Congratulations to the buyer of Robertet investment certificates at 602 EUR per unit yesterday. Buying those participations for less than 13x earnings... Yes, I am a bit jealous.
Boskalis results $HAL
One of Sweden's most underrated small caps continues to deliver good results. Never underestimate a business that can grow without needing to reinvest any capital.
Intressant att Solid Försäkring uppvärderats rejält. Folk verkar älska bolag som har lätta jämförelsetal framför sig.
I own and follow a number of US stocks listed on the OTC market. They have barely moved and their bid/ask is essentially unchanged from yesterday. This happens all the time.
Most people have got illiquidity backwards and think that during days when the market declines, illiquid stocks must be down even more.
In reality the opposite is true. People sell the stocks that are liquid and easily tradable while the illiquid ones are barely affected.
Stumbled across The North West Company today. Definitely seems like a company to keep an eye on. Will spend the evening/tomorrow digging into the reports.
www.northwest.ca/about-us/his...
I know it’s AI because I have an instant revulsion to it, almost like an allergic reaction or a mental gag reflex. It’s hard to describe. It’s what the Gen Z girls refer to as “the ick” and it’s real.
www.downtownjoshbrown.com/p/the-analog...
I have primarily been acquiring participations in companies stewarded by a controlling figure, a family or individual, whom I can implicitly parter with. I do not try to optimize for earning the highest possible return on my capital. The return will take care of itself over time.
Feeling done with the reorganization I started a little over half a year ago. Solid Försäkring has been pruned and is now a normal-sized holding. For various different reasons Vertu Motors, Infracom and Navigo Invest Pref were sold entirely. In total ca 50% of my capital was reallocated.
A soft pink peony with many layers of petals. A mimic hoverfly is sitting on top of it.
There’s someone on my peony.
Min uppgift som investerare är att vara en långsiktig och ansvarsfull ägare av sunt finansierade, uthålliga verksamheter som tillför värde till sina kunder.
Tankarna vandrar också till Tjuren Ferdinands visdom. Är man tillfreds med tillvaron måste man inte jaga efter något större och ”bättre”.
Djuprensning av kvickrot i föräldrarnas hallonhäck i eftermiddags. Det är meditativt och skönt att arbeta med händerna i jord nu när våren är här.
Det stärker min känsla att div. diskussioner om avkastningsmaximering och koncentrerade/diversifierade portföljer för det mesta är irrelevant.
"Your health records will be on the block chain."
"Everyone will live in the Metaverse."
"All art will be NFTs."
"Generative AI will replace the need for humans."
We need to reckon with the reality that the tech industry no longer creates things that anyone wants.
I know far too little French to understand the accounting nuances that contributed to Docks des Pétroles d’Ambès' remarkable increase in reported earnings in 2024.
But luckily, I understand just enough to read this beautiful cash flow statement. Market cap of 71m EUR btw...
Good question. Do those trade at EV/FCF or EV/EBIT multiples below 1?
Cash and bonds constituted 83% of total assets at the close of 2024.
Karelia Tobacco, the world's cheapest tobacco company (or the world's least ESG-friendly closed end bond fund), reported good results for 2024 yesterday. Net cash+bonds now equal €288 per share against a stock price of €312.
Truxton also reporting a stellar quarter.
www.otcmarkets.com/stock/TRUX/n...
Och vill man ha något i premiumsegmentet finns belgiska Compagnie du Bois Sauvage som äger bl.a. Neuhaus.
Some banks are built different.
www.otcmarkets.com/stock/THVB/n...
I often hear assertions like: ”'insert illiquid stock' will get killed during a downturn / crash.”
It seems reality is often the opposite. Illiquidity fosters a long-term thinking shareholder base of 𝐫𝐞𝐚𝐥 owners. During a downturn, what is liquid and readily available to sell is also what is sold.
Essential reading from @thekrazykobra.bsky.social on why shit floats.
on.ft.com/4i1onIQ
The more I read about this utter garbage of an ”industry” the greater my desire becomes to allocate all my assets into durable 150 year old family controlled companies producing tangible goods.
HAL Trust. From the other platform due to character restrictions on here. Things have turned
VD-ord från Fredrik Lundberg i Lundbergs ÅR 2024 (1/2)
mb.cision.com/Main/1033/41... #finanstwitter
Dock är kreditförluster i USA strukturellt högre än i Sverige (och sannolikt även Europa) pga kultur, lagstiftning till privatpersonens fördel och högre konkurrens. Syns också i vanliga bankers utlåning.
Ingen data som fastnade så bra att jag har den i huvudet. Minns att boken ägnade en del åt att redogöra för expansionen in i Tyskland där kreditförlusterna successivt minskade över tid.
Ska man extrapolera från tidigare intåg på nya marknader som beskrivs i "Den stora kreditfesten: Historien om Klarna" så bör förlusterna minska i takt med att de får mer marknadsspecifik data och kunskap. Så det finns fog för att kalla det en tillväxtinvestering.
Inte läst men ska kolla upp den.
Annars tycker jag ”Capital Allocation: The Financials of a New England Textile Mill 1955 - 1985” är en förstklassig bok som flugit under mångas radar.
