Hey everyone,

I'm still relatively new to the market & have been investing since the beginning of December. So far I have created four savings plans $IWDA (-0,02%) , $AAPL (+0,17%) , $SPGI (+0,1%) & $NVDA (+0,99%)

I've also experimented a bit with individual shares to get a feel for the market and to show some activity. However, I'm lacking a bit of a real strategy to really make a difference ^^

Do you have any tips that would benefit a beginner like me & that I should pay attention to? For example, tips on how to build up a really well thought-out strategy, which is not really the case for me at the moment :)

I'm looking forward to your experiences & opinions!

I used the turn of the year to sort out some companies that no longer fit my strategy. I was very consistent and also removed the positions that were not in the black. I simply see better opportunities elsewhere and in the individual cases where losses occurred, it was only a matter of a few percent or euros. I was therefore able to cope with the whole thing and had new capital available for other investments.

My long-term goal is to increase my share of fundamentally strong companies and to take advantage of periods of weakness. The aim is to keep the average price as low as possible. There is no point in investing in phases when a share is overvalued. Instead, you can put the money into companies that are currently undervalued in the portfolio. I have therefore set myself a 5-year target for each company, which indicates how much I would like to have invested in this company by then, so that this corresponds to my target portfolio share.

The top 5 positions should each contribute 5% to the portfolio and are Allianz ($ALV (-0,66%) ), Hannover Re ($HNR1 (-0,27%) ), Canadian National Railway ($CNR (+0%) ), S&P Golbal ($SPGI (+0,1%) ) and Waste Connection ($WCN (-0,04%) ).

The second part consists of 10 dividend (growth) stocks that pay out quarterly dividends spread over different months. I have taken into account that the distributions within a month come from different sectors in order to reduce the risk of the dividend being cut excessively in one month due to a sector-specific crisis.

Then there are another 10 individual shares at 2.5 percent each that are more focused on upside potential than dividends.

The remaining 25 percent is divided into 10% MSCI Canada ETF and a total of 15% thematic and country ETFs.

My overall portfolio covers these country and sector bets:

• Canada, is very stable socially, demographically and politically (despite the resignation today). The country has a low dependency on other countries and is rich in resources. I see Canada as a substitute for the USA (which is much more unstable), which is why I chose the MSCI Canada instead of the MSCI World.
• Insurance and finance, are boring but stable and have very good and predictable growth as well as high dividends (increases)
• IT, is and remains essential for our time. The growing demand is certainly already well priced in, but there are often cyclical fluctuations in the semiconductor market and therefore also frequent buying opportunities
• Health will play a greater role in the future than in the past due to a growing and ageing population, better access and greater awareness of one's own health and well-being. Companies in this sector are often seen as defensive as they have been able to increase their dividends and deliver stable share price gains for many decades.

That's the plan for the future, what do you think of the sector and country bets :)

In 2024, a lot has happened for me financially. I started investing around the middle of 2021. As I come from a family in which investing in the stock market was rather frowned upon (my parents invested in car manufacturers in 2000, which then slipped in 2001 just like everything else and they realized the losses), I only dared to start with small amounts bit by bit on an ETF basis in 2021. Financial flow classic 70% MSCI World ETF and 30% MSCI EM. The good thing about this was above all building up the automatism of investing money steadily and not waiting until the end of the month.

However, in 2024 I started to look more closely at the topic of finance, sometimes watching Berkshire conferences with Warren Buffett and Charlie Munger and realized that I was interested in individual stocks and would like to own Apple (shares) myself, for example. In February 24' I then looked at my EM position and saw that the position had been more or less at 0 since '21. So I sold just under €1000 and put it into Apple. And no, I didn't calculate the intrinsic value of the share first and didn't know at the time that Apple would be launching devices with AI at the end of 2024. I myself work in the field of software engineering/data science and if someone has the choice, you actually always take the Macbook over Windows computers. But that's another topic for debate :)

The Apple shares then performed really well even after the purchase and I was fascinated by the fact that I generated more unrealized profits with a single share or 6 Apple shares within 2 months than with the EM in 4 years. (I'll come back to EM later)

From March onwards, I suspended my savings plan in the ETFs and simply put the money in my Scalable clearing account instead. I didn't know what exactly I wanted to buy now, so pretty much from mid-24' I started to dive more into investing and how to analyze stocks. I had already studied discounted cash flow analysis in my bachelor's degree, back then in the subject of finance with a 3.0 :D. So I built an Excel spreadsheet and started using DCF models to calculate the intrinsic value of shares.

