About
Hi, my name is Till. Welcome to my value portfolio.
If you want to achieve higher returns than a standard index ETF without taking on additional risk, you’re in the right place. Some “experts” claim that’s impossible—but value investing has been proving them wrong for almost a century.
I’ve been studying value investing since 2016 and investing professionally since 2022. I manage around €350,000 (as of February 2025) and aim to invest like Buffett/Munger did when they started with a comparable amount. Here, I’m going to share my journey with full transparency: my portfolio, every order, and every analysis.
Here’s how it has played out so far:
Let’s be honest: If I was certain I could sustain this outperformance long-term, I’d simply start an investment partnership—just like Buffett did—with the same fee structure: 25% of all returns above 6% per year, no management fee. But there are two reasons I won’t (yet):
You can only judge an investor’s skill over a long time horizon—at least five years—including both a boom and a crash. Otherwise, they might just be a lucky fool.
Managing a partnership that holds a significant share of someone’s net worth requires full dedication. Right now, my focus is on running afilio.de, the company I co-founded. And that won’t change in the foreseeable future.
So, there won’t be an “Oltmanns Partnership” anytime soon. But in the meantime, you can achieve the same performance without the fees by following my portfolio.
What to expect
You can mirror my performance by buying my current portfolio. You’ll receive updates every time I make an investment decision. Simply follow my exact moves—buying and selling on your own. For details, see “How To Use”.
Here’s some context to help you decide if this is a good idea:
I will strictly adhere to my Investing Principles.
My minimum requirement to continue investing my own money (and running this page) is to beat the S&P 500 and the MSCI World over the long run. My goal is a 15% annual return, meaning a doubling every five years. This is extremely challenging, and only a handful of investors sustain such performance over decades (€100k would grow to nearly €27 million in 40 years).
I have not yet proven that I can outperform an ETF without taking on additional risk in the long run. If I come to the conclusion that I can’t beat the market, I will find another way to invest my money and share it with you.
With the exception of my shares in Afilio, virtually all of my net worth is invested in this portfolio.
If you don’t want to copy my investments, you can still use my portfolio for inspiration. I share all of my portfolio updates, investment analyses, and value investing tutorials.
Some content is free, but access to my current portfolio and most analyses is reserved for paid subscribers. If what I’m doing works, the price will be too low. If it doesn’t, even €0 is too much. Either way, a wealth manager will be much more expensive, and depending on your net worth, the price in percentage terms could even be lower than that of an ETF.
Join me! Unless…
If any of the following apply to you, “Till's Value Portfolio” may not be for you:
You are a value investing expert, looking for deep value insights and analyses.
I will share all of my analyses with you, but I won’t heavily edit them for publication or enrich them with information I didn’t actually consider when making my decision. Some analyses will be extensive, but there will be a fair share of “Mohnish Pabrai invested 50% of his fund in AMR. I think he knows what he’s doing. I’m in!”
Your investment horizon is less than 5 years. You have a short-term focus and invest to get rich quick. Inactivity (what Munger called “sit on your ass investing”) makes you nervous, and you can’t stand to stay on the sidelines for trends like AI and crypto.
You can’t tolerate seeing your portfolio drop by as much as 50% during a crash. Having real-time access to your portfolio performance makes you nervous, and you prefer a wealth manager who sends you an annual report.
You can’t stand to see negative headlines, analyst coverage, and forecasts about companies you invest in.
This is the case with most of my investments—otherwise, they wouldn’t be undervalued. Someday, the negative headlines may turn out to be right, and I may be wrong. But to achieve outstanding returns, you have to bet against the consensus (and be right!).
You’re not comfortable dedicating a meaningful portion of your wealth to value investing.
If you own real estate worth €500k and now look to invest €10k in stocks, 98% of your net worth depends on what happens to your real estate. You could lose your €10k in a day, and it wouldn’t matter. With this setup, you will not be happy with 15%, and I guarantee I won’t achieve much more than that (I also guarantee you won’t get 15% p.a. on your real estate over the long run). However, if €10k is all you’ve got (or even €1k), that’s not a problem. It’s about the share of your net worth, not the amount.
If any of these apply to you, I’m not judging you. I’m just saying that you probably won’t be happy with my approach. But I still hope you will get something out of following “Till's Value Portfolio”. While I’m transparent with my portfolio, the real value lies in how I approach each investment—finding undervalued opportunities that others overlook. This isn’t just about copying my buys—it’s about learning how to think and act like a value investor.
Thank you for your support!
Till
P.S. I sometimes write about other topics too - like this story about my grandfather.