Monthly Archives: December 2025

Quick (and dirty): Cie Bois Sauvage Special Situation

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This is not Investment Advice. PLEASE DO YOU OWN RESEARCH !!!

Bois Sauvage is a Belgian Holding Company that I owned in the past and have written several times about:

2014 Write-up Bois Sauvage

2014 Update on Bois Sauvage and Ackerman

In essence it’s main business is high-end Belgian Chocolate (Neuhaus, Jeff de Brugges) and a variety of other assets, from real estate, listed Belgian stocks and some VC/PE like investments.

What created my renewed interest in the stock was this passage in a recent “Newletter” sent out by the company:

These topics are part of a broader transformation. For several months now, we have been conducting an in-depth strategic review of all our holdings. This review will result in concrete announcements in March 2026. It reflects our desire to better focus our efforts on our areas of expertise, align our portfolio with our ambition for sustainable growth, and enhance the clarity of our investment profile.

Read more

Some links 29/2025

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Highly recommended: Prof. Damodaran on Market Cap thresholds over time , Nvidia and how to calculate implied growth rates

Another Flavour & Fragrances “Banger analysis” from Sector Stories, this time IFF 

French Focused Investing substack on Dividend Aristokrats in France

How (and when) to derisk portfolios before retirement

Great deep dive into the company Duolingo from Quartr

Interestingly, Dwarkesh will prioritize writing essays over doing podcasts

52 Interesting and entertaining things Tom Whitwell learned in 2025

Some links 28/2025

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Bill Gates has some Book recommendations

Some very interesting thoughts around Micheal Burry’s decision to close his fund

Dwarkesh with another “AI Banger”: Ilya Sutskever talks about LLMs

Ben Evans has published his new “AI eats the world” slide deck

Real Madrid is considering the sale of a minority stake to an investor

Retired retail investors tend to trade more and perform worse
A very nice write-up on Asseco Poland from The Outsiders’ corner Substack