But what exactly should my strategy be when buying shares?

I mean, I already liked getting a dividend from Apple, so did I want to pursue some kind of dividend growth strategy? Should I go for "fast growers" as Peter Lynch would say? But should I then also add so-called "stalwarts" (dividend stocks) and "asset plays" (stocks with very expensive inventories, for example, or investments and cash whose book value is well below their actual value) to my portfolio, as he advises?

"Only buy something that you'd be perfectly happy to hold if the market shut down for ten years" - W. Buffett

Long-term focus

My investment horizon is over 10 years, so it is important to me to have some kind of predictability of income from the companies I want to buy. It was also important for me to be patient when buying from the outset and to allow some time to pass in order to check whether an investment thesis holds up over quarters.

Quality

I focus exclusively on companies with a leading position in their respective industry, either number 1 or number 2 in the respective sector with a large market share. The important thing here is that growth should be primarily organic. This means that the company should either simply build good, irreplaceable products that customers love and therefore remain loyal to, or simply be so influential that they can simply raise their prices without really losing customers ("pricing power" like Apple)

Concentration

Especially for someone coming from the financial flow school where the more diversified the investment, the better, it was hard to get used to this element. The investor Dev Kantesaria, who has successfully managed Valley Forge Capital for years and whose philosophy is also based on mine, once described this very aptly in an interview: "Why should I invest in my 25th best investment idea?". Accordingly, my goal is only to invest in a maximum of 15 individual stocks - I can't even manage to regularly check more in my free time and check whether the investment thesis still holds up.

Discipline

With the Emerging Markets ETF, I have held a position in my portfolio for several years purely out of conviction that this investment in emerging markets will work out in the long term. I also want to hold my stocks with the same conviction that they will perform well over the long term. In addition, I usually invest in companies when their intrinsic value suggests a margin of safety of at least 15-20%. For example, there was a slump in Alphabet shares in the summer with the unrest that Alphabet might be split up. The share was worth around €150 at the time. All of Alphabet's individual businesses have a combined intrinsic value of €250-300. Also related to this strategy element is that I don't really touch individual sectors that are associated with large research and development costs, for example, unless I really know my way around them. So I avoid biotech companies because I hardly know anything about them, but I invest in tech companies because I work in IT myself.

So I look for companies that are quasi monopolies in their respective industries, with strong market shares and a large moat due to irreplaceable or hard-to-penetrate products and a solid margin with a focus on steady free cash flow growth.

So why do I actually have the Emerging Markets ETF?

I asked myself this question and then promptly took another look at just ETF to see which stocks are actually in it. The top 10 holdings accounted for almost 25%. Why is that important? Some people always complain that the Magnificent 7 have such a high share in the S&P500, also slightly more than 25%, but this is usually due to the fact that companies are often weighted by market capitalization. If you then take a closer look at the top 10, 5 of them are Chinese companies. In general, China accounts for just under 25% of the ETF share. Chinese equities are not bad per se, there are some very good companies. However, the constant intervention of the government is a problem, laws can be changed overnight and a company becomes obsolete, or Mr. Ma, the CEO of Alibaba, simply disappears for a few months after having expressed mild criticism of government officials in a speech. These characteristics go against my strategy as formulated above, which is why the EM ETF was thrown out completely in July.

I then slowly tried to build up my individual positions towards the end of July, primarily $CRM (+0,14%) , $ASML (-0,12%) , $MSFT (+0,09%) , $BKNG (-0,31%) , $GOOG (+0,35%) , $V (+0,1%) and $AMZN (+0%) . On August 5 there was a small correction, I think it was due to the "Japanese carry trade". That week I made another big purchase, very happy not to have invested all my freed-up EM capital at once. As a result, I was able to invest heavily in Amazon and Alphabet and make them my largest single positions.

