051219 Friday Morning Coffee

Friday Morning Coffee ...

A year ago, we published a morning coffee with the title “No chocolate for St Nicolaus” where we...

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281119 Friday Morning Coffee

Friday Morning Coffee ...

We have been experiencing over the last weeks a timid return in favor of the value style that...

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211119 Friday Morning Coffee

Friday Morning Coffee ...

One of the remarkable things in our industry is the large amount of data available to us as...

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141119 Friday Morning Coffee

Friday Morning Coffee ...

As value investors, we are frequently being asked about market timing. Our standard answer is the famous quote...

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081119 Friday Morning Coffee

Friday Morning Coffee ...

My co-manager Allan Jensen and myself had the opportunity to present at the IVIC International Value Investment Conference...

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251019 Friday Morning Coffee

Friday Morning Coffee ...

In his most recent and highly recommendable book called “Propaganda”, German author Steffen Kopetzky describes the work of...

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221019 Market Commentary

September 2019 Quarter...

Performance overview Negative return for Fund during volatile quarter Rebound of our Value Portfolio in first half of...

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171019 Friday Morning Coffee

Friday Morning Coffee ...

Banks currently represent 8.9% of the broader European equity market index MSCI Europe. They have been the underdogs...

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111019 Friday Morning Coffee

Friday Morning Coffee ...

The Eurozone manufacturing business sentiment numbers published last week were hardly encouraging, especially the ones coming out of...

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031019 Friday Morning Coffee

Friday Morning Coffee ...

ECP presented this Thursday morning at a conference organized by a Dechert law firm on the subject “A...

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260919 Friday Morning Coffee

Friday Morning Coffee ...

One argument we hear quite often on why value investing would be no longer relevant is the growing...

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200919 Friday Morning Coffee

Friday Morning Coffee ...

Beginning of September, we experienced a substantial rotation from momentum stocks into value stocks. According to Bloomberg, it...

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160919 ECP and the media

Agefi - Qu'est-ce Que ...

Today Léon Kirch‘s article appeared in the AGEFI Luxembourg newspaper. Have a read if you are interested in...

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090919 Market Commentary

"back To The Roots Of ...

European Capital Partners is based on the original approach of Entrepreneurial Value Investing which consists of investing in...

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050919 ECP and the media

Delano Breakfast Talk ...

Value investing has been under extreme pressure since the beginning of 2007.  Value Managers experience difficulties to explain...

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300819 Our news

The Comeback Of Value ...

“It’s far better to buy a wonderful company at a fair price than a fair company at a...

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300819 Friday Morning Coffee

Friday Morning Coffee ...

While looking at the daily fluctuations of the stock prices, investors sometimes forget that dividends are a big...

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220819 Friday Morning Coffee

Friday Morning Coffee ...

Our base scenario remains that we are in an environment of slowing economic momentum but certainly not under...

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220819

Friday Morning Coffee ...

“Wrong, do it again! Wrong, do it again! / If you don’t eat yer meat, you can’t have...

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080819 Friday Morning Coffee

Friday Morning Coffee ...

It has become common knowledge that value as an investment style is out of favor and trades at...

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010819 Friday Morning Coffee

Friday Morning Coffee ...

While we are celebrating the 50th  year anniversary of the moon landing, that undoubtedly a “big step for...

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260719 Friday Morning Coffee

Friday Morning Coffee ...

The economic data coming out of Europe remains weak. Leading indicators, particularly in the manufacturing sector, continue their...

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250719 ECP and the media

Ecp Will Appear At The...

The International Value Investing Conference will take place on November 6th, 2019. European Capital Partners’ Chief Investment Officer...

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250719 Market Commentary

June 2019 Quarterly Re...

Performance overview Flattish quarter after strong Q1 for our strategy Return of 9.95% ytd (ECP Flagship European Value...

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190719 Friday Morning Coffee

Friday Morning Coffee ...

