Some links
Steve Romick’s FPA Q4 comment including some very good remarks about the overall valuation levels
Rare interview with Paul Singer (Elliott Capital) on EM and other global topics
Interesting article about someof the “secret sauce” of US retailer Costco
Jim Chanos is shorting companies which buy back stocks
Companies going to the WEF in Davos are loosers
Finally, Prokon, the issuer of the Genußscheine I looked at 2 years ago went bankrupt. Not really a surprise, it is always the same sad story.
value and opportunity 
Chanos…
IBM and ORCL have a growth problem and both have a good enough equity base and high ROE.
As long as shares are purchased below intrinsic value, I don’t see a cause for concern. Where else with ample FCF? In both cases, more organic or inorganic growth would mean a lower marginal ROE.
But there are a lot of buyback-happy companies with little equity and share prices far above intrinsic value.
“Chanos didn’t name specific stocks that he’s shorting in the Journal’s article.”
Actually I don’t think he is shorting IBM or Oracle.