Activist fund Marcato’s presentation on BNY Mellon including a good insight into the business model of custodian banks (h/t market folly)
Alpha Vulture blog with a valuation update of FFP Holding (Peugeot)
Must read: Sequoia Funds 2014 letter (h/t market folly)
“Appraisal Arbitrage” – An easy way to make money for sophisticated investors? (I don’t think this works technically in Europe/Germany).
A very inspring TED talk from Ricardo Semmler, previous CEO and owner of Brazilian SEMCO on how to run a company without (almost any) rules.
Some signs that the start-up boom might be peaking for this cycle. Another, much surer sign is when the CEO of a struggling coal based German utility goes to Silicon Valley for an inspirational vacation trip.