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

To: Paul Senior who wrote (43176)	7/9/2011 10:25:23 PM
From: Spekulatius	Respond to of 78702

Re Pargesa The last transaction seems seemed to favor Pargesa,sine they got a very good price for their Imersys stake from GBR. But sine Pargesa owns GBR and not much else,they sort of sold it to themselves. I do think there io an effort underway ti simplify the structure,which should be good for GBR and Pargesa. I think Pargesa will eventually be dissolved, which may mean that the discount to NAV will shrink.

To: Paul Senior who wrote (43176)	8/24/2011 2:49:27 PM
From: Paul Senior	Respond to of 78702

OT fwiw. Decided I'll start stepping up for more Diageo (DEO), if/as stock continues to fall. Adding now just a very, very few shares. In since 4/'09, I'm expecting DEO to be a ltb&h position for me. finance.yahoo.com

To: Paul Senior who wrote (43176)	3/31/2012 3:36:06 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78702

SOF.BR - for those that like obscure holding companies like GBL.BR (who doesn't <g>) , Sofina (SF.BR.) may be worth a look. Sofina holds a bunch of investment in public companies like Suez, Delhaize, Mersen in addition to some unlisted companies, hedge fund investments etc and some net cash.. The attraction is the discount to liquidation value: Book value is 3.8B Euro (valued at market, I believe) with 35.5M shares outstanding, which is about 107 Euro/share. There does not appear to be any debt. The shares are currently trading for 60 Euros, which is quite a discount. For those who understand french, here is the latest report from August 2011. sofina.be Their reporting is quite terrible, but I think they are decently managed. Some of unlisted investment look interesting, they own a stake in a company offering fishing baits and lines that seem to be very profitable for example. They do buy back shares little by little and pay a dividend.