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: – 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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Links: KraftHeinz, Buffett

KraftHeinz and 3G (link)

Unlike other PE firms, which have an exit in mind from the day they buy a company, Lemann and partners have stuck with their beer venture for 28 years and counting.


Bloomberg: Buffett Bought $12 Billion of Stock From Election Through Friday (link)


Morningstar: Top 10 Investment Trust in November Link


The healthcare opportunity” from Mitchell Fraser-Jones at Woodford. (link) Woodford is one of my Quality Sources

As our regular readers will have gathered, we have strong conviction in the long-term investment case for the healthcare industry.

Note: Est. reading: 13 min read … how fast are you? 😉

Note2: The interactive infographics are fun

Bolloré – sum of parts

We believe the company’s stock is extremely undervalued trading at more than a 60% discount to our estimate of its intrinsic value.
– Evermore Global / semi-annual report / June 30, 2016,


Valuation / sum of parts


I used market value for Havas & Vivendi (and of course their Portfolio)

I derived Value of Transport & Logistic from MuddyWaters & Evermore reports – and tried not to be to aggressive/positive here.

I used the latest Debt numbers I could find (maybe they financed their last buy of 5% vivendi – from 15% to 20% – partly with debt), I have not calculated cash.

I used a conglomerate discount of 20%. As I see the holding structure with Vincent Bolloré as value-creating, I put back 16% for his capital allocation skills (~Vincent Bolloré CARG).

The market capitalisation is according to consorsbank now at 10,4 bn €.

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Last post for 2016 – Some links

Brooklyn Investor

Is the Market overbought after this Trump-Ralley? …

Brooklyn Investor about the Market situation today (link)


Eddy Elfenbein

Eddy’s 25 Stocks for 2017 (link)

The ten new stocks are Axalta Coating Systems (AXTA), Cinemark Holdings (CNK), Continental Building Products (CBPX), Danaher (DHR), Ingredion (INGR), Intercontinental Exchange (ICE), Moody’s (MCO), RPM International (RPM), Sherwin-Williams (SHW) and JM Smucker (SJM).

CBPX, INGR, RPM are new to me, the others are High-Quality Companies. Wasn’t Axalta a BRK buy this year?



MMI’s 27 Stocks for 2017 (link)


And finally a graph:

Maybe CBS is worth a look? Infographic: America's Favorite TV Programs | Statista
You will find more statistics at Statista


I wish you a good, successful and healthy 2017.