John Hjorth

This was one of the business headlines here in Denmark yesterday. From what I have read locally, I did not understand that the parent was filing for bankruptcy also: One among many : http://borsen.dk/nyheder/virksomheder/artikel/1/258507/better_place_gaar_konkurs.html [Hint: In Danish, please use i.e. Google translate and copy & paste if you are not familiar with Scandinavian languages].

As per this definition, there has been a lot of innovation within the last 30 years. Many good examples are already posted above.

Palantir, What's your basis for your statement?

Birdman, Thank you for guidance for reading on Lukoil. It's very much appreciated.

Personally I spend quite some time these days trying to understand the market valuation of certain Russian stocks when time permits, right now with focus on OAO Gazprom. Lukoil and Rosneft will be the next ones, however I'm not sure in which order. I will decide that later based on some overall analysis. My interest in OAO Gazprom is based on gas reserves owned by the company, its moat nationally [Russian monoly as per Russian State decision/regulation] and a so far not for myself documented overall perception that the company is "embracing" Europe with regard to gas supplies. Based on latest financial statements [iFRS] I have calculated current P/E to 5.04 for OAO Gazprom based on currency rates [rates RRU/EUR] about two weeks ago. The stock has been tanking since April 2011, and so far I don't understand why. My interest in the above mentioned three companies is not based on that they are Russian, but on their share metrics vs business performance, their state of affairs and prospects vs market in general. From reading the board I have understood, that Packer is also interested in Gazprom and Lukoil. Perhaps he will chim in.