At the end of March, we commented in Friday Morning Coffee Nr. 50 that shorting European equities had...

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120719 Friday Morning Coffee

Friday Morning Coffee ...

We are now entering the Q2 result season. As usual, we are not overly nervous as long term...

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050719 Friday Morning Coffee

Friday Morning Coffee ...

Value as an investment style continued to underperform growth/momentum strategies in the first half of 2019. European value...

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280619 Friday Morning Coffee

Friday Morning Coffee ...

At ECP, we internally produce weekly investment risk reports to keep a tight grip on the underlying risk...

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210619 Friday Morning Coffee

Friday Morning Coffee ...

This week equity and bond markets have been fueled again by dovish comments from central banks. First, outgoing...

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140619 Friday Morning Coffee

Friday Morning Coffee ...

Value Investing makes again the headlines and not only in Europe. We indeed saw an increased number of...

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070619 Friday Morning Coffee

Friday Morning Coffee ...

The investment community is known for its colourful narratives. However, we could not help but smile when we...

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300519 Friday Morning Coffee

Friday Morning Coffee ...

In the 2006 movie “The devil wears Prada”, Meryl Streep plays an autocratic editor as chief of a...

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230519 Friday Morning Coffee

Friday Morning Coffee ...

Wounded in Action ( WIA ) describes combatants who have been wounded while fighting in a combat zone...

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160519 Friday Morning Coffee

Friday Morning Coffee ...

The adage “sell in May and go away” has definitely held true this year with European equities down...

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090519 Friday Morning Coffee

Friday Morning Coffee ...

While it is raining here in Luxembourg on the newly created legal holiday where we celebrate Europe, I...

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020519 Friday Morning Coffee

Friday Morning Coffee ...

One of the characteristics of the appearance of a bubble in financial markets is that most investors only...

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250419 Friday Morning Coffee

Friday Morning Coffee ...

Here we go again – the words ‘melt-up’ and ‘pain trade’ are coming up again in the financial...

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180419 Friday Morning Coffee

Friday Morning Coffee ...

The narrative economists use in their explanations can be very colorful and entertaining. Albert Edward for example, the famous...

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150419 Our news

European Capital Partn...

Since the end of 2018, ECP deploys the Swiss portfolio management software Allocare AMS to support its activities. All...

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110419 Friday Morning Coffee

Friday Morning Coffee ...

The clothing brand Superdry, known for its pseudo-Japanese designs, is one of the fairy tales of the UK...

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040419 Friday Morning Coffee

Friday Morning Coffee ...

On April 1st, SGResearch published a note titled “TINA is back at work – Both bonds and equities...

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290319 Friday Morning Coffee

Friday Morning Coffee ...

BofA Merrill Lynch conducts on a monthly basis a Fund Manager survey where they poll the largest fund...

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210319 Friday Morning Coffee

Friday Morning Coffee ...

Several strategists are currently voicing concerns about the 2019 earnings outlook and stay cautious on equities in general...

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150319 Friday Morning Coffee

Friday Morning Coffee ...

With bond king Bill Gross retiring from Janus, a chapter in  investment management is closing. Bond managers and equity...

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070319 Friday Morning Coffee

Friday Morning Coffee ...

One of our key convictions at ECP is that value as an investment style will make a comeback...

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280219 Friday Morning Coffee

Friday Morning Coffee ...

The German magazine “Der Spiegel” featured an article this week titled “Praise the debts” on the benefits of higher...

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210219 Friday Morning Coffee

Friday Morning Coffee ...

We recently came across a statement from a major US broker arguing that the recovery in global equities...

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140219 Friday Morning Coffee

Friday Morning Coffee ...

The CIO of NN invest, Valentijn van Nieuwenhuizen, published an excellent article last week “size matters, as does...

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070219 Friday Morning Coffee

Friday Morning Coffee ...

Here we go again, stuck in the midst of the result season, this time for the 4th quarter...

