Phaceliacapital

Euh, there is a girl there :D ?

Yeah what a life, you make several x for your clients, and those same clients reward you with massive redemptions... No calls, no inflows, no nothing...

I'm always amazed by how big the guy is.. Were there interesting tidbits in? It's from 2009 so how relevant is it today?

At this time of the internet I can't believe there are no other ways to learn about TM without spending 1.5k??

Yes that is true..

Thanks for the input but those are not the books I am looking for (please read this in Obi Wan voice).

Let's first see if the deal works out :D

Donegan would be a good guy to have under the BRK umbrella.

I saw a reference to a book concerning Disney's corporate history in another book (and I can't recall which as I've been on a reading bonanza, "built to last" or "good to great" or "king of capital" or "new tycoons" or "Creativity" or "Made in America"), I think the title was something with "Attack on Magic Kingdom" or something alike but I can't find it.. Sounds familiar to someone?

Do you think sports leagues would be able to create their own national multi sport channel? I find it highly unlikely but not impossible. I like Fox, especially thanks to its hidden assets (India, Vice, Hulu) and the little to no credit given to its Sky stake.

Jarden?

New filing: http://www.sec.gov/Archives/edgar/data/1637459/000119312515244356/0001193125-15-244356-index.htm

Thanks!

Very interesting events, you don't often see such cross border activity.

Does anyone know the following: From a tax perspective, what happens when I, as an EU investor, buy the US ADR of a Mexican company that is going to do a spinoff whereby I receive one share of the spun off entity for each ADR I own? Thanks in advance.

For cons goods in this sector I would reckon anywhere between 10 - 14x EV/EBITDA. P/E around 22-24ish??

Is he having problems with outflows? The site kinda remembers me of Pimco's marketing effort in the FT after Gross left.

Taking a step back from the financials and valuation, you have to admit it's quite impressive (to say the least) what these guys are building.. Heinz is the ideal platform for Kraft brands when Mondelez loses several of the trademark rights in the next couple of years. They don't have to build shit in other regions, it's almost a question of "plug & play" into Heinz's distribution networks. GE of consumer goods.

Yes I agree. Points 1 & 2 however are difficult to model from an EV/EBITDA perspective. I included both 3 & 4, there is a debt pay down assumption and a dividend growth rate. I also redid the Heinz valuation, I guess the implied Heinz equity stub is around 31 bn?

That's why I said basic :D

Basic model with EV/EBITDA https://docs.google.com/spreadsheets/d/1B7ke-kwvXH4tE-uZ72ShrigzR5LReg6oKByJo2EC4aE/edit?usp=sharing

Looks like a fair deal, curious to see financing details. As kraft shareholder you get a 25% dividend + 49% of a company with mcap probably around 60 mn (assuming no net debt change + 10x EBITDA)? So 10 mn + 30 mn = 40 mn, + 3G & Buffett as long term partners. Not too shabby

Do you have data on other indices? Thanks.

Great topic. Health & Wellness => towards higher protein and lower sugar & fat foods - Fish related companies (tuna, salmon)? Specialty Ingredient companies such as Ingredion, Tate & Lyle, International Flavors, ... Ever rising healthcare costs - private organization stepping in to manage hospitals/elderly homes/drug budgets/... Orpea, HCC Healthcare, Tenet, Express Scripts, CVS, ?? #1 of #2 distributors in any sector - competitive position reinforced by economies of scale and switching costs. Fastenal, Patterson, Henry Schein, MRC, DNOW, ... ?

Thoughts on AUM?