John Hjorth

I have simply come to love this quite new topic started by @Cod Liver Oil, there is so much to think about and to discuss, and this topic as such, to me personally, is inspiring, in that particular way, that is has already triggered thoughts and more specific considerations inside my head, that has never been there before.

lol! We are always here to help and assist eachother! - It even seems there exists a vulgar way to do it! : YouTube : Chowhound - 7 Ways to Get Ketchup Out of a Glass Bottle - CHOW Tip. - - - o 0 o - - - -From substance to show the things go!

The fact is this type of companies mostly are not very transactional, so it's some really boring stuff that perhaps the most significant risk is one falls asleep and drops the forehead on the sale button on the keyboard *klonk* and there you suddenly wake up and look up to what has happened, quickly realizing that what happened actually released a large tax bill, while one is bursting a resounding scream created in your reptile brain : 'Ohh No!!', then that's the bang for the bucks there! No rock 'n roll there either! To various degree several of those French names are transactional to some and various degree, and Exor is certainly transactional as well as opportunistic in my opinion. When one see what John Elkann has done with Exor over time, simply by starting reading all his shareholders from one end to the other in one big swoop, then one realizes it's not only amazing, but also very impressive what he built up on the basis of something totally diffrent, all over a relatively short row of years. And that's the wonderful but a bit strange fact, that if one looks around, there almost always exists something that may fit each personal preferences, style and temper among such stuff. Some times as old as Methuselah, exciting story, great history, long lens, some family members with a lot of skin in the game, involved in exetuting with consistence and persistence for the long haul, perhaps even also a vision! Not an 'external' CEO picked at another listed company with an obsene compensation yelling to the employeés 'wagons west!, and the board reaonable fast finds out that 'wagons west', doesn't work, then they parachute the CEO out and immedially hires another CEO on even better terms and willing to yell 'wagons east!'. - - - o 0 o - - - Edit : Here are a few shots of Lundbergs modest cottage, north of Stockholm, in an area called Djurholm : Then a 180o turn at position in shot #2 to create a sense of the view from earth surface level, then imagine how it is from the top of the hill:

lol! So far, for me, not seen before! Provided a good laughter as a great start on my day! - - - o 0 o - - - Edit : Personally, I would add the following, with focus on the dynastic dimension of all things : Investor AB, Sweden [We have a separate topic for it here on CofB&F.], L. E. Lundbergforetagen AB, Sweden [no topic by now here.], and, in brackets (Industrivärden AB, Sweden, basically controlledby L. E. Lundbergforetagen AB) L.E. Lundbergforetagen AB lives it own separate and silent life, pretty much withdrawn from the lime light, totally overshadowed by Investor AB. The power sphere of eldest generation at Lundbergföretagen Fredrik Lundberg is at least as interesting as that of the three gentlemen running and directing the total show in the Wallenberg sphere. He [Fredric Lundberg] lives private north of Stockholm at wonderfull spot an small hill just near the Swedish Skærgård, vith a great view to the water. The story tells that when the seller would shake hands with him and hand over the keys to the place, he ignored the gesture, refusing by lack of any physical reponse, just staring the seller in eyes, saying : 'Keys, what shall I with the keyes?! I don't need any keys! I'm gonna rake it down immediately!', basically insulting the seller for which sh*thole he has been living in, that he just closed sale with the seller upon. Certainly not good enough for Mr. Lundberg. Both those spheres are real galaxies like Jey Fox [ @jeyfox ] likes to call [ ] the Odet-Bolleré unspeakable almost uncomprendable spiders web. I still remember first time I took a stab at it, and it goes like this : You grab a specific company, hell bent to crack the structure [], and after lots of work and mental gymnastics you finally realize that you have been pulling hard in your own butt. Next, so what to do? : Naturally you pick an other specific company, and the things happens all over for you again! At this stage most give up and let it go. Only the most stubborn and enduring people manages in one way or another to carry on from there. It's a never ending story to really dive in to both Investor AB and Lundbergforetagen AB with no end in sight, if one really digs in.

