Some links
Good overview and outlook for the beaten down Emerging Market countries from Prof. Cowen
Interesting analysis on Delisting from German stock exchanges (Frosta BGH Urteil, German)
Alphavulture likes MAgix AG, the German media software company
Cullen Roach explains why waiting for the fat pitch is not for everyone
Great post on Alleghany from HoldCo expert Brooklyn Investor
Fascinating book review “The panic of 1819” from valueprax (already ordered…)
Finally Nate from Oddball with some insights on sharing investment ideas.
value and opportunity 
Hi there, have you looked closer at the Magix situation? Management recently decided to delist the company, apparently supported by a recent German court ruling. I’m trying to find out what their plans are (6mths of trading left before delisting) but getting limited traction in English.
/Charlie
Charles,
the situation in Germany is currently unclear and very unfavourable for investors. It seems to be possible to delist now without any shareholder vote and without compensation. My advice: Stay away from potential targets, i.e. German companies with majority shareholders who do want to get rid of small investors. Or get a good lawyer.
mmi
Any idea on dividend taxation? Looks like they pay dividend out of capital reserves like a few other swiss companies, avoiding the withholding tax. But how long will they continue to have sufficient reserves?
hi fritz, no, i do nt look deeply into tax issues. I think this is not the most important part of the investment case.
Hi,
How do you deal with currency risks especially in that “special situation” swiss franc deal? Given the fact that CHF is capped at 1.20 /EUR the risk of a considerable depreciation should not be neglected. Your overall positive assessment of the EURO zone development over the next couple of years (if I read your blogs correctly) should imply the aforementioned scenario of a risk off – CHF depreciation against the EUR. This in turn will diminish your overall investment success for CHF denominated securities substantially if left unhedged.
Best,
Hanne
thanks for the comment. However, I do not consider the CHF risk as high as Energiedienst earns most of its revenues in EUR. Short term, this could of course be a buying opportunity.