John Hjorth

I've been sitting on this damn thing for more than five years now. [very small position]. I suppose TwoCitiesCapital does, too. Waiting for the gas to flow into China in 2018. We should discuss it more in depth in its separate topic in the Investment Ideas forum.

The balance sheet gets a "reset" to zero, everything "left" [so far] goes into the income statement. It's IFRS accounting.

blainehodder, Most likely, things just does not work that way many places here in Europe. Damien, Great to to see you use CoBF this way!

Happy Thanksgiving!

Somehow, your new board signature has a lot of appeal to me, Jeff!

Hi Eric, Why not buy just BAM since they have an ownership stake in a slew of their spinoffs? Quote from the BAM topic in the Investment Ideas forum:

Thanks, cubsfan, Absolutely nothing wrong with being dense, and at the same to the point!

It was meant as a joke, cubsfan. [ ; - ) ] - We have this separate topic in the General Discussion forum "Please tell me a joke..." T&T slapping does not qualify in that particular topic, because the jokes have to be PC [<-relative to this board]. So, basically I just chose to post my comment here, in this topic. Choice between plague and colera. I just couldn't help it, I had to get it out. [ :-) ] Peace. [ :-) ]

It's used in this topic as a direct reference to the definition made by Mr. Taleb in his book of the same name, which is covered in the Books forum here.

By basic accounting logic, it's not possible to enter the transactions [sale and purchase, sucject to fair trade] to the general ledger by different dates. The only way to get around this [dishonestly], is by booking the sales as revenue and on accounts receiable, and at a later date, the purchase of the T-shirts is entered into the accounts. Auditors analyse cash flow on accounts receiable after balance sheet date. Systematic "netting posting patterns" will at some time end up in the auditors trawl, and be subject to discussion. It's exactly the same as with credit notes issued after balance sheet date related to the years sale. Incoming money, or not.

JRM, Now I understand your question in full, I think, especially your use the term fair trade in this topic. The price of the service or good provided always has to be tested regularly by procurement, comparing procurement by fair trade with procurement later paid in cash.

Thank you for elaboration here, JRM, Generallly, in a listed company [anywhere], there are business procedures and internal controls in place - out of control of a low level managers not involved in or responsible for finance & accounting. The principle is generally, that people who have ordered something, from outside the company, are not the people who receive and record the invoices, so that the finance department [not the person ordering something] is keeping track of "invoices received, but yet not approved". Every properly carried out substantive testing at year end or at a hard close before year end, perhaps combined with compliance testing up against approved procedures during the year would reveal this practice, if material, and also if appropriate procedures are not in place. An internal control environment built on some basic principles combined with follow-up is both self-sustaining, self-reinforcing & self-correcting, if people involved are honest and actually thinking while at work. In short, your friend is playing with your friend's job.

JRM, Are we talking about accrual accounting for a radio station here, with regard to accrual accounting for expenses, or are we talking about accrual accounting for revenue? I'm not sure I understand your question in all details and to full extent.

For those with a propensity to lift other peoples duvets [ ; - ) ] to see what's going on with their taxes etc., here is a link to the ICIJ Offshore Leaks Database, provided by The International Consortium of Investigative Journalists. [Panama Papers, Paradise Papers etc.]

It's a process that has taken place over many years now. Coal based powerplants has been mothballed. Coal based powerplants has been put on the idle/reserve bench Coal based powerplants has been converted to running on waste or biomass. Ørsted A/S [former DONG Energy A/S] has been the frontrunner in this space nationally, in the last few years with capital provided by Goldman Sachs. I think it was last month, that GS exited finally, after a process that included the IPO of Ørsted.

Somehow it appears to me to be appalling. Somewhere, deep down in the accounts, in 2nd quarter 2017 report for Berkshire is "drowned": The expenses for two comfortable sofas [most likely bought at NFM], two alarm clocks [to buzz at start of lunch time, and when to go home from work], two good & warm sleep carpets, and two nice pillows. Not sure Mr. Buffett got the agreements with Mr. Combs and Mr. Weschler right here. - It's our job as shareholders to do so!

I appreciate your posts in this topic KC, however, to the quoted above of your recent post, personally I would add "or access to capital", in case it's not avaiable on the balance sheet.

Jurgis & educatedidiot, yes, agreed - very striking. - - - o 0 o - - - Personally, I'm a bit puzzled about the share count for the BAC position. 700 hundred million BAC shares aquired in the warrant swap, in the 13/F 21 million shares less reported. What's the explanation for this?

No matter how ugly you might assess this to be, ... I have to bump it up - for further discussion & speculation, if warranted here, What have we seen since mid August 2017? [the date of the last post in this topic] More rockets in the air space over sovereign states from NK? Who do you think is the most scared right now? - - - o 0 o - - - On my FB account I follow Wikipedia.org - for educational purposes. Interesting stuff pops up now and then. Personally, I speculate some person have the decision about what to link to from Wikipedia.org to FB. [Read: contextual relevance, to up usage of Wikipedia.] I think it was Sunday last week that I got hit on FB by this Wikipedia article about flyting. At least to me, interisting stuff - Please make up your own mind, if this has perhaps at least some appeal to you. To me, somehow, this US / NK situation is flyting revived. [Here, perhaps most likely without drinking beer together, after the "public fight".] Two states men, throwing around with very personal insults to each other : "old", "short" & "fat" and I don't know what, recently. And then recently, a tweet, something like this " I want to make him my friend..." or something like that... [i don't even bother to look it up to get it correct.] - - - o 0 o - - - In short - my pocket theory here boiled down to a one liner: "As long as the personal insults keep flying around - without involving insults of the wifes of the fighting parties - it bodes - at least to some extent - well for all of us."

I'm not allowed to invest in Vestas, but I think it's a pretty fat pitch here around 5-5,5xEV/Ebitda. Capital allocation is subpar but decent for a Danish Company (dividend, buybacks but nothing opportunistic - and most important I don't think they'll do a major deal). Market seems to overlook that these guys are transitioning from a model of making money mostly on the turbines to a model more ala Finnish Kone (escalator manufacturer) where the bulk of the earnings come from high margin, long term service contracts. And they're smoking their competitors. It might be volatile and bumpy, but long term I think it's a winner. Thanks for sharing, kab60, I will try to read up on VWS.CPH a bit the days to come. I haven't done so for a long time, and have so far never dived in to the stock.

John, personally I'm just interested by the tech and by the field, which I've been following for almost 20 years. I haven't seen anything that makes me want to invest in energy, clean or otherwise. Seems like a hard business to invest in. Thanks for sharing your view here, Liberty. Yes, it's from a tech angle so fascinating what's going on. Making money on it as an investor is - at least to me - another matter.

Are you gents looking at this as investors?, - or what?

For our fellow board members, kab60 is referring to Vestas Wind System A/S [VWS.CPH] here. It tanked about 25 percent in two days last week. That actually created what I would call a minor shockwave in the Danish stock market.

It is for me at least. Or I just suck at finding undervalued companies. Probably a bit of both :D There is to me no other way than to proceed - hopefully with good mood - no matter how hard it may seem right now, LC. [ : - ) ]

Perhaps the activity in this topic is an indicator of high market levels, where value investors are just so bored? [ ; - ) ]