2026 VIS – Steffen Ruhl on Why Not All P/Es Are Equal and Why This Travel Site Is a Buy

Steffen Ruhl, is a Germany-based operator-investor who oversees financial control for large-scale IT and AI initiatives at the ZEISS Group (Carl Zeiss AG), a large German optics and industrial-technology company; Ruhl is simultaneously launching a focused long-term value fund. His path into investing runs through corporate finance, SaaS product management, and industrial technology. He has held controller, consultant, and product manager roles across fintech, software, and industrial firms, and holds a master’s degree in finance and management.

He is a self-described value investor who reads 10-K and 10-Q filings closely and favors fundamental deep dives over snap judgments, and he writes publicly at 41investments.substack.com. His session at the 026 Value Investing Seminar was built around two connected ideas: that P/E ratios...