategic highlights: AI, Altair & Innovation

📌 Altair takeover completed

Siemens strengthens its portfolio for industrial AI & simulation with the acquisition of Altair.

GoalComprehensive, AI-supported software offering across all industries.

CEO Roland Busch On the Altair deal:

"After a very stringent regulatory approval process, we closed the Altair acquisition earlier than planned. Customer feedback for the most complete AI-powered design and simulation portfolio has been excellent.

➡ Early closing of the Altair deal, integration and synergies start immediately Siemens is thus massively expanding its software portfolio.

📌 New acquisition: Dotmatics

• Specialist for AI-supported life science software (laboratory data, drug development)
• 95% subscription revenue, >40% EBITDA margin
• Complements Healthineers + PLM division

📌 Xcelerator & Industrial Copilot: Siemens drives industrial AI forward

Together with partners such as Microsoft $MSFT (+0,27%) , NVIDIA
$NVDA (+0,4%) and Accenture
$ACN (+0,03%) are building an AI ecosystem for industry with the aim of revolutionizing manufacturing and development processes through artificial intelligence and digital twins.

Xcelerator is the open Siemens platform for industrial software, hardware and digital services.

Industrial Copilot is a new tool based on Foundation Models (comparable to GPT, but for industrial applications):

• It can generate control code by voice input
• Accelerates processes in development, production and maintenance
• First practical application, e.g. at Audi in production

Siemens was honored with the Hermes Award 2025 for real business impact.

GoalIncrease efficiency, avoid errors and cushion the shortage of skilled workers with intelligent assistance systems.

Roland Busch:
About the Industrial Copilot & Xcelerator

"Our Siemens Industrial Copilot received the prestigious Hermes Award for business impact - it's the first real generative AI for the factory floor.

➡ Siemens emphasizes the lead in AI in industry with real customer impact, e.g. Audi .

Regions at a glance

• Americas region: 42% share of sales, driven by strong demand in the USA - particularly in Smart Infrastructure and Mobility.
• China: Still weak, but first signs of recovery in DI
• Europe (EMEA): Mixed, Germany with weaknesses in the automation business

Siemens & Siemens Energy $ENR (-0,15%): only a side note

Even though Siemens Energy has been an independent company since 2020, Siemens AG still holds a minority stake of less than 15% (as of Q2 2025).

The stake has been gradually reduced in recent years, with a large proportion going to the Siemens Pension Trust, for example.

In Q1 2024, this step resulted in a one-off gain of €500 million; this effect will be absent in 2025.

CFO Ralf Thomas (Q2 Call):

"We continue the divestment of the Siemens Energy stake - now below 15%."

Is this still relevant for investors?

No, Siemens Energy no longer plays an operational role for Siemens AG.

What remains, however, are risks at Siemens Energy (e.g. Gamesa, wind power problems, anti-dumping duties), which investors may still associate with Siemens. Even if at least emotionally.

However, Siemens itself emphasizes that Energy is no longer part of the strategic core.

In accounting terms, the investment is listed under "financial assets" and is to be further reduced.

Trade tariffs & geopolitics

USA imposes tariffs on products from Europe & China

Siemens Healthineers particularly affected: -€200-300 million profit risk

CEO Roland Busch:

"Tariff uncertainty is already having an impact on investment decisions."

Siemens is increasingly localizing production & supply chains ("local for local")

CFO Ralf Thomas on macroeconomic risks

"Looking ahead, further recovery of economic activity will depend heavily on clarity about the future tariff environment and on timely resolution of trade conflicts.

➡ Siemens identifies risks from trade conflicts, but remains optimistic

🔮 Outlook for 2025

• Total sales growth: 3-7% confirmed
• EPS (before PPA, without Innomotics): € 10.40-11.00

Segment targets:

• DI: -6% to +1%, margin: 15-19
• SI: +6-9%, margin: 17-18
• MO: +8-10%, margin: 8-10

👉 Siemens expects continued volatility (trade tariffs, economy, China), but believes it is strategically well positioned.