/me [<- Jeff [ @DooDiligence ] , somewhat near usual Reddit language / code ?], after a period, since my last post here, basically sloth modus operandi since last post, with only minor exemptions towards activity, buying, but not selling - anything, at all! , The short, very short term score sheet at my broker, investment bank, tells me - for the household in total, thereby including, as usual in recent years, my significant others accounts, under my control, based on personal trust, but in no way, and certainly not in any way, unconditional trust, based on existing formal trading power of attorneys for each and every of her accounts, I personally can't move [please read : steal] as much as one 'Danish cent', in Danish, DKK 0,01 is called 'one øre´, which actually in Danish translates to English by 'One ear', which likely may appear odd, very odd for anyone reading on here. The fact is actually, now many years ago, I personally actually demanded towards her things structured that way inside the four walls of our home, so that no matter what, and what ever the future might bring might be bringing to us as a couple, and separately, bacause nobody then - not even she , or someone representing her - would be able to accuse me of anything but my my studpity related to management of her funds, for which everyone here in Denmark stay [the h*ll] out of jail by doing totally stupid things with what is actually OPM. Works great here, blended with short, very short - and dense communication, communication about what I may I may be up to, not really up for real discussion among us, more like me giving and and providing a short elevator pitch on anything that I'm up to, her silence immediately after short pitch meaning 'Go, green light for that', therebyby explicitly, here, and in over long time, meaning 'Please proceed, as explained, unless any specifically outspoken or any way expressed oral objections by me'. Works great, -no probs, whatsoever, related to it. - - - o 0 o - - - Back to topic : Today, after North American markets closings today, for most of you, likely still 'today', for me, in my local time already 'tomorrow' : YTD minus 8.45 per cent. The Lady of the House actually posses two accounts, both taxable accounts - I would pretty much say, at least about one of them, pretty large by now, in the whole picture of what has happened to become a bloody, bloated frig***g mess of consicious and carefully planned tax planning, all one step at its each individual step, and at each individual time, step by step, mentally @Viking-like, gradually evaluating opportunities and acting upon, and triggered by nobody seen before seen oppportunities, including me, like somebody observing, experiencing a game of Chess being played out, and ocurring, over some time. Those accounts, measured separately, and stuffed now for many years with BRK.B only, nothing else, absolutely no cash, not even DKK 0.01 available there, with absolutely no sight in the horizon of any cash dividend there so far are today : Today, for these accounts, measured in my own functional currency DKK : YTD minus 6.45 per cent. For BRK.B as such, measured in USD : YTD plus 5.46 per cent. - - - o 0 o - - - The difference between those two is actually mind blowing. For me personally, there exists no other option than to just *shrug* - I've long ago inside my own head, crystal clear! - realized, that any kind of activity of currency hedging involving derivatives is not only beyond my personal mindset, temper etc, it's also outside what I consider own circle of compentence. So, as an European person, at least quite heavely by now, invested long-only in the US, there exists no viable option avialable for me, other than continued long term holding on, based on how I'm personally wired and professionally equipped and dressed, So, so much for now, by now, here, about about beeing a European citizen with personal, and relatively, material skin in the game in the US, all by exactly now.

Thank very much you for sharing, Mike [ @cubsfan ], Very much appreciated. That's simply just grave, serious stuff. - - - o 0 o - - - Add to that, that POTUS works mainly out of DC, his position in US society providing him and his family members still living with him in DC at free housing, all while he perhaps [I don't actually know for a fact] visits especially one personal place in his personal time off work, perhaps also other personal places, like so many other Americans situated 'well off'. So he simply can't help to know, by that fact, about state of things on such matters in DC. And also, I personally, take note of that nobody is pecking on POTUS regards his level of activity at work, energy and engagement, being invested in his own doings, materially different to his first presidential period, where POTUS was expressing 'hard, tough job' as a comment on that he was accused of lazyness, lack of steam, by granting himself personal 'ececutive time' in his public calendar - to get some breaks, likely needed , for him. Now it's 'full throttle forward'. I speculate he has learned and has become better at delegating by 'trust, but verify', because it's not a candy store called Trump Organization any longer he is the head of.

I have asked about exactly that in a post adressed to active CofB&F members living in DC, posted recently, earlier in this topic, for input on facts and personal perceptions and assessments, but unfortunately nobody so far has replied. I have done myself the favor of looking up a video, presenting and documenting to me, what POTUS with a mic turned on actually said said on the matter. The ways things have been presented in both US main stream media and also in news media on my side of the Atlantic pond I consider it a undeniable fact, that POTUS almost everywhere has been misquoted in a - let me call it -, severely biased way, at least. What he said about it actually made good sense to me, subject to his expressed perceptions of the state of things was correct. To me personally, it is what we here in Denmark call 'A storm in a glass of water', on here CofB&F, in best American style, [ ] it's called a 'nothing burger! [ , ] Signed 'stingy John', still eager learn and know about new stuff! *shrug* and *sigh*

Again, thank you very much for sharing, @Malmqky

All while the concept of 'Money in Politics' has been mentioned by some earlier upsteam in this topic, the above is certainly still interesting food for thought, even for a European citizen and CofB&F member without any US voting rights, but still with a lot of American skin in the game, thank you.

