Updates on Investor AB and Foot Locker

Investor AB Annual Report (link)

The Chairman Jacob Wallenberg:
The importance of having the right person at the right place at the right time cannot be overestimated. As my grandfather said: “No company is so bad that it cannot be turned around by a good leader”.
In Atlas Copco, we fully support the proposal made early 2017 to split the group into
two focused, market-leading new companies, further enhancing future value creation.
Net asset value growth and cash flow was strong. For 2016, the board proposes to increase the dividend to SEK 11 per share (10).

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Some links … on Danaher, Fannie/Freddie, JAB & “It’s Lit”

“It’s Lit” – a guide to what teens think is cool – by google (link)

01. YouTube
02. Netflix
03. google
04. xbox
05. oreo
06. GoPro
07. Playstation
08. doritos
09. NIKE
10. chrome
Very nice summary of the Fannie/Freddie Case – must read (link)

Old article on Danahers style of leadership (link)

JAB of German Reimann family buys Panera Bread  (link)


Some Links on Canadian Housing Market, Shorting US-Malls, Mungers/DJCO Handouts … and more

Nice source of numbers, very clean: QuickFS.net – I will add this to my Investment Tools Page


On-beyond-Investing went to top of the Canadian Housing Market, so you didn’t have to (link)

There are, apparently, two very important things to know when dealing with real estate.  First, you have to face your fear; this fear is to be ignored and then you should ‘just do it’ and ‘buy now’.  The next step is find what you can afford and then buy it.  Ignore all ‘non-doers’, don’t overanalyze or focus on the numbers, just fucking buy.

The fact that the biggest condo developer in Canada said lenders will bend (but not break, apparently) rules to get you financing in front of 15k people with most people smiling and nodding was shocking.


Wall Street Has Found Its Next Big Short in U.S. Credit Market by Bloomberg (link)

Wall Street speculators are zeroing in on the next U.S. credit crisis: the mall.

It’s no secret many mall complexes have been struggling for years as Americans do more of their shopping online.


Putting all your eggs in one Basket? “Ackman Sells Valeant Stake After at Least $2.8 Billion Loss” by Bloomberg (link)


Charlie Mungers DJCO Handout 1/2  (link)

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Francisco Garcia Parames, Cobas AM, azValor

Every country except germany* has its own “Warren Buffett”. The Warren Buffett of Spain is Francisco García Paramés. He was the Star Investing Manager at Bestinver with a 16% annual return over 25 years. When he left Bestinver, their assets fell by almost a third. He had a 2 year break (two-year non-compete agreement) but it seems like he is back now.

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Some Links on M&A Activities, Interest rates affecting REIT’s, Jim Chanos, Woodford, …

Highly recommended:

AdventuresinCapitalism on raised rates on REITS (link)

Look at the charts of various smaller REITs that aren’t being propped up with broad market ETF inflows. These things are getting nuked—particularly in the retail sector.

I did the math of the example mentioned:


“To Buy or Not To Buy” – Credit-Suisse on M&A (link)

Companies that act early in an M&A cycle tend to generate higher returns than those that act later.

Empirical analysis shows that M&A creates value in the aggregate, but that the seller tends to realize most of
that value.
Peter Clark and Roger Mills, finance experts who focus on M&A, found that deals they call “opportunistic,” where a weak competitor sells out, succeed at a rate of around 90 percent. “Operational” deals, or cases where there are strong operational overlaps, also have an above-average chance of success.

Jim Chanos Interview (link)

Neil Woodford himself (link)

We are more upbeat on the outlook for the UK economy than many commentators – the market consensus, in our view, has become too bearish in the aftermath of the Brexit vote

Brooklyn Investor commenting Buffett’s CNBC Interview (link)

… but history shows that the market does in fact use interest rates to value the stock market however theoretically wrong it may be, and the greatest investor of all time does so too.