Further insights from the call:

CEO Roland Busch:

On the current global situation and Siemens' role in it:

"The last few months demonstrated to all of us how fundamentally and how fast the world is transforming... In an environment of accelerating technological progress driven by data and AI, we have to fundamentally rebuild our products, processes, and the way we operate."

➡ ContextSiemens sees the current upheaval as an opportunity for fundamental transformation and wants to be a leader in AI & digitalization.

About the strategic vision "One Tech Company":

"Through our leadership in industrial AI, we enable our customers to combine the real and the digital worlds to improve competitiveness, resilience and sustainability and to achieve real impact."

➡ Siemens is positioning itself as a central enabler of industrial digitalization

CFO Ralf Thomas: On the financial strength in Q2:

"Our excellent profit of €3.2 billion in the Industrial Business clearly topped market expectations even without the divestment gain from Wiring Accessories."

➡ Siemens shows strong operating performance - the special effect was not decisive for the success .

On the strategic importance of China:

"When I was in China... we noted some encouraging signals for more cooperation and openness to drive high-tech and high-quality growth."

Siemens relies on localized development and production; 16 new products were launched locally.

Current share price movement:

Looks like a slight price correction, probably a technical reaction.

• Profit taking
• Macroeconomic uncertainties
• Or or or

Valuation (no investment advice)

With a P/E RATIO of around 18 for a global industrial group with stable margins with stable margins, a growing share of software and high free cash flow is rather moderately valued in my opinion.

Especially compared to many highly valued growth or tech stocks, the valuation may even look rather attractive in the long term, especially when you consider that Siemens now generates around a third of its business with digital, software-based solutions and the trend is rising.

In combination with the strong Q2 figures, the confirmed outlook and a solid order backlog of 117 bn., Siemens is currently delivering a convincing mix of operational stability and structural growth potential.

For me, the share is therefore neither overvalued nor speculative, but appears fundamentally sound, strategically well positioned and interesting in the long term thanks to clear megatrends such as:

• Artificial intelligence & automation
• Decarbonization & electrification
• Digitalization of the industry

Conclusion

• In my view, Siemens has once again delivered a strong performance, both operationally and strategically.
• Smart Infrastructure & Mobility are the strong segments
• Digital Industries (recovery expected from H2) remains challenging
• The focus on software with AI & sustainability is clearly being implemented

The order backlog of 117 bn € is simply insane and, together with the cash flow, provides a certain degree of security

CEO Roland Busch:

"Our backlog is high-quality, high-margin and provides planning security."

I see Siemens as future-proof in the long term, top position in Industry 4.0, electrification & health tech

Strong balance sheet & dividend

Short-term headwinds from the economy & tariffs don't bother me.

I am holding my position and will double the current value within the next few months, Siemens remains a stable core stock with tech ambitions for me!

______

Thanks for reading! 🤝

______

Sources:

[1] https://assets.new.siemens.com/siemens/assets/api/uuid:1d09b7cc-50a4-48c5-b632-8b26971ba722/2025-q2-earnings-release-de.pdf

[2] https://assets.new.siemens.com/siemens/assets/api/uuid:2adbcbb2-f53b-4bb3-ba78-37ed1cb3948b/2025-q2-presentation-en.pdf

[3] https://web.quartr.com/link/companies/3485/events/257252/transcript?targetTime=0.0

______

*Difference in sales shares:

The ~5% difference is explained by:

Reconciliation consolidated financial statements

- Internal allocations, currency adjustments, cross-segment effects

Consolidation & other

- e.g. eliminated sales between the segments

These items are shown in the balance sheet under "Reconciliation to consolidated figures" in the balance sheet. In Q2, this reconciliation figure amounted to € 1.055 billion

The missing % of revenue is attributable to consolidation-related reconciliations and non-operationally allocated revenue, a completely normal figure for a diversified group such as Siemens.

$NVDA (+0,4%) On to old heights my girl... 😬

The first few months were quite turbulent for most of us - the orange man kept his word and gave the markets a good shake.

For some of us, it may have been the first time that prices hung deep red day after day, and many a panicked commentary could be read. Whenever I could (or thought it appropriate), I called for calm. Of course, keeping calm is not easy, especially as a beginner, when you are virtually powerless and have to watch your portfolio dwindle.