Overall, I am very happy with the decision. I am aware that the last stock market year was a very good one overall and that you shouldn't be deceived by appearances. Things will probably not always go so well. My third-largest single position, in which I was in the red at just under €1500 in the meantime $ASML (-0,12%) is good proof of this. Nevertheless, this company is a virtual monopoly in the chip manufacturing sector and will most likely remain so for the next 10 years. Therefore, I can only shrug my shoulders and look at the reports from the Magnificent 7, which are constantly expanding their data centers and in some cases were unable to meet demand in the last quarters of 2024! But there are already some good articles on this here on getquin. A new addition at the end of '24 is $UBER (+0,65%) I will also be steadily expanding my position there, and the watchlist also includes $MELI (+1,29%) , $MCO (+0,09%) , $SPGI (+0,1%) , $CAKE (+0,41%) and $AMD (-0,44%) for 2025.

To summarize:

Portfolio performance: 31% vs. S&P500 25%

Invested capital: approx. 22,000 euros

Portfolio value growth: approx. 42,000 euros

Goals for 2025:

• 30k invested (a large crypto cash-out will take place with approx. 20-30k, not included in the portfolio)
• Beat the S&P500
• Increase portfolio value to 150k
• Sell $TTWO (+0,22%) (GTA 6 bet, but by the time this appears it feels like you've already done 10x in other companies)
• expansion $SPGI (+0,1%) and addition of $MCO (+0,09%) (credit rating duopolies)

Depot review November 2024 - The depot is growing despite larger withdrawals 🚀

Before I continue with the second part of my investment story, I would first like to share my portfolio review for November.

The second half of November was almost quiet compared to what happened at the beginning of November. Trump was elected, triggering a veritable run on the stock markets. Germany was finally freed from the traffic lights and there were also some exciting topics in the private sphere. I sold a few shares back in October to generate the equity I needed to start building a house. This continued a little further in November.

Overall, my savings rate will also (have to) be lower over the next few months. Less into the portfolio and more into the "buffer account" for building the house. Nevertheless, around €500 per month will continue to be invested and this will be pushed up again as quickly as possible.

After selling 6 shares and an ETF in October, I sold parts of my MSCI World ETF for around €13,000.

But now it's finally time to look at the hard figures:

Monthly view:

In total, November was +6,3%. This corresponds to price gains of ~20.000€.

The MSCI World (benchmark) was +7.3% and the S&P500 +5.1%

Winners & losers:

A look at the winners and losers is particularly exciting this month:

On the winning side with a total of almost €5,000 in price gains, my crypto investments in Bitcoin and Ethereum. This is followed by the long runner NVIDIA with price gains of just under €2,000. 4th and 5th place then goes to the cybersecurity sector with Palo Alto Networks and Crowdstrike.

On the loser side looks very quiet this month. Amgen is still the worst performer with losses of ~€600 due to a weight loss drug that failed to fully meet Wall Street's hopes. This is followed by Sartorius with share price losses of €200. Places 3-5 are then occupied by share price losses of less than €100. All in all, a month with almost no losers.

The performance-neutral movements in October amounted to just under € -6,000. Parts have already been removed here for private topics.

current year:

My performance in the current year is +29,9% and thus above my benchmark, the MSCI World with 26.9%.

In total, my portfolio currently stands at ~345.000€. This corresponds to an absolute growth of ~€93,000 in the current year 2023. ~72.000€ of this comes from price gains, ~3.300€ from dividends / interest and ~16.000€ from additional investments.

Dividend:

• Dividends in November were 21% above the previous year at ~€160
• Procter & Gamble is in the lead with a (gross) dividend of €50 every 3 months.
• In the current year, the dividends after 11 months are +25% over the first 11 months of 2023 at ~2.500€

Buying & selling:

• I bought in November for significantly reduced ~700€
• As always, my savings plans were executed:
• Blue ChipsProcter & Gamble $PG (+0,15%) TSMC $TSM (+0,87%) S&P Global $SPGI (+0,1%) Alphabet $GOOGL (+0,34%) Johnson & Johnson $JNJ (+0,31%) Amgen $AMGN (+0,45%) Herhey $HSY (-0,11%) Alimentation Couche-Tard $ATD (-0,36%) Caterpillar $CAT (+0,29%)
• 
  GrowthBechtle $BC8 (-0,89%)
• 
  ETFsMSCI World $XDWD (-0,09%) Nikkei 225 $XDJP (-0,71%) and the WisdomTree Global Quality Dividend Growth $GGRP (+0,26%)
• 
  CryptoBitcoin $BTC (-2,05%) and Ethereum $ETH (-0,9%)
• 
  Sales as mentioned at the beginning, there was a larger part of my MSCI World holdings in November

Target 2024 & outlook 2025:

My goal for this year is to reach €300,000 in my portfolio. Due to the extremely positive market performance in the current year, my portfolio already stands at ~€345,000 at the end of November.