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310119 Friday Morning Coffee

Friday Morning Coffee ...

One of the positive aspects of being a small value boutique is to have the opportunity to exchange...

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240119 Friday Morning Coffee

Friday Morning Coffee ...

Are we potentially entering a Minsky moment that we in short can define as “a major collapse of...

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170119 Friday Morning Coffee

Friday Morning Coffee ...

In May last year there was a highly mediatized clash between Warren Buffet and Elon Musk on moats...

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100119 Friday Morning Coffee

Friday Morning Coffee ...

As value investors we have nothing against companies wanting to expand their businesses and show solid earnings growth....

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030119 Friday Morning Coffee

Friday Morning Coffee ...

Paul Samuelson, the first American to win the Nobel Prize in Economics, famously said “The stock market has...

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201218 Friday Morning Coffee

Friday Morning Coffee ...

This year has been difficult for investors into European equities and more particularly for investors into smaller European...

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141218 Friday Morning Coffee

Friday Morning Coffe N...

We have been arguing in past morning coffees that value investing has been out of favour as an...

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071218 Friday Morning Coffee

Friday Morning Coffe N...

“In the short-term markets are a voting machine, in the long-term a weighing machine”, is one of our...

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301118 Friday Morning Coffee

Friday Morning Coffee ...

During Berkshire Hathaway’s annual shareholder meeting in 1994, Warren Buffett made the following statement on trying to predict...

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231118 Friday Morning Coffee

Friday Morning Coffee ...

  In its September quarterly review, the Bank of International Settlements published an interesting piece on the so-called...

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191118 Market Commentary

November 2018- Europea...

The sell-off that occurred in October led us to postpone the publication of our quarterly market commentary in...

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191118 Market Commentary

European Value Strateg...

October was a cruel reminder of what can happen at this stage of the market cycle after 9...

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161118 Friday Morning Coffee

Friday Morning Coffee ...

As I write this column on late Thursday afternoon for publication on Friday, news on Brexit are filling...

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091118 Our news

Interview Of Léon Kir...

In the context of the 2nd International Value Investing Conference in Luxembourg, ValueDACH did interviewed Léon Kirch on...

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091118 Friday Morning Coffee

Friday Morning Coffee ...

This Wednesday, we went in Germany to meet some investors. One of the discussion topic was the potential...

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070518 ECP and the media

Monday Analysis - Acti...

Article written by Léon Kirch and published in the section “Europe. Only available in French.

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040518 Friday Morning Coffee

Friday Morning Coffee ...

As a bottom-up value investor, we do not claim to have an edge into forecasting the future direction...

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270418 Friday Morning Coffee

Friday Morning Coffee ...

So now it is official: we broke this week through the 3% yield on the 10 Year US...

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200418 Friday Morning Coffee

Friday Morning Coffee ...

As an investment manager specialized in European, European Capital Partners’ hunting ground of investment opportunities consists of more...

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130418 Friday Morning Coffee

Friday Morning Coffee ...

In Cocaine, Eric Clapton is famously singing “If your thing is gone and you wanna ride on. Cocaine....

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040418 Friday Morning Coffee

Friday Morning Coffee ...

The debate about the respective virtues of active and passive management has been intense for years now, and...

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300318 Friday Morning Coffee

Friday Morning Coffee ...

Almost half a century ago, Lawrence Fisher and James Lorie from the University of Chicago published a research...

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230318 Friday Morning Coffee

Friday Morning Coffee ...

As stock pickers, we prefer to focus our attention on understanding the businesses and valuation of the companies...

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180318 Friday Morning Coffee

Friday Morning Coffee ...

As an investor, you must be wondering right now if it is this still a good time to...

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030318 Friday Morning Coffee

Friday Morning Coffee ...

I wanted to welcome you to our new ECP weekly column that will, as of today, be published...

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090218 Market Commentary

Towards A Normalisatio...

In our last quarterly report, we expressed our belief that, sooner or later, volatility should rebound and that,...

