Leaderboard

I have owned it almost from the start, has been a terrible investment so far. BIAL is the crown jewel and the main reason I'm still holding. As many have pointed out, the runway for BIAL is so good and it'll be a homerun investment. Once the IPO happens, you will see a rerating (discount stays same / widens, but market value of BIAL will likely be higher than $2.5B). I'll revisit my Fairfax India holding after the Anchorage IPO. I have questions about their strategy, last year bought 2 small companies for $30M and $50M, this year trying to buy multi-billion dollar IDBI..

@Luca, Yeah I know, but this topic is not about Swedish conglomerates in general, but about Swedish Investment Conglomerates, who are applying the special Swedish tax feature of "skabelonindtægt" [translated to English : "Template income"] while investing in listed companies, as I have explained upstream in this topic, where the company gets a deduction in its taxable income for dividends paid to its shareholders, while at same time not subject to tax on the received dividends from its listed investees. To me, a crazy tax practice, but I'm certainly happy to take advantage of it. Teqnion AB is not such a creature.

I find these arguments hard to take seriously: Chinese leadership is dumb/sick and will destroy the country Chinese is in secular decline (US wouldn't be worried ifs this were true) Chinese leadership doesn't change (they turn on a dime -- Jack Ma's kidnapping, one-child-policy, COVID lockdown/reopen) I believe these arguments: China demographics will be a problem Nobody wants to move to China (how can they prosper if they cannot attract talent?)

I don't see why Xi has to figure out how the US does things in order to lead his country. Even so, I doubt Xi is dumb or otherwise incapable of understanding any complex topic, including "how the free markets operate".

Not too difficult at all to make the case the Kempegowda Airport is mispriced. The recent small interest stakes valued the airport at $2.5 bn (Prem uses $3bn) Not sure about 6-7x’s in a decade ($20bn) but easy to see a “runway” to $10 bn or so by 2030. A remarkable investment. https://companiesmarketcap.com/airports/largest-airport-operating-companies-by-market-cap/