What are you buying today?

[John Hjorth]

rb & wachtwoord,

 

I'm not sure I understand your posts. I read those as "I have an anti home bias". -Your replies will make it easier for me in replying to writser's post, thereby exposing how dumb I am.

[TwoCitiesCapital]

Picked up a token position in LB. This is mostly therapeutic for me.

 

I recall looking at buying LB back in 2008/2009 when it traded for $9-$10 a share. It was LB or Excel Maritime in dry bulk that were contending for my capital. I ended up picking up Excel Maritime as I thought it had better asset coverage and increased earnings potential. Excel Maritime eventually went bankrupt.

 

LB, on the other hand, absolutely ripped hitting a high of $100 in 2015 and having paid out more than the initial purchase price would have been in dividends over that period of time.

 

Now that LB is down 50+% from the highs, I purchased a token position to feel a bit better about my very poor decision to lose money instead of making many multiples on my money.

[CorpRaider]

Looking at the Reckitt foods group.  HAH, I wish!  ;D

[rb]

rb & wachtwoord,

 

I'm not sure I understand your posts. I read those as "I have an anti home bias". -Your replies will make it easier for me in replying to writser's post, thereby exposing how dumb I am.

Yes you've read correctly. i have an anti-home bias. Nothing wrong with my home, just that the market is undiversified and I just don't like the companies.

 

I also don't think there is anything wrong with home market bias. You're more likely to understand business conditions and companies in your home and neighboring markets then some far flung corner of the world. So your circle of confidence is bigger/stronger close to home.

[John Hjorth]

Thanks for your elaboration here, rb.

[wachtwoord]

Exactly what rb says: small (Netherlands) undiversified market, I don't like most companies and diversifying your wealth away from the country where you earn your paycheck is a nice bonus.

[John Hjorth]

writser,

 

Every time you post I read your board signature carefully!

 

I moved about 3 per cent from cash to stocks with what I did yesterday. After not buying about anything within the last several months, while still adding every month to tax deferred acounts for the Lady of the House and I.

 

Mini thesises, without starting new separate topics, if they are not there already on CoBF [max. 10 lines per pick]:

 

SCHO.CPH [schouw & Co. A/S]

Covered here on CoBF. I consider it now about somewhat fully priced. Better getting something in stead of nothing on cash in tax deferred accounts. I may be wrong here going forward.

 

JDAN.CPH [Jeudan A/S]

 

A Danish real estate company, focused totally on Down Town Copenhagen. About 200 units right now. My family and I have held it for years, it has done well, however nothing flamboyant. It has grown a lot over time. If hell appears on earth again - like '08 - '09 - I suppose this company will pick up like stealing candy from kids, using leverage. If it gets worse than '08 - '09 going forward, I'll most likely just be diluted by tobacco money [Chr. Augustinus Fabrikker A/S] and hearing aid money [William Demant Invest A/S]. Both about 40% stake each. Unfortunately no English financials available - most likely only my fellow Scandinavian board members can read the financials. I'm looking at EBVAT/share relative to market price of the stock here.

TOP.CPH [Topdanmark A/S]

 

A well run Danish - mainly P/C - insurer, focused on the Danish insurance market. A compounder - no dividends for I do not know how many  years, all yield to shareholders in buy backs [the BRK shareholders of this board know the drill!]. It has moved just about nowhere within the last year. Noticed in the market, that recently "Anonumous" is selling a lot, while Nordea is a hefty buyer - not so much in the last few days. Last week TOP flagged increase of treasury shares up above 10 per cent. Thinking Sampo Plc is is nowadays off loading stocks, to suck up other TOP shares from shareholders  [please read : cheap] , who have lost their mood on this thing, while TOP buying heavily. Last flag from Sampo Plc was at 42 per cent after an open bid, Sampo does not have to flag again downwards before passing 33 per pent.

 

INVE A.STO [investor AB]

 

Swedish investment conglomerate doing well now over many years. Please take a look at this press release, and make up you own mind. [Jurgis, I haven't forgotten my promise to you]. I have posted about this company on this board before without starting a topic in the investment forum. I hate EQT, but I get for free.

 

LUND B.STO [L. E. Lundbergföretagen AB]

 

Silly price right now, yes - My fellow Swedish board members might be shaking their heads. If you study the RE part of the conglomerate [2 subs, one wholly owned], you find out it's the rock of Gibraltar. I expect this company over the coming years to buy more of Industrivärden AB, to gain factual control [<50 percent, >33 per cent], based on cash flow from operations.

