Phaceliacapital

Reads like JB :D

He's going to buy Ferrero. Btw, if you look at the 13F, I think the only transactions related to Buffett himself are IBM, Exxon & COP.

Other facts: - PE Owned 73% by CVC & Apollo - Multiple paid is 1.73x tangible - Have been on the stock exchange for less than a year.. - Premium paid looks OKish.. Lloyds is an important market to be in and they enter a top 5 position now, not much not to like I think.

Easy. You look for motivated sellers. Go to the typical craigslist like websites (I don't know which are the US relevant ones) and put in alerts for car offers based on following keywords: "death", "died", "passed away", ... . These ads are typically made by people who suddenly have an extra car on their hands due to the parent/grandparent passing away unexpectedly. The good thing about this method is that you are buying a car from "older" and thus more careful people when it comes to car treatment. I once bought a car via this method from an older guy, who refused to drive when it was raining and cleaned it every sunday.

Exactly +1

Maybe he adjusts assets upwards and/or liabilities downwards based on his own assessment of their "fair or real" value. (ex: building in refurbished area still booked at old cost when the neighbourhood was still packed with bloods & cribs...)

Anyone knows if the slides are available somewhere?

A must watch for everyone:

http://www.businessweek.com/ap/2015-01-15/swiss-national-bank-scraps-minimum-exchange-rate-vs-euro BERLIN (AP) — Switzerland's central bank says it is ending its minimum exchange rate policy that was meant to keep the euro from falling below 1.20 Swiss francs. The Swiss National Bank said in a statement Thursday that the measure, introduced in Sept. 2011, "protected the Swiss economy from serious harm" but is no longer justified. The bank says the euro peg meant that the franc has dropped sharply against the U.S. dollar because of the euro's recent fall in the value. It said in a statement that it would also lower its average interest rate to minus 0.75 percent from minus 0.25 percent. VIDEO: SNB Introduces First Negative Interest Rate Since 1970’s EURCHF down almost 30%!

You have to update a model or completely build a model? Did they tell you which valuation method you should use? DCF, relative valuation, multiples?

How exactly are you calculating FCF? I typically resort to FCF to the firm, where interest expenses are not subtracted (just adjusted for tax shield). One should compare FCF-firm to EV. If you want to do FCF to Equity you adjust the FCF for interest expenses paid and net borrowing, to get an idea of how much cash is available for the equity holders. FCF-equity should be compared to your P.

Such a lie, he probably has the cash to pay off his mortgage in one of his petty accounts.

FYI http://investingsidekick.com/house-buying-vs-renting/?utm_source=rss&utm_medium=rss&utm_campaign=house-buying-vs-renting

I would love to see the Tickers for those businesses.

They have a succesful level 3 trial for something breast cancer related so wouldn't call it "a perfect short" that easily..

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07/MH%2017%20flight%20paths.png

Netvibes.

This might also help: http://survey.creditsights.com/TakeSurvey.aspx?SurveyID=88LH6p7

Thanks! You should update it more often!

//Post for content overview should this thread gather any interest//

Hi all, as most of you are already aware, for us investors it often pays off to go the extra mile in terms of digging through the financial statements to find and correct for those accounting adjustments that distort the true business picture/profitability etc. This can go from the noncash/cash adjustments such as basic intangibles amortization to inventory step up purchase accounting. It can also include determining a true free cash flow by substracting all the acquisitions that take place in the CFFI statement or adjusting for stock compensation expense. Some of these are straightforward, other less so (like the contra intuitive way of accounting for earnouts after an acquisition). In addition, we could discuss the proper treatment for NOLs, deferred revenue, cash (be it domestic or foreign) and so on. I don't know if there is place for such a topic on the board (I couldn't immediately find something similar) but given the interests of other board members it could become a nice "accounting" peculiarities database. If the topic becomes very popular I will try to update my second post with all the topics discussed so we can have a quick content overview. For educational purposes it might be best if we take some kind of Company XYZ / Accounting ABC question, what do you guys think?

Better clip: https://www.youtube.com/watch?v=pQ8YfT1tlR0

Awesome :D What is Carlyle's IRR?? USD 500 mn for something of a 50%, sales price is USD 3.2 bn so let's say 1.5 for Carlyle. Not bad for a holding period of .... 7 months...

USD 72.3 mn, isn't he worth more than that?