Wow 
This is my goal for retirement, being paid by dividend instead of the montly shitty 2nd pilar conversion 
Tax returns are actually fairly easy as I can import the previous year’s holdings and then only have to enter the new purchases (and sells, if any).
The biggest challenge in the past couple of years was uploading the PDFs of dividends received (for DA-1) as the corresponding section in the online tax tool limited the number of pages for DA-1 to 200 while I have well over a 1000 … (I resorted to uploading them in different sections like Lohnausweis, pillar 2/3a receipts, etc).
ETFs … yeah, I resort to them in my retirement accounts and mainly for my non-US investments in my non-retirement account.
I could probably shed some of my smaller positions but overall I kind of dislike moving to ETFs mainly because
- they typically hug an index and buy and sell based on flows regardless of prices
- I am focused on cash flow (partly for consumption) and I like picking the companies that reliably pay dividends (and ideally increase them over time)
It’s probably more of a psychological thing, though.
1 Like
How do you manage the tax on the income? You just pay it or offset it or shield it in some way?
That’s pretty much the motivation for my portfolio construction as well. 
And when I’m senile towards the end I’ll buy a bunch of Lambos with the hitherto unslain goose that laid the golden eggs … or I’ll pass the goose on to my loved ones.
Though, to be fair, the conversion rate of the pillar 2 is actually very nice - it’s just that during the accumulation phase, the compound return on “your” pillar 2 is IMO not that great. At the least, it’s downside protected, which my pillar 2 in the Freizügigkeitskonto is not.
2 Likes
I just pay it.
Some more characters to reach the posting limit.
17 posts were merged into an existing topic: FI(RE), pulling the trigger likely in 2020: ~50, male, married, one kid
I think “illiquid high-yield bond” sums it up nicely.
Not sure where the upside potential is, though - they seem to be paying out most of their profit via the dividend instead of growing their business?
Looks like they IPO’d during the .com bubble but their stock price has been going sideways for the past 20 years.
They’ve also somewhat reliably paid a dividend since 2003 (fluctuating between 13 to 32 cents, with a one time 80 cents payout in 2009 [!]).
FactSet doesn’t have earnings data since 2012. Bloomberg has some EBITDA numbers, but they essentially look like the Operating Cash Flow (i.e. sideways over many years).
They have a very low Leveraged Dept/Capital ratio of <2%.
Here’s the Operating Cash Flow view.
No analysts seem to cover them which is not too much of a surprise given they’re a such a microcap.
They have substantial insider ownership (21.5%) albeit by two insiders only. It looks like instituional ownership increased from 10% to 15%. 63.15% of the owners are individuals.
The top holder is the CEO with 16.4% of the shares, other top holders see here:
All in all not my cup of tea, but thanks for sharing this interesting little company.
It’s actually one in my portfolio, but it is tiny as it is very illiquid. I have a standing sell order to try to get rid of it.
ADM down big today after CFO put on leave, accounting practices investigated, requests from SEC, delayed earnings release, and profit forecast cut.
It’s now down below the price I sold it back in 2021. Down over 16% in pre-market. I picked some up sub-$57. Waiting to see how this reacts as market opens.
HAUTO’s performance continues to suprise me and wish I picked it up earlier than I did. Similarly, for random thought, WWI/WAWI for the same RORO ship and EV transport from China play.
Also sold off half my KAP position today replacing with URNM to diversify a bit since my KAP holding grew a bit too large for a company with a lot of political risk.
Ooh, that’s what I would call a nice drop!
I initially felt tempted to sell some puts on this … but there’s quite an accumulation of red flags … too many, even for my taste. 
So, turns out my my taste is fluid, even in one evening: I couldn’t resist in the end and sold a $42.5 Sep 24P for ADM for $160 last night.
Today’s the dead-cat-bounce of the underlying.
I’m telling myself this will end well.
This was a lovely read. I bookmarked your blog.
1 Like
Instead of buying the Tesla Model 3 and a Nvidia RTX 3090 I should have bought their stocks instead.
Sometimes I‘m wondering why I‘m not investing more in tech companies.
1 Like
Same thinking here… AI related stocks like ARM and SMCI are going crazy… I got at least some ARM at the IPO last year but a small amount as I evaluated it quite risky being an IPO.
1 Like
Well, beside having two Tesla vehicles I bought some shares at USD 327 each… I think it will take a long time before I see the red disappear 
But at least the put I sold last Friday will likely expire worthless this evening !
2 Likes
Holy @SMCI. x10 in just one year. I could already be at my FIRE number with stocks like that
The biggest joke is, he’s not even wrong There’s more hot air left to pump into this baloon, hair dressers aren’t yet buying nvda calls.
2 Likes
Yeah, totally crazy, and I was watching that one since a year at least where it was around 200-300 USD but I was telling myself hmmmmmm no, to expensive to buy…
2 Likes