Here is the introduction to a never seen before a visibly pre-edited post here on on CoBF: At least a here a post that is not in any way - whatsoever - containing negative expressions, adressed towards perhaps unnamed, not further and specific specified fellow CofB&F members. - - - o 0 o - - - Yay! - - - o 0 o - - - Greg [ @Gregmal ], I personally hope that everything is well in your end, and that the move of your family and you southbound to JOE land went well! <procedure acid burp end> - - - o 0 o - - - Before edit , and by the way, I now expect somebody like i.e. Jeff [ @DooDiligence ] telling cordially that my HTML is actually more than just a bit rusty!

What is our felllow CofB&F members' opinion, those living in DC [[Washington D.C.], [noboby mentioned, nobody forgotten], of what's going on in the White House related to iniatives in DC.] ? What's going on at your place, and how bad is it related to your daily day life there?

The Guardian [August 9th 2025] : L’Oréal hires OnlyFans star to market makeup popular with teenagers Subtitle : Campaigners warn collaboration with US adult content creator Ari Kytsya risks glamorising pornography industry. - - - o 0 o - - - What? ... a porn-star? - How a about reverse negative marketing and brand effects? -Desperate?, stupid?, lame? or bold? or which of them, or something else?

Some time ago, perhaps even a few years ago, I think it was, -and I think it was Morgan Housel-, posted on X, including a photo of the long early morning queue outside the CHI Health Center in Omaha on the Saturday of the Berkshire Hathaway Annual General Meeting, with the post text : 'Here is a photo of the early of the 40,000 participants, all of them independent thinkers, waiting early, but patiently, to get in to hear the quips from their oracle.' [Or something similar close to, I can't find the post.] I thought it was pretty hilarious and worth repeating here.

I posted something here in this topic on a Friday, inside, between the markers [J/K begin] and [J/K end] and a copy of a post on ThruthSocial by POTUS about 'this, or '1929'', then this happened, the board ready to perhaps not landing, but at least slowing and cooling down just a bit for the weekend, Reminds me of the below, by the way [] : How many posters does it take to change a light bulb in cyberspace? 1 to successfully change the light bulb and to post to the message board that the light bulb has been changed. 14 to share similar experiences of changing light bulbs and how the light bulb could have been changed differently or more efficiently. 7 to caution about the dangers of changing light bulbs. 27 to point out spelling/grammar errors in posts about changing light bulbs. 53 to flame the spell checkers. 156 to write to the board administrator complaining about the light bulb discussion and its inappropriateness to this message board. 41 to correct spelling in the spelling/grammar flames. 109 to post that this board is not about light bulbs and to please take this discussion to a more appropriate location. 203 to demand that posts about changing light bulbs be stopped or deleted! "We are here to talk about widgets!" 111 to defend the posting to this board, saying that, "We all use light bulbs & therefore the posts ARE relevant to this board." 306 to debate which method of changing light bulbs is superior, where to buy the best light bulbs, what brands of light bulbs work best for these technique, and what brands are faulty. 102 to flame those whose suggestions/techniques differ from their own. 204 to flame the flamers claiming that "We are all entitled to our own opinions!" 112 to post that "some posters seem to be AGAINST certain brands of light bulbs, no matter how they work in different situations or in different lamps. "Sometimes, it's the lamp's fault, not the bulb, so don't always blame the bulb." 193 to post that they are "offended by posters who seem to gleefully slam others favorite brands of light bulbs." 42 to post that "It isn't nice to say mean things about certain brand names. After all, CEOs of big manufacturing companies are people too & have feelings." 99 to post urgent messages begging everyone to calm down and be peaceful & respectful. 112 to post in the discussion that the discussion is stupid. 83 to post that posters enjoying the discussion should ignore confrontational posters & those who are not interested in light bulbs can post somewhere else. 27 to post URLs where one can see examples of different light bulbs. 14 to post that the URLs were posted incorrectly and to post corrected URLs. 3 to post about links they found from the URLs that are relevant to this discussion. 33 to review all posts to date, then quote them, including all headers & footers. 12 to post to the board that they are quitting because they cannot handle the light bulb controversy. 19 to complain that their posts disappeared. 4 to suggest that posters request the light bulb FAQ. 1 to propose new light bulb message board for those who want to continue the light bulb discussion. 47 to say that this is just what this board was meant for, leave the discussion here. 8 to post their opinions on the controversy long after most of the light bulb fuss has died down. 10 to post that the discussion is none of their business because they came too late to add anything relevant. 4 to post that they are new and would like some background info on the light bulb brouhaha. 409 to post that they don't really want to know. It's all too silly to go into, but welcome to the board! 143 votes for a litght bulb message board. 38 votes proclaiming the advantages in using vintage light bulbs. 409 to protest that there is "NO NEED to start up the discussion AGAIN!! PLEASE STOP THE MADNESS!" 1 to challenge all those posters who claim to want to end it once and for all to "IGNORE any future posts on this topic. Then, those disgruntled troublemakers who can't just LET THIS GO, will eventually give up." 1048 post promises to drop the light bulb debate.

