OK, so here are couple more reasons to avoid it:
- Complicated structure both in terms of control and in terms of reporting. Add Euro accounting to this = nightmare.
- Conglomerates suck by definition. BRKA excluded. ;)
- It owns a bunch of public companies that investors can buy themselves avoiding the ones that are not attractive.
- It is like BRKA, except that I can trust Buffett, but I don't know if I should trust the Eurobarons.
- Buying the XXXXF and XXXXY shares is a pain. In most cases. Very limited quotes, weirdo executions or no executions, investment limits, weirdo commissions. May or may not be a problem with Pargesa - it seems to vary per company/shares. So I'm a small investor using Fidelity... but from Dale's thread it seems there is no very good solution unless you are big and rich and trade overseas.
- CNP by the way is possibly more interesting since it has a number of fully controlled companies. Same problems though, plus I am not sure they have shares listed in USA at all.
On the other hand, both of them are possibly cheap (cheaper than BRKA, but maybe not if you count Buffett's float ;)). :)
It also comes back to the question we talked about regarding mutual fund investing: if you are investing yourself, what is the point to invest in someone else's investment vehicle. BDCs may be understandable, since you can't invest in senior bonds or private equity. Companies holding a portfolio of other public companies just look like a mutual fund.
Of course me buying TAVIX which buys CNP is the height of hypocrisy. :)))))))))))))))))))) |
