John Hjorth

Mike [ @cubsfan ], The way the Russian-Ukrainian war is fought by now is evolving at warp speed technologically. It's not any longer about manned air planes to achieve and maintain air supremacy : Center for Strategic & International Studies [May 28th 2025] : The Russia-Ukraine Drone War: Innovation on the Frontlines and Beyond

Mike [ @cubsfan ], Several European countries simply aren't able to do that, withhout weakening own defence capacity and -ability, here including Denmark.

I ordered this book from saxo.com on 16 November 2024, and took delivery of it 27 November 2024. The book is also by now available on Amazon here : Amazon : On the Hunt for Great Companies: An Investor's Guide to Evaluating Business Quality and Durability (1st Edition). From the Amazon book description by the author himself : Essential guide for detailed evaluation of business quality aimed at investors in both public and private markets A practical tool for investment analysis, On the Hunt for Great Companies: An Investor's Guide to Evaluating Business Quality and Durability helps readers analyze target companies in relation to 17 traits of business quality, as well as the nuances within them. Readers will learn how to empirically evaluate the traits of a good business, including passionate management, staying power, abnormal reinvestment options, low dependency risk, and to identify emerging quality. This book is supported by a wealth of real-world examples, both contemporary and historical, detailed original illustrations, and true business stories and anecdotes from investor and former comedian Simon Kold. In this book, readers will learn about: Practical guidelines for research into 17 nuances of business quality Methods to formulate falsifiable test statements and empirically test those predictions, rather than relying on heuristics or box-checking Incorporates memorable investment advice through Kold’s trademark humorous style Detailed, sophisticated, and highly actionable, On the Hunt for Great Companies is an essential for professional investors of all sizes, in all industries, in both public and private markets.

Added specification of articles in the Investment Policy section.

Foreign Affairs [July 16th 2025] : The Limits of Putin’s Balancing Act. Subtitle : What the Kremlin Will Sacrifice in Pursuit of Victory in Ukraine. - - - o 0 o - - - The article offers a stab at the present situation in the Russian-Ukrainian, from the perspective of the state of affairs in Russian internal affairs, from an inside Russia perspective, and how things are about to change going forward, because Putin can't both blow and have flour in his month of economic reasons. Europe has long ago called Putins peace talks bluff, this week imposing more sanctions on Russia, and the US is now gradually starting to recognize that Putin has no real intentions to stop the aggressions against Ukraine. To me personally, it's really depressing to think about how it should be possible this war, now in it's fourth year, should come to an end any time soon. I think it doesen't bode well for anyone directly or indirectly involved.

@Spekulatius, For once, on this I'll take the POTUS' stance on this : It's about events primarily related to his doings and activities releated to a person of at least questionable character in a time span before his first term as POTUS, It's to me clearly attempts at defamation of incumbent POTUS, & It's to me clearly attempts at character assasination of incumbent POTUS. 2. & 3. make them personal, and not related to office the position as POTUS. - - - o 0 o - - - We all evolve, mature and develop over time in life, and I would argue personal do's and don'ts later in life are assumed with larger weights to considerations to consequences and in the light of integrity demonstrated towards others by choices among options and decisions made. - - - o 0 o - - - Futhermore, I can't help to think about what I personally would feel, think and consider doing about it, if it was my self personally, who got this public treament by a news media.

The book arrived here in Denmark today this morning at my place from Berkshire Hathaway, thank you for for all the advice provided by @gfp, Jeff [ @DooDiligence ] and @LC along the way in this topic!

Added specification of articles in the Concepts and History section.

Please say Hello to the likely most influential woman in International Politics on the planet by now :

@Cod Liver Oil, Enjoy your vacation in Europe!

lol!, @Cod Liver Oil, On vacation [at least I think], still always on the hunt! , Here is a photo of something to avoid : A rip current :

Thank you for sharing, Charlie [ @dealraker ], - - - o 0 o - - - Personally, I can't really explain what it is, but I feel that I personally need some rear mirror perspective on things, being a relative newbie compared to you, with my by now 10 - 15 years experience in this non-zero sum game, filled with opportunities - and pitfalls -, with a basically raging bull market over the whole time strech of mine , with a few blips. - - - o 0 o - - - I hope all is well in your end health wise, and that life and Angela is good to you! [Summer is for strawberries! ]

Added specification of articles in the History and Perspective section.

Wall Street Journal [July 13th 2025] : Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It. Subtitle : Bank puts $50 billion toward lending to riskier companies to compete with nonbank giants; Walgreens deal the payoff. - - - o 0 o - - - Also posted by me today in the CofB&F - Investment Ideas - JPM topic. - - - o 0 o - - - Everybody running in the same direction, - both regulated and non-regulated businesses -, some better at their craft than others, some more patient than others, some more hungry than others, some more experienced than others? I don't like it. [History rhymes?]

That's certainly right, @LC , Kids need time to be kids. To judge when it's time for something else, there are no better persons to judge realism in such initiatives than ... the parents!

For teenagers : George Orwell : Animal Farm George Orwell : 1984.

Here is a photo of a tiny group of people that meets regularly up in Oslo, and when they do, they can't stop laughing : [Link] Soon, POTUS will likely call them all nasty persons or something. []

Topic split for Classics II: Another Investor's Anthology - Charles D. Ellis and James R. Vertin from this topic about the first edition in the Books forum to separate topic here.

The book arrived on Monday July 8th 2025 : The book arrived in new or absolutely virgin condition, I can't see if it's a reprint or anything, original release date January 1st 1991, simply looks and feels like it has been well stored and totally untoched there for 34 years. Link to CofB&F topic about the first edition of the book : Classics: An Investor's Anthology - Charles D. Ellis and James R. Vertin . . The book consists of a colllection of unique and important documents in the investment litterture, organized in the following overall sections and number of carefully selected for the book at a total of 626 pages, so perfect to inhail and digest in several tiny pieces History and Perspective, 20 articles, The birth of a Trust Department, - Longstreet Hinton, John M. Meyer Jr., and Thomass Rodd, - p. 2 Harvad College versus Amory, - Samual Putnam, - p. 10 How Fiat Money Inflation Came to France, - Andrew Dickson White, - p. 19 American Louisiana Stock, - p.29 A Treatise on Investments, - Robert Arthur Ward, - p. 30 Investments for the Working Classes, - W. R. Greg, - p. 37 How to Invest and Speculate Safely in Railway Shares, - A Successful Operator, - p. 42 The Shrewdest Levaraged Buyout in History, - Leonard Mosley, - p. 46 The Great Opportunity, - Alfred P. Sloan,Jr., - p.62 Everybody Ought to Be Rich, - Samuel Crowther, - p.75 Artemisa Mines Finance Corp., - C. W. Fisk, - p. 79 The Big Bull Market and the Crash, - Frederick Lewis Allen, - p. 85 Catastrofe, - John Brooks, - p. 101 U.S. Steel Announces Sweeping Modernization Scheme, - Benjamin Graham, p. 121 An Informal History of Interest Rates, - Sidney Homer, - p. 128 The Bond Business, circa 1910, - Sidney Homer, - p. 139 Investing for the Future of IBM, - Thomas J. Watson, Sr, - p. 141 The Product Nobody Wanted, - Joseph C. Wilson, