Earnings season is almost over. I am wondering what your main takeaways, surprises (positive or negative), and maybe lessons were.
Personally, I have a hard time committing to any company for which the main narrative (justified or not) turns around AI-narrative. The market reaction, expectations, and companies' strategy to answer a longterm vision around these uncertainties make me a bit uncomfortable. So force upon myself to have a big margin of safety - meaning I missed quite a few opportunities.
For instance, **SAP** was up there in my list, and it never really reached my conservative price limit. I was 5e close to reaching my price alert (so like 3% extra downside). But I need structure, and I need to set myself clear limitations. So, although it is a little bit annoying to see the stock rally up so much in two weeks, I am completely fine not to have entered - that is part of the patience game (and also fairly confident it will come back down).
Another company I am closely eyeing - not AI related - was **Intuitive Surgical**. Their last earnings were not bad, but it just confirmed how much of a premium it traded. Today, it is fairly valued but too expensive for me to enter. Different company, but similar conclusion: **Linde plc**.
I am also following smaller - lesser known - companies like **Zeiss Meditec** or **Manhattan Associates**. For the former, the quarter was in line with expectations, but it remains unclear (that was to be expected). Manhattan Associates follows a similar path to SAP - missed the rally as I closely missed my set price alert. It is what it is.
Now, I am just curious about **Adyen,** which trades widely but never reached my price alert (although close) under 760e a share.
Among the companies I own;
I am very happy with **Mips AB** \- a conviction and lesser-known company. I am very happy with their management and financial outlook. It is their second or third good quarter, so the momentum is there. It is my best-performing company I managed to buy almost at all-time low before the rally up (i am around 45% up since entering around February or March)
Wolters Kluwer also did well - nothing too spectacular. It is a long-term turnaround compounder that will be pushed around both ways for a while. That is to be expected.
Topicus.com was disappointing, but nothing to trigger a sell. I'll just continue to hold and wait.
Nu Holding earnings coming next week.
And what about you? How did your portfolio do? How have your watchlist evolved?