As is well known, one should not praise the day before the evening, but I am optimistic that my portfolio will not fall so far in December that I will not reach my target.

What will happen in 2025? The logical goal would of course be to reach €400,000. However, due to the upcoming house construction, part of the assets will be invested in the house construction. If I include the property in my statement of assets, the target of €400,000 would of course not change. However, as I am tracking my liquid assets here, I will probably refrain from doing so.

Therefore, my year-end target for 2025 will probably be closer to the final balance for 2024. So around €350,000 at the end of 2025.

How are things looking for you? Have you already thought about your plans for 2025?

#dividends

#dividende

#rückblick

#depotupdate

#aktie

#stocks

#etfs

#crypto

#personalstrategy

$SPGI (+0,1%) I have had S&P Global on my watchlist for some time. Does anyone know why the share is so "down" at the moment?

I can't find any news that could explain it.

S&P Global Q3 2024 $SPGI (+0,1%)

Financial performance:

S&P Global delivered a robust financial performance in Q3 2024 with revenue up 16% to USD 3,575 million. This growth was mainly driven by strong performances in the Ratings and Indices segments. Adjusted operating profit increased by 20% to USD 1,744 million, indicating improved operational efficiency.

Balance sheet analysis:

The balance sheet shows a stable financial position, with total assets of USD 60,368 million as of September 30, 2024. The company recorded an increase in cash and cash equivalents to USD 1,697 million, compared to USD 1,291 million at the end of 2023, indicating improved liquidity. However, there was a slight increase in current liabilities, which could indicate rising financial obligations.

Income statement:

The income statement shows a significant increase in net income, resulting in a 33% increase in GAAP diluted EPS to $3.11. In addition, adjusted diluted EPS increased 21% to $3.89 due to higher adjusted net income.

Cash flow analysis:

S&P Global's cash flow from operating activities was strong, totaling $1,445 million in the third quarter. Free cash flow improved to USD 1,330 million, indicating efficient cash management. Nevertheless, spending on financing activities increased, indicating higher outflows related to financing.

Key figures and profitability:

The company's operating profit margin improved by 530 basis points to 40.1%, while the adjusted operating profit margin increased by 180 basis points to 48.8%. These improvements underline the increased profitability and operational efficiency.

Segment analysis:

• Ratings: Sales increased by 36%, driven by strong demand for credit ratings.
• Indices: Sales grew by 18%, supported by higher asset-linked fees and exchange-traded derivatives.
• Commodity Insights: Sales increased by 9%, supported by a strong performance in the energy sector.
• Market Intelligence: Sales increased by 6%, although the adjusted margin outlook was revised downwards.

Competitive Analysis:

S&P Global continues to leverage its strong market position in credit ratings and indices. The company's strategic focus on sustainability, energy transition and generative AI positions it favorably against competitors in the evolving market environment.

Forecasts and management commentary:

The company has updated its forecast for 2024 and expects sales growth of between 11.5% and 12.5%, which represents a significant increase on the previous range of 8.0% to 10.0%. In addition, the operating profit margin is expected to expand to between 600 and 650 basis points.

Risks and opportunities:

The main risks include the potential impact of rising short-term debt and falling unrealized income, which could affect future revenue recognition. On the other hand, strategic investments in sustainability and AI offer significant opportunities for growth.

Summary and strategic implications:

S&P Global's strong financial performance and strategic initiatives indicate a stable financial position and significant growth potential. The company's focus on sustainability and AI as well as its robust revenue growth position it favorably for sustained success. Nevertheless, careful management of financial commitments and revenue recognition will be critical to maintain this growth trajectory. If you get the price right, then definitely a buy candidate alongside $MCO (+0,09%) .

