Some links

Looks like that the 3rd Romanian stock gets finally listed in London: Fondul Proprietatae (h/t valuewalk)

Good (partial) interview with the guys of Boyles Asset management

Wertart has a post on French Microcap Microwave Vision

The UK Value investor with a great analysis on what went wrong with his Balfour Beatty investment

FT Alphaville has some issues with Greak stock Follie Follie

And finally the MUST READ: Credit Suisse Global Investment Return Yearbook 2015 (h/t Meg Faber) with, among other, some very interesting 115 years (!!!) historical data on industries

3 comments

  • HI MMI, thanks for the link and thanks for the link to the CS GIRY too; I always forget about that one.

  • Thanks MMI, interesting to read something about Folli Follie.
    Although the article just scratches the surface and why not use 2014 financials? I bought in 2012 around ~4.40€. Even back then the cashflow was my main concern. But at this price SOTP provided huge margin of safety (china sub alone worth more than mcap). Furthermore FT does not mention Fosun as a shareholder. My thinking was they will mitigate some fraud risk in the China sub. Greek operations turned somewhat around. They sold subsidiary. Were always profitable. They paid back some debt and bought back some shares. I have sold in the meantime.

  • I would say the number one lesson learned by John Kingham with his Balfour Beatty investment also apply to Vossloh and Bilfinger.

    “Lesson 1. Be wary of companies that need to repeatedly replace large contracts
    … Companies that need to repeatedly replace large projects or contracts carry a lot of risk from either not replacing the contract (which of course would reduce revenues and profits, sometimes dramatically) or bidding too low in order to win a new contract. If a contract is won at too low a price it can lock the company into wafer thin profits or even losses over a multi-year period.”

    Best wishes JOE

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