Here we look back on ValueWeekend 2018 Value Investing Conference Berlin. We are doing this by reblogging the ValueWeekend 2018 report by Covacoro with small changes. You can find the German original here. Under the twitter #valuew18 you can also find more impressions of ValueWeekend 2018.

Report on ValueWeekend 2018 – Value Investing Conference Berlin

From September 21 till 23 I took part in ValueWeekend 2018 in Berlin. This was a Value Investing Conference that took place for the second time. Almost 30 interested parties accepted the invitation of the organisers of valueDACH and experienced an exciting and intensive weekend!

Friday: Francotyp-Postalia and a talk with Jochen Wermuth

We started the ValueWeekend at 4 pm – with a visit to Francotyp-Postalia. I already know this company and presented it in my blog. In the run-up to the event, Tilman published three articles on the subject in the valueDACH blog. So everyone was well prepared and informed to critically question the presentation and statements of the new sales director Patricius de Gruyter. This was followed by a lively discussion with the Head of Investor Relations, Dr. Joachim Fleϊng, and a guided tour behind the scenes at Francotyp Postalia to get to know the products and technical know-how.

Shortly after 6 p.m. we set off for Jochen Wermuth, Senior Fund Partner at Wermuth Asset Management. His investment style combines value investing with ecological and social impact investing. We were expecting nice hosts, an exciting lecture and despite some rain a great view over the roofs of Berlin. You can now find the lecture on YouTube – as well as other videos and interviews with Jochen Wermuth:

Open Space on Saturday and Sunday

The Open Space of the ValueWeekend 2018 Value Investing Conference Berlin started on Saturday. The participants themselves were asked how and which topics they wanted to discuss and work on. The agenda was quickly created and coordinated. The conference location in Berlin-Mitte “Die Weiberwirtschaft” offered us ideal conditions to hold several sessions at the same time.

Each of our 1-hour workshops was thematically wide-ranging, as both experienced and young Value investors were on site. Everyone was able to pick out the raisins that interested them most and where they could contribute or learn something. Furthermore, there was also plenty of time to make contacts and get to know the participants.

Some examples of methodological topics:

  • How do you value your company?
  • How do you hedge your portfolio?
  • When do you sell your assets?
  • What were your biggest mistakes? What have you learned?

And, of course, there was an exchange on numerous companies. Both Pro- and Con-arguments as starting points for further research were discussed. Here is a selection of companies as well:

  • Berkshire Hathaway
  • Booking.com
  • Clere
  • Defama
  • Francotyp Postalia
  • Leoni
  • Micro Focus Plc

The conference benefited from the fact that we had some participants from the professional sector (asset management). The conference also benefited from the fact that the methods of value investing were applied to concrete examples. Some of these discussions were very intensive. After the long first day, everyone was quite exhausted when we finally went to the restaurant “Der Hahn ist tot” for dinner.

By the way, this is not an allusion to value investing or stock picking in times of high stock market valuations. Value Investing is not dead or exhausted. It changes and takes more and more qualitative and ethical criteria into account, not just pure fundamental figures.

A big thank you!

What Tilman Versch, Jasper Quast, Hendrik Michels and Johannes Nöbel as the organisation team did with the ValueWeekend 2018 – Value Investing Conference Berlin – was really great. The feedback from all participants was be very positive. I hope my article was also able to give my readers an insight into how the event went. Because it is already certain: in autumn 2019 there will be a new edition in Munich.