Positive statements:

• Revenue growth: S&P Global reported a 16% increase in revenue in the third quarter of 2024, reaching $3,575 million, indicating strong performance across all segments.
• Earnings per share: Adjusted diluted earnings per share increased 21% to $3.89, supported by an 18% increase in adjusted net income and a 2% reduction in diluted shares outstanding.
• Forecast adjustment: S&P Global updated its 2024 guidance to expect revenue growth between 11.5% and 12.5%, an increase from the previous range of 8.0% to 10.0%.
• Expected margin expansion: The company expects operating profit margin expansion of 600 to 650 basis points, indicating improved operating efficiency.
• Strategic focus: The strategic focus on the energy transition, sustainability and the use of generative AI is expected to expand S&P Global's data capabilities and position the company for future growth.

Negative statements:

• Revision of margin guidance: Despite the overall positive performance, the adjusted margin outlook for the Market Intelligence division has been revised downwards to 32.5% - 33.0% from 33.0% - 34.0% previously.
• Short-term debt: The company's short-term debt increased, with payments on short-term debt totaling $188 million, which could indicate increasing financial obligations.
• Financing expenses: Cash flows used in financing activities increased to $3,280 million from $2,602 million in the prior year, indicating higher outflows related to financing.
• Unearned Revenue: Unearned revenue decreased from $3,461 million at the end of 2023 to $3,288 million at September 30, 2024, potentially impacting future revenue recognition.
• Management change: The change in leadership, with Martina Cheung to be appointed as the new President and CEO, brings uncertainty as the company manages this change in top management.

Hellas Investment Community,

How do you deal with companies that convince you of their business model but run permanently?

Notable mentions:

$FICO (+0,18%)

$CTAS (+0,33%)

$MCO (+0,09%)

$SPGI (+0,1%)

$COST (+0,28%)

I've been watching all these companies for some time now and I'm seeing them run away from me.

Valuation-wise they are getting more and more expensive and were already extremely expensive at the time of first contact. Every time I analyze them, I decide not to buy them only to see them gain another 20% a few months later.

How do you approach such companies? How do you value them? How do you fight your FOMO here?

Good return and best regards from Vienna

📊 MSCI: More than just indices - the secret data king of the financial markets 👑

MSCI Inc. is a leading global provider of equity, bond and real estate indices as well as multi-asset portfolio analysis tools. The company also offers innovative ESG and climate products that enable institutional investors to develop sustainable investment strategies. Founded in 1968 and headquartered in New York City, the company has $MSCI (-0,02%) has established itself as an indispensable partner for capital markets and asset managers worldwide.

Historical development

The origins of MSCI date back to 1968, when Capital International first published global equity indices for non-US markets. In 1986, Morgan Stanley secured the license rights and coined the name Morgan Stanley Capital International (MSCI). With the acquisition of Barra in 2004, MSCI added analytical tools to its portfolio. The IPO in 2007 marked a further milestone, which was completed in 2009 with the full spin-off of $MS (+0,41%) Stanley in 2009.

Business model and core competencies

MSCI's business model rests on four central pillars:

1. index segment : development and licensing of globally recognized equity indices, including the MSCI World and MSCI Emerging Markets.

2. analytical segment: provision of sophisticated portfolio analysis tools used primarily by asset managers and hedge funds.

3. ESG segment: MSCI is a pioneer in sustainable investing and provides comprehensive ESG analysis to support environmental and socially responsible investment strategies.

4. private assets: diversification into unlisted assets, in particular real estate and private equity.

MSCI's core competence lies in the development of global indices that offer investors a comprehensive representation of opportunities and risks across different sectors and countries. A key competitive advantage is decades of data collection, which is crucial for strategy development, portfolio management and risk analysis.

Market position and competition

MSCI has established itself as one of the global market leaders in financial indices and acts neutrally towards regulatory authorities worldwide. This independence has enabled the company to generate 17% of its revenue in the Asia-Pacific region - a significant advantage over competitors such as $SPGI (+0,1%) which only achieve a share of less than 3% in this region.

Future prospects and strategic initiatives

MSCI's future strategy is characterized by continuous innovation and expansion.

1. ESG and climate products: The acquisition of Carbon Delta in 2019 strengthened MSCI's position in climate risk analytics and sustainability.

