Lacuna | On Site


“The intelligent investor is a realist who sells to optimists and buys from pessimists” - Benjamin Graham

Looking for opportunities in Europe’s underfollowed growth engine

Now that traveling is becoming easier again, we have embarked on a 2nd field research trip this year.

This time, we spent almost a week in Poland’s capital city Warsaw and met with several of our portfolio holdings and potentially interesting investment targets to collect on the ground insights and get a feeling for how the businesses are performing as we leave the pandemic behind.

Our company meetings and site visits included names such as Polski Bank Komórek Macierzystych (PBKM), Asseco South Eastern Europe, Comp, Medicalgorithmics, and OncoArendi.

Even though Germany is sharing a border with Poland, we think it’s not clear to many Germans and probably also other Western Europeans what a dramatically positive change our neighbor country has undergone since the early 1990s.

Hence, we want to use the chance to share a couple of insights on Poland’s economy and its stock market as well as brief profiles on two Polish portfolio holdings of the Lacuna Global Health Fund: PBKM and Medicalgorithmics.

Read more about our On Site Story of Poland
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