What does the situation look like two or three months later? Many portfolios have recovered, YTD many are probably back in the black or close to it.

Is that it yet?

Difficult. I'm rather skeptical as to whether that's "already" it, because not much has really happened in retrospect. Of course there are stocks (like $NVDA (+0,4%) or some World ETFs) that are still lagging behind, but on the whole things look pretty "normal".

And that's exactly what leaves me skeptical, because this feeling of a supposed "back to normal" is exactly what often comes before the actual slide.

How do I deal with this "un-normality"?

The same as always: me. Completely. It doesn't matter. I know that I can't time the market and so I don't try. I know that I won't need the money in the shares under any circumstances in the next five years, no matter what happens. I know that the companies I am invested in are good companies. And I know that actionism (out of panic, for example) has no place on the stock market.

What advice do I have for those whose "mouse-click finger is over 'SELL EVERYTHING!!!'" is more nervous?

• Really get to grips with the companies you invest in and not just buy because you read 'a headline'. Then, even in bad moments, you know why the decision to buy the company was and remains a good one
• Look less at the share price

Wishing you continued good business

Your Charmin

Following talks in Geneva, the Trump administration is dropping the import tariff on Chinese goods from 145% to just 30%. Switzerland also received high praise as the venue and host for the negotiations.

Following talks in Geneva between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, both sides are substantially lowering the reciprocal import tariffs. As Bessent announced at a media conference on Monday, the Trump administration is dropping the punitive levy from 145% to just 30%.

According to Bessent, China has reduced the import duty on US goods to 10%. However, the 90-day period until tougher tariffs come back into force on July 8 remains in force while both sides continue talks on a new trade agreement.

"Enlarging the cake"

The Chinese delegation announced that it had reached a "series of important agreements". The two sides had also agreed to set up a mechanism for economic and trade consultations, said He Lifeng, according to Chinese state media. Details would be worked out as soon as possible.

China and the USA also announced a joint declaration for this Monday. He described the talks in Switzerland at the weekend as "open and constructive". China is willing to "enlarge the cake of cooperation" and push forward trade relations with the US for new development in order to bring more stability to the global economy, He said.

He said the meeting in Geneva was an important step to resolve the differences through dialog and laid the foundation for deepening cooperation. On Monday, Bessent and US Trade Representative Jamieson Greer expressly praised Switzerland as the venue for the negotiations and the Federal Council as the host.

The stock markets in the USA, Asia and Europe reacted positively to the results of the talks in Geneva. The major indices are advancing, yields on US government bonds are falling. Only shares in pharmaceutical companies fall, in some cases substantially. They are reacting to another piece of news, according to which Trump today per Dekret Medikamentenpreise in den USA stark senken will.

Is this the turning point?

Trade between the US and China is hardly profitable anymore due to the high tariffs and has therefore almost come to a standstill. Relations between the world's two largest economies have reached another low point since the escalation in the trade conflict in April. US President Donald Trump imposed 145% tariffs on goods from China. Beijing decided to impose counter-tariffs of 125% on US goods.

Both countries have so far tried to give the impression that they have the upper hand and do not need to take the first step to approach the other side. The talks in Geneva should now mark a turning point. Greer said at the end of the talks that common ground had been quickly established, suggesting that the differences were not as great as had been thought.

Chinese emphasize the importance of the WTO

As reported by Chinese state television, Vice Premier He, who had travelled to Switzerland to discuss economic and trade issues, also met the Director-General of the Geneva-based World Trade Organization (WTO), Ngozi Okonjo-Iweala.

The Chinese national spoke with the Nigerian about the recent tariff negotiations with the USA. All sides should resolve disputes through dialog within the framework of the WTO, He reportedly said. China would continue to participate in the reform of the WTO.

• Article from FuW, 12.05.2025

So it's off today.

$NVDA (+0,4%) should not have to write off the Chinese market. My shares and long calls are happy. $VWCE will enjoy it.

Edit: Oops - shares + crypto worth over 200k for the first time today, but around 20k Lombard loan outstanding - but this should be repaid by the savings portion and not sold. With 220k "real" over 200k ;-)

Happy investing

GG