Some Links

Chanos: I said that shareholders think he is the messiah, but I certainly don’t. I mentioned how dumb the SolarCity acquisition was. A really distraught guy in his 30’s came up to me that night and started poking me – he was poking me – and said “you don’t understand what’s about to happen at Tesla!” I looked at him and said – no, YOU don’t understand.

Chanos: We’ve never been short Amazon except during the dot-com era. What fascinates me is that until recently Amazon had no capital employed in his business. The business went public in 1996 – the last equity offering was 2001. They’ve been FCF positive since 2002. Some of that is amortization, but net of capex and acquisitions its still good free cash flow. Why is that? He employed negative working capital. As long as the business kept growing then it works. …

From Evidence Based Investing Conference (on ValueWalk)


Elliott Management Sends Letter to Cognizant Technology Solutions Corporation Outlining Value-Enhancement Plan (link)

Lays out path to $80–$90+ per share

Cognizant Technology currently trades at 56,95 USD


Corporate tax rates table by KPMG (link)

EY-publications (aka a lot of fun with a lot of numbers) (link)
For example: / Global / Industries / Automotive (link) (link)

WerArtBlog likes KanAm Grundinvest (link)

Together with CS Euroreal and SEB Immoinvest, Kanam Grundinvest is one of the “big three” German real estate funds currently in liquidation.

The NAV is EUR 1,351.4 m or EUR 18.85 per fund unit. Fund units can currently be bought in the market at EUR 15.2 or a 19.4% discount to NAV.

Consequently, 26% of the current real estate portfolio might not be marketable immediately.

Ben Carlson from awealthofcommonsense sees problems with pension funds ahead (link)

… there are going to be many, many pension plans that run into trouble in the years ahead. It’s simple math.Many of the largest pensions are blaming low interest rates for their troubles.

There really aren’t any simple solutions to this problem.



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