Some links

Uber’s self driving cars don’t seem to make much progress

Deep thoughts on the Intel  / Mobileye deal and  value creation in different industries

Elon Musk’s recommened reading list (h/t marketfolly)

Fairfax 2016 letter and Markel 2016 letter to the  shareholders

Prof. Damodaran revisits his (mostly broken) Valeant case

Popular stocks within stock forums perform really (really) badly


  • I haven’t looked into that in too much detail. Just with regard to the tax: The tax rate does not depend on where the company is located but where it makes its profit. So if Valeant makes most of its profits in the US, the US tax rate applies, not the Canadian,

  • On Valeant…. the evaluation has some serious logical issues. This atypical of Damadoran. For example he uses latest outlook which includes impact of announced divestment but the debt uses pre divestment amount. If used real debt than value jump to 18 USD. He increases tax due to tax changes in the US. Valeant is a Canadian company. If tax left at 20% than value goes to close to 30 USD.
    I would not comment on growth as this is a personal assumption and everybody should do his own expectations.

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