 

INDU C.STO [industrivärden AB]

 

This company has a poor performance record for the last 10 years or so. What happened is actually, that it got caught in the 08' - 09' with the use of leverage - one foot on a banana shell, the other [almost - I'm exaggerating here], in the grave hole. Hint: If interested, please just read the chairman and CEO Letters in the 2016 financials. Mr. Lundberg - majority shareholder and CEO at L. E. Lundbergföretagen AB, has already made a lot of changes since he took the chairman position last year.

[John Hjorth]

Exactly what rb says: small (Netherlands) undiversified market, I don't like most companies and diversifying your wealth away from the country where you earn your paycheck is a nice bonus.

 

Also thank you to you, wachtwoord, for reply here.

 

The same here. I have spent 100s of hours during the last few years looking at Danish small caps with either a lot of issues [owner/operator behaving as he's owning the whole thing, or just running the damn thing for his own giggles], or at totally ridiculous prices. I call it kissing frogs.

 

The same apply to many constituents of the primary Danish Stock Index [OMXC20CAP] with regard to my judgement of relationship between price and quality. Better to go somewhere else with the capital.

 

PS: Time for me to get back to Wilhelmsen!

 

[John Hjorth]

INVE A.STO

 

A lot of it, this morning, as a trade on the 1st quarter 2017 reporting for Investor AB with regard to reported Net Asset Value end of March 2017, where I expect a material increase, perhaps as much as SEK 30B, primarily related to wholly owned Mölnlycke. 1st quarter report will be out 24th April at 12:00 CET.

 

If interested, please take a look at the powerpoints in the clip from the Investor AB Capital Market Day held in Stockholm on 30th March 2017, especially the powerpoints at the 0:40:38 mark. [You can see the powerpoints if you do not run the clip in full screen mode, and you can navigate the clip by just clicking on the powerpoints.]

 

I will roll the position back to full long term position, with proceeds back in to cash, no later than end May this year.

 

Perhaps the conglomarate discount on Investor will just increase materially. I will for sure find out.

[gjangal]

Bought some CVS and GOOG , just 2% positions each with the intent to add more. Expect low double digit return over a few years. Really not confident of adding heavily because i think the market can go down 10-15% just because it can.

[John Hjorth]

Added a bit to BRK.B today.

[boilermaker75]

Wrote some BRKB puts and some WFC puts.

[John Hjorth]

Added a bit to BRK.B today.

[AzCactus]

IBKR and added AN

[writser]

A bit more DEST.

[orion]

Increased FCAU

[snow pea]

Always interested in what you dig up, writser, so I took a quick look at DEST.  What's your opinion of the prospective post-merger co?  Seems like in a stock-for-stock deal it'd be important.

 

From my 15 minute look, it seems like Orchestra has a business that is doing pretty ok on its own, while Destination doesn't look so hot; meanwhile, it looks like stock values have tanked for both companies since the announcement.  Certainly I can see where the apparent discount of DEST relative to KAZI looks appealing, unless of course the gap closes by means of KAZI continuing downward. 

 

Is this written up on one of the blogs you follow?

[writser]

No blog writeups afaik. I was typing a reply but it got longer than expected so I opened a new topic instead.

[sleepydragon]

Wfc

[giofranchi]

Sold ACGL and used the proceeds to buy AMZN.

ACGL was a small position AMZN is a small position.

 

Cheers,

 

Gio

[ebdem]

Bought some MEI Pharma. Thesis is here: https://investing0711.com/2017/02/16/tremendous-potential-at-mei-pharma/ - there is also sth on VIC.

[Paarslaars]

Bought some MEI Pharma. Thesis is here: https://investing0711.com/2017/02/16/tremendous-potential-at-mei-pharma/ - there is also sth on VIC.

 

Interesting, though I don't agree on the downside protection.

That cash will likely get burned throughout the process.

 

I see it: tails this goes to 0, heads you get a 7 bagger.

So if the odds of getting heads (ha-ha) is > 1/7, you can expect to make money with these kinds of plays.

I might take a nibble at it or wait a while as it will take years before we know if this is going to be a winner, it might get cheaper. :)

[clutch]

Decided to take some bets on retail:

LB, RL, DEST (thanks to wrister)

[DocSnowball]

Companies working on treating resistant bacteria  - last week - PRTK  Paratek pharmaceuticals, based on successful phase 3 trial results of a new once daily oral drug for pneumonia treatment (Seth Klarman from Baupost Group owns a large chunk as well).

[LC]

DIS