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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (30601)	7/10/2008 12:04:33 AM
From: Spekulatius	Respond to of 78714

Purchased GBL.BR With that I am sort of buying back my Pargesa (Parg.SW) position sold a while ago. Pargesa almost controls GBL.BR (they own close to 50%) and is their main investment vehicle. The reason why i am preferring GBL.BR is that they have a direct stock ownership while having the approx. the same discount to NAV then Pargesa. Pargesa's NAV is calculated based on "look through" NAV which values their controlling Pargesa stake not based on actual market prices but based on NAV (which is higher). (NAT.BR which is the superholding of Pargesa does the same thing) I believe that GBL.BR direct stock ownership justifies a smaller discount to NAV than Pargesa's or NAT.BR which is why I choose GBL.BR. Those minor details aside i generally like GBL.BR's holdings of Lafarge, Suez, Total, Imersys and Pernod Ricard. Those are well managed business which over the LT should outperform the European indizes. en.gbl.be