Focus Online : you will be Happy as a Value Investor, a stock market crash?
Hendrik liver: Yes, I’ve told my Team, let’s go on the hunt. Because of us great opportunities to meet, share which previously were always too expensive. I’m in a really positive mood!
Focus Online to go to The requirement to bargain hunting, is a large war chest. You are sitting on a huge mountain of Cash?
liver: no, but we can redeploy. Because some stocks have held up well and I have Put options, sale of options, I can make money. It is a question of timing: when is reached the low point? When I go out of coverage? Acquisitions we make in part now with Call options, purchase options, or in about a month. About the experts
Dr. Hendrik Leber managing partner of Acatis Investment capital management company from Frankfurt. The Fund Manager operates, Value Investing, investing in intrinsic value, similar to Warren Buffett.
Vita Dr. Hendrik Leber
• Born in 1957 in Essen
• in 1975, degree in business administration in St. Gallen, New York, Berkeley; MBA, Promotion
• in 1984, a consultant at McKinsey
• in 1989, the managing Director of the banking house Metzler
• Since 1995, managing Director of Acatis Investment GmbH
• Initiative: altersvorsorgedepot.de
Focus Online so you want to avoid, to resort to the falling knife?
liver: in order the has actually do little to. The stock market itself is not of interest to me. I’m more interested in when the exchange has processed the negative news. There is the real epidemic, the economic impact and the horror of humanity on the economic impact. The point is, when the Scare will be?
The stock market doesn’t interest me,
Focus Online : Yes, when?
liver: at The Moment, we have ran broken chains in China. These will not be in a couple of weeks in Europe and the USA, visible, namely, when the goods arrive. The US will only need to go through the corona of crisis. Because what’s before us. I suspect the stock market will fall still lower. To me it is more a question of deciding fundamental, when the maximum depth is reached, the point from which it is again upward.
Focus Online , But a Value Investor is not time yet?
liver: If I follow the Public, I’m often wrong. The question is: How to I guess the reality compared to the stock market? My Job is to find deviations from fair value. We have already moved in in January a hedge, long before the nervousness came in the width of the market.
read everything on the stock market quakes in the News-Ticker of FOCUS Online
It will be more bad news to give
Focus Online Are overstating the price declines because or a piece of justified?
liver: It is not all processed, what is to come. There will be more bad news, which I anticipate. The price declines do not correspond to the true economic impact. These are some of the percentage points of the gross national product. So about four to five percentage points, if two production be weeks. This will probably be the damage. The stock market is doing so, as if there were four times as high impact – and for each year in the future. And that will not be so.
Focus Online : you will Collect the share of car manufacturers and Airlines, which has hit particularly hard?
liver: So car manufacturers are not specifically. If I pace the changes in the three groups. Then is a group of direct beneficiaries, all in the area of combating viruses, the health organization, or laboratory diagnostics. A stock that we just bought, the from Ono Pharmaceutical. The Japanese company has an active ingredient against the Coronavirus in an approved Form. Another example is the laboratory services in the United States, where we are not yet joined, would be, such as LabCorp.
also read: News Ticker for the stock market quake: installation to the latest around the economy and the stock market
company got it hard
Focus Online and the second And third group?
liver: Because we have companies that get caught, it is economically hard. A hotel room or a seat remains empty space, then it is no longer to catch up. This includes airlines, travel agents and Casinos include. Some of these are high in debt – so beware! Investors should retain Working Capital, the operating assets, in the view, which could be quickly consumed. A Lufthansa but is supported by the air freight, will increase by panic orders. Imagine that you need any goods from China and the ship’s not coming. Then you’ll send a plane. The share of Lufthansa will recover so it is very likely. The third Block companies take absolutely no damage, for example, Airbus . The Order backlog of the aircraft manufacturer is seven years, and when the now six years down, what the heck!
Focus Online : you are a great fan of Warren Buffett. But such values as Apple does not actually belong to its typical Investments – how much of the stock market stars is actually still in his holding company Berkshire Hathaway ?
liver: Very much of him in the non-listed part of the industrial plants. The largest part of the assets is now in the power generation, the Railways, in the private Holdings and the airplane part manufacturing. I believe in the stock portfolios, make a note of Weschler and Combs to be Essentially sound. One can tell by the notes that Buffett is on to the annual General meeting, to Amazon or Apple, he will be hung to wear. It is not originally a Buffett’s idea. Apple 247,45 EUR +29,45 (+13,51%) Tradegate
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on the Other hand: If I were in his place would be I would now take 50 billion dollars in the Hand and in the stock market invest. As cheap as it is now, we get a lot of shares in the future, probably not again. Up to the turn of the year, the stock market safely recovered.
50 billion dollars in the Hand and invest
Focus Online Berkshire Hathaway a lot of Cash has to take. 128 Billion Dollars. Buffett perhaps simply no suitable Investments for more?
liver: In fact, he can’t find enough attractive companies, where he thinks this is screaming cheap. He says Yes, an opportunity needs to yell at a downright. This is because the stock market is up and running, but also that he is running in the Private Equity market, where he has always good Deals to get, basically, everything about auctions, and there is no price advantage is more for him. It is a fix is more than a strategy. But again, if he now spends 50 billion dollars in this Phase, then he is not the real Warren Buffett. (laughs) Berkshire Hathaway B 174,34 EUR 17,80 (+LP held 11.37%) trade gate To the rate of data
Focus Online : so Far, Buffett, the annual General meeting on may 2. May pull through in spite of Coronavirus, although crowds are expected at the “Woodstock of capitalism” in Omaha, Nebraska,…
liver: I booked the flights and the hotel room already, believe, however, that it will not take place. A point: I seems to was last week in San Francisco and me, the Americans take the Coronavirus is not serious. I am now looking for the next wave of bad news, so once again falling stock prices.
Focus Online Buffett’s favorites, like Coca-Cola or American Express are known. What are your current favorites? Coca-Cola 43,22 EUR +1,47 (+3,52%) trade gate To the rate of data
liver: I have very many favorites I have. One that I like very much, is the Danish company Genmab , which has to battle a mechanism or a transport mechanism to cancer, which I like very much. Microsoft is also one of my favorites. I know of no company that dominates the office. Alphabet is one of the smartest companies in the world, there is so much Knowledge about AI and data is available. What alone YouTube, considered in isolation, would be worth… And Infineon , to name a German company, will play at the E-car into a dominant role, because you can control the currents there.
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