lol. Suggestion : Create an account for wifey here on CofB&F and get her engaged and active here , -I'm sure it would be great entertainment!

Thank you, @Malmqky, To me personally, your post above is a very good post. What you to me are expressing is that tariffs as a concpept are some kind of weapon in international trade, where it now, as a concept, gets weaponized in a new way, dimension, namely international policy and relations.

[J/K begin] Let me just say, that any discussion in this topic on CofB&F of why and how tariffs affect economies and markets globally, is absolutely futile, meaningless and stupid, thus nobody should engage into such activites. Because the man who knows everything has just spoken! -Dixi! ['Amen' is for another, different purpose!] [j/k end] :

@Malmqky, Thank you for sharing, It's great! -I diden't know that Kuppy has humor.

LOL! - It looks like a medal to me. - - - o 0 o - - - Elaboration : It must have been in 2017 I read in the local news joint, that a good friend of mine since the college years had been awarded with an order by our then Queen, HH Margrethe R. II to become Knight of Dannebrog. It was the board of directors at the public education institution where he had served, that pulled in some strings, in connection with he stepped down after serving there as a very successful chairman after about 15 years. [Together with the school CEO he had done a lot of M&A, obtaining a lot of efficiency gains.] So, next time I met him I congratulated him. [His last name is Zinck, by the way, so my CofB&F brain damage causes me start thinking about Horsehead Holding everytime I see him!] Then he started laughing, and said : 'John, The are two kinds of these things : Orders and medals. Lumped together they are called decorations. There is however still a material difference between them : Medals are given to people for long and loyal service and old one-legged men with crutches when the end of certain war is celebrated, orders, on the other hand, you hang on idiots.' Then I laughed,too!

No time to tinker with low ball bids today [because of Novo Nordisk], so I made a quick decision to loosen up a bit on it, and got filled during the volatily of the day in the low end of the 450's.

Thank you, Jeff [ @DooDiligence ], I have always sensed, that we have similar tastes about companies. I, for one, am really regretting never buying GOOG or GOOGL, though. The jury is out by now with regard to NVO. Lets see how it goes. I think I've been whining for years about being left behind on the train station with LVMH, - especially in the beginning of 2020. -When it then will meet me again now on price, -with some hair, supplementary hair, added, of course -, it is time to act.

Placed 'stingy John low ball bid' for a few more shares in MC.PA at Euronext Paris.

Yes, @73 Reds, The fact is the issue at hand discussed here [a discussion that for obvisous reasons certainly qualify and has merit, I might add], is really mostly in its inner nature a luxury issue, perhaps mostly not for Mr. Buffett. A kind of issue to have that is not one the worst kinds. I personally acknowledge and apreciate that you are actively reminding us all of that, and it advantages also, here in this topic.

At least Mr. Buffett is still the largest shareholder. I feel confident that what ever kind of dividend considered by the board, he personally is not interested in it. So, subject to Mr. Buffett being alive, I personally can't imagine any board member participating in stepping on his toes in any dividend decisions that are against his preferences, which we have access and insight to in writing, available on the Berkshire website to read.

I recognize the annoying feeling [lol] : Canada Hollidays :