Marco Van Basten

If they think that markets are overvalued, then they are not looking hard enough. Plenty of great businesses at very attractive valuations

Cape Verde - man, no matter who this ends, super impressive

A treaty is just a piece of paper - Kaiser Wilhelm II

Reminds me of how California cancelled Algebra for the same reason... Race in the Western World who will become dumber while China is laughing at us. Thank God for ayatollahs in Iran and communists in China & Putin & co in Russia that drive best and brightest out to the West.

I lived in the USSR, so don't give that bullshit. There is a difference between rules on conduct which every society has and rules on speech, which not every society has.

The point is that there is no freedom of speech in Europe

You are missing my point, in Europe free speech is limited, in the US, not really. Check out Paivi Rasanen case in Finland. Oh, and it's bullshit that you cannot say kniga in the US. It is a not a crime. I say it all the time in public to my kids. You were told not to say it because blacks might not hear the first letter and get offended. That's different from the government punishing you for it.

Freedom of speech. What will happen to me in France, UK, et all if I say that Islam is a threat to European civilization and Islamic immigration is incompatible with Western values?

If you have a choice between flight and fight, choose flight every time.

I am afraid that you are thirty years too late. I would argue that given the insane immigration, UK, Ireland, France, et all are low trust societies today. If you go to a small town in the US, you will see a high trust society, NYC is not a good representative of the country as a whole.

I love how all the left-wingers who claim to be open minded always insist on jamming their values down other people's throats.

Spek, I know plenty of people who summer in the Hamptons every year for two months and have not been to Europe in decades. Check out how much it costs to rent a house in the Hamptons for the summer, compare it to the cost of spending two months in Greece/Spain/Portugal/Italy. You will see that it's not the lack of money, it's the lack of desire to stand in two hour security lines in Paris Airports, zero air conditioning in Europe, and having to buy timed tickets to visit any sort of attraction in Europe these days. Europe is dirt cheap compared to the US. When my first son was born, I wanted to take the family to Maine for the summer, when I looked at prices, I realized that it would be cheaper to fly business class and stay in Ritz Carlton in Spain than to stay in Class B hotel in Maine. It's not that Americans cannot afford to go to Europe, it's just most don't value what you get in Europe - European culture, heritage, architecture and food.

When I was at Yale doing my undergraduate degree, I met a guy from Ethiopia who was a fellow student. He was a year older than he was supposed to be based on his class, and the reason was that he was left to repeat a class in Ethiopia when he was in kindergarten. Teachers in kindergarten had thought that he was retarded. The guy was an engineering major. Just because people think you are a retard at age 4 does not mean that you are, you may turn out to be smarter than everyone else, just wired differently.

So, it's interesting. If you look at Holcim's press release at the time of the acquisition announcement, it talks about USD 1.5bn price or at that time, PEN = 5.0544bn. That it turn implies PEN 3.706bn equity value or PEN 8.10 per share based on 03/31/2026 debt levels, and probably closer to PEN 8.30 per share based on 06/30/2026 debt levels. That implies $11.90 per ADR and $12.20 per ADR respectively. Also, in an interview with Nicolai Tangen on 06/24/2026, the CEO of Holcim stated that the Peru market is amazing and is booming. So if I had to guess, the bid is going to be north of USD 13 per ADR to make sure that Holcim gets all of the 50% that it does not own. Time will tell.

a) Why the termination? b) What would be the SG&A burn and how much value would be consumed, assuming it takes 24 months to sell the remaining asset? How much of deferred cap ex if any on the building? Any mortgage penalty? c) What is the remaining asset?