Ponder the uncomfortable, the imponderable & walk the blues!
What I have learned over the last 12 years as an investor & fund manager, is that, even though there are long stints of calm & serenity along the way, there are also some uncomfortable events & looming imponderables.
TINA – Are we in the ZIRC? II – “Do Gentlemen really prefer Bonds?”
In this month's opinion, Pierre Cloux examines the Mr. Market 2019 projection vs. Bond rates, questioning the current environment and its possible consequences.
Seeking Wisdom IV – “Value Investing”
As the saying goes: “When the going gets tough, the tough get going!” Even though the month of April showed some clemency, even optimism, as I outlined here a month ago, Mr. Market in May seems to be of a more jittery and moody disposition. That is why I dug deep once again in order to seek wisdom and quench any whim of nervous trading activity. It is not the house-style anyway, as our philosophy is “Value Investing”.
6.40% - Premonitory dream – TINA, are we in the ZIRC?
In this month's opinion, find out about a dream come true.
King of the (Dance) Floor! (part 2) – Smart Moves & “Happy” Returns!
In 2013, Pierre Cloux was writing about a new investment in a company called Forbo. In this month's opinion, find out what has happened since.
“Can Pandas fly?” (1) – A visit to Chengdu and to The 90-bagger Dragon!
In this article Pierre Cloux shares his account of a recent trip to China, discovering this fascinating country, analysing its fast growing economy and visiting production sites of the companies he is invested in.
Valiant – let’s bank on it!
In this month's opinion, find out about Valiant's development plans and a travel note from Pierre Cloux in China.
“Nerve-racking pain and teeth-pulling strain“ Let’s list the 2018 Razzie Nominations!
In this month's opinion, Pierre Cloux Lists the 2018 Razzie Nominations.
Seeking wisdom III - About Change & the Fallacy of Predictions
Don’t believe people who say they can forecast unforeseeable variables. Nobody can forecast interest or currency rates, the GDP, turning points in the economy, the stock market, etc. Massive amounts of information, advanced computers of fancy mathematical formulae don’t help. According to Warren Buffett, the Sage of Omaha, to believe the precision that they project is a chimera. In fact, such models can lull decision-makers into a false sense of security and thereby increase their chances of making mistakes.
We need to talk about Aryzta!
Sometimes in life (i.e. in the life of a fund manager!) grace comes in the form of a punch in the face and sometimes in life (i.e. in the life of a fund manager!) I eat humble pie. I need to tell you about Aryzta.