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020218 Market Commentary

February 2018- Europea...

Market environment & outlook   An environment driven by exceptionally low interest rates and volatility levels   The...

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170118 Our news

A Cross-national Partn...

Press-Release, EC21 S.A.   Luxembourg, January 17th 2018 – European Capital Partners (Luxembourg) S.A., Colombo Wealth Management S.A. and...

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271017 Market Commentary

October 2017- European...

Market environment & outlook   “It’s the economy, stupid!”   James Carville was famously right focusing Bill Clinton’s...

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070917 ECP and the media

Slow And Steady Wins T...

Article written by Léon Kirch and published by the specialised magazine Investment Europe. http://www.investmenteurope.net/magazine/IE84/#/article/38/page/1-1    

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240717 Market Commentary

July 2017- European Va...

Market environment & outlook   As stock pickers, our investment decisions are not dictated by macroeconomic and/or political...

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270417 Our news

Participation To Inves...

On May 16th and 17th, Léon Kirch  will attend the DACH Summit organised by Investment Europe. He will...

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220417 ECP and the media

You Are Not Winning A ...

Article written by Léon Kirch and published in Agefi Luxembourg.

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210417 Market Commentary

April 2017- European V...

Marktumfeld & Ausblick   Das politische Risiko: Ein gutes Beispiel dafür, dass man häufig vor lauter Bäumen den...

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221216 Market Commentary

December 2016: Convers...

Discussion with Léon Kirch and Allan Saustrup Jensen about the evolution of ECP, their current positioning in the...

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141216 ECP and the media

Is The Comeback Of Val...

Recent months have shown a major trend shift in favor of value strategies. From an historical perspective are...

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051216 Market Commentary

Update On Italian Refe...

Executive Summary The “NO” vote to the Italian referendum will further weaken the euro, affect the European Bond...

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091116 Market Commentary

Update On Us Elections

Executive Summary We are long-term investors: our long-term returns will not be determined by a specific outcome in...

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211016 Market Commentary

October 2016- European...

Macroeconomic backdrop   The macroeconomic environment has not significantly changed over the recent months, it remains torn between...

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310816 ECP and the media

Monday Analysis - Arti...

Which future for Value-based Investment strategies?   This is a translation of an article originally written in French...

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190716 Market Commentary

July 2016- European Va...

Summer is there …a good opportunity to take a step back and have a closer look at the...

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240616 Market Commentary

Update On Brexit Vote

After the recent Remain-leaning polls and subsequent risk rally, the UK’s vote to leave is a nasty shock....

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250516 Market Commentary

Brexit: Which Impact O...

As the fateful date of June 23, date fixed for the referendum on UK membership of the EU,...

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130516 ECP and the media

Interview Of Léon Kir...

“It’s now time to go outside to meet investors and move up “ Only available in French.  

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110316 Market Commentary

March 2016: Conversing...

Discussion with Léon Kirch and Allan Saustrup Jensen about the evolution of ECP, their current positioning in the...

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050216 ECP and the media

Article In Agefi Luxem...

“The undisputable growth and success of ETFs does not mean active managers are a dying species” by Léon...

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021115 Our news

Asset Management "made...

Official launch of Luxembourg-based asset management boutique European Capital Partners and its first UCITS strategy   Press Release...

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111015 Market Commentary

Strategy Update: Europ...

While we are long-term investors and generally do not comment on short-term market moves, we however think it...

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070715 ECP and the media

60 Cents Für Den Euro...

Article available written in German.

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060715 ECP and the media

Léon Kirch, Former Co...

Press Release – Luxembourg 6 July, 2015 Luxembourg-based asset management boutique, European Capital Partners (ecp.lu), is proud to...

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220415 ECP and the media

Out Of The Box Value I...

Renowned stock picker and value investor Léon Kirch joined European Capital Partners (ECP) in 2014 as Partner, Chief...

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