2. private asset segment: Through acquisitions such as Real Capital Analytics (2021) and Burgiss Group (2023), MSCI is expanding its expertise in unlisted assets

3. options: A cooperation with Cboe Global Markets since 2021 opens up new opportunities in options trading on MSCI indices.

4. fixed income indices: The development of new bond indices in collaboration with MarketAxess (2022) demonstrates MSCI's efforts to gain a stronger foothold in the fixed income space.

Total Addressable Market (TAM) and equity performance

The total market that MSCI addresses is enormous: over 13 trillion US dollars are invested worldwide in funds based on MSCI indices. The company continuously generates income through license fees of 0.02 to 0.04 percent of assets under management.

For the development (company figures), a better view and more, check out the free blog: https://topicswithhead.beehiiv.com/p/msci-mehr-als-nur-indizes-der-heimliche-datenk-nig-der-finanzm-rkte

Conclusion

MSCI's business model may seem simple at first glance, especially because it is easy to imitate, but it is not that simple. MSCI has established a strong brand with high recognition value, even among retail providers, and enjoys excellent relationships with asset managers. In addition, the company benefits from an extremely attractive business model, with high profitability, impressive scaling synergies and a promising trend. Revenues are recurring and therefore highly predictable and MSCI has successfully positioned itself in all markets, which is also reflected in an attractive revenue distribution. Capital efficiencies have been at a first-class level for some time and there are therefore few negative aspects, apart from the high level of debt, which at the same time offers leverage and a high valuation. Anyone who can acquire the shares at a lower price after a small crash should definitely buy them, as the company is a real cash machine if managed correctly.

Number crunchers of the financial world: Moody's vs. S&P in a data duel

Company presentation

$SPGI (+0,1%) and $MCO (+0,09%) are the two leading rating agencies worldwide. Both companies assess the creditworthiness of companies, countries and financial products and play a decisive role on the global financial markets. Their ratings and analyses have a significant influence on the investment decisions of investors and the financing conditions of issuers.

Historical development

S&P Global

- Founded in 1860 as Poor's Publishing

- 1941 Merged with Standard Statistics to form Standard & Poor's Corporation

- Acquired by McGraw-Hill in 1966

- Since 2016, the company has operated as S&P Global, offering an expanded range of financial market data, analytics and index solutions

Moody's

- Founded in 1909 by John Moody

- Acquired by Dun & Bradstreet in 1962

- In 2000, the spin-off from Dun & Bradstreet took place and Moody's became an independent, listed company.

Business model and core competencies

- Credit ratings for companies, governments and financial products, including bonds and structured financial products.

- The sale of financial market data and analyses that are of central importance to institutional investors, banks and regulatory authorities.

- Market indices (especially at S&P), such as the world-renowned S&P 500.

Its core competence lies in the assessment of credit risks. Decades of experience, extensive databases and highly qualified analysts make both companies indispensable players on the international financial markets.

Market position and competition

S&P Global and Moody's dominate the global market for credit ratings, together with the third major rating agency, Fitch. These three companies - often referred to as the "Big Three" - control over 90% of the market.

| Aspect | S&P Global | Moody's |

|----------------|-----------------|------------------|

| Market share | approx. 40 % | approx. 35 % |

| Strengths | Leader in market indices (e.g. S&P 500) | Stronger in corporate ratings and structured products |

S&P Global enjoys an advantage through its market indices, which serve as a benchmark for many investment funds and institutional investors.

Moody's, on the other hand, has an advantage in corporate ratings, especially for large, complex financial products.

Future prospects and strategic initiatives

- The expansion of business with financial market data and analyses in order to become less dependent on the pure rating business.

- The use of artificial intelligence (AI) and machine learning to assess credit risks more precisely and efficiently.

- Expansion into emerging markets in order to benefit from the growing financial markets in these regions.

- The development of ESG ratings (environmental, social, governance), as investors are increasingly incorporating sustainable and ethical aspects into their decisions.

Total Addressable Market (TAM)

The global market for credit ratings and financial market data is growing steadily. The increasing complexity of the financial markets and the rising demand for comprehensive credit and ESG ratings are driving this growth. In addition, stricter regulatory requirements mean that more companies and financial products have to be rated. Estimates for the overall market are in the double-digit billion range, which offers plenty of scope for further growth.

Share performance

The shares of S&P Global and Moody's have performed impressively in recent years. Both benefit from stable earnings, high margins and the growing importance of financial market data. Moody TR over 5 years 142% and S&P from 109%

For the development (company figures), a better view and more, check out the free blog:https://topicswithhead.beehiiv.com/p/zahlenjongleure-der-finanzwelt-moody-s-vs-s-p-im-daten-duell

Conclusion

In a highly regulated market with only three providers and a rising trend, there are basically only winners. Therefore, the long-term trend is less decisive as long as no major screw-ups occur. However, it must be noted that S&P's numbers do not look particularly bright at the moment, especially after a very good period. It remains to be seen, because if the situation continues like this for another two years, it would be anything but positive.

For me, Moody's is a preferred choice because Moody's specializes more in data analytics and other data-driven services. While Moody's returns on capital are not as high as S&P's, they are consistent and achieve high value over the long term. That's probably why Warren Buffett remains invested; after all, you outperform the market over the long term as long as you can crack the 10% mark in returns on capital. This does not mean that S&P is bad. If you can buy both cheaply, you should go for it because the business is highly regulated and extremely interesting.

Depot review August 2024 - calm before the (September) storm?

While September has lived up to its name so far (worst month on the stock market, negative in more than 50% of cases), August was a boring month in my portfolio. In keeping with the vacation season, my portfolio also shifted down a gear.

Monthly view:

In total, August was +0,5%. This corresponds to price losses of ~1.400€.

This was therefore unable to fully make up for the losses from the previous month of July (-2.2%).

Winners & losers:

There was therefore not much going on on the winners' and losers' side in August.

On the winning side are MercadoLibre and Palo Alto Networks at the top with ~€1,000 each. They are followed by Starbucks, Crowdstrike and Meta.

On the loser side are the crypto assets in my portfolio in August. Ethereum at the top with price losses of €1,500, Bitcoin in 3rd place with €900. Alphabet with ~€1,000 in price losses.

The performance-neutral movements in August were just under €4,000, after being somewhat lower in the previous months due to private issues.

However, only just under €1,400 of this went into shares, the rest is cash.

Current year:

My performance in the current year is +15,3% and thus still slightly above my benchmark, the MSCI World at 14.2%. Even if the gap is slowly narrowing.

In total, my portfolio currently stands at ~312.000€. This corresponds to an absolute growth of ~€60,000 in the current year 2023. ~44.000€ of this comes from price gains, ~2.400€ from dividends / interest and ~13.000€ from additional investments.

Dividend:

• Dividends in August were 24% above the previous year at ~€160
• Procter & Gamble is in the lead with almost €50 (gross) dividends every 3 months
• In the current year, dividends after 7 months are +24% over the first 8 months of 2023 at ~1.840€

Buys & sells:

• I bought in August for approx. 1.400€
• As always, my savings plans were executed:
• Blue chipsTSMC $TSM (+0,87%) S&P Global $SPGI (+0,1%) Procter & Gamble $PG (+0,15%) Johnson & Johnson $JNJ (+0,31%) Hershey $HSY (-0,11%) Caterpillar $CAT (+0,29%) Amgen $AMGN (+0,45%) Alphabet $GOOG (+0,35%) Alimentation Couche-Tard $ATD (-0,36%)
• 
  GrowthBechtle $BC8 (-0,89%) Synopsys $SNPS (-0,43%)
• 
  ETFsMSCI World $XDWD (-0,09%) Nikkei 225 $XDJP (-0,71%) and the WisdomTree Global Quality Dividend Growth $GGRP (+0,26%)
• 
  CryptoBitcoin $BTC (-2,05%) and Ethereum $ETH (-0,9%)
• 
  Sales there were none in August

Target 2024:

My goal for this year is to reach €300,000 in my portfolio. Due to the extremely positive market performance this year, my portfolio currently stands at ~€312,000.

However, after the first few days of trading in September, my portfolio only stands at €304,000. Compared to the level of €320,000 at the end of June, this is now a significant decline in total assets.

It therefore remains exciting to see how the share price will develop in the last third of the year. However, if we see a year-end rally after a weak September, I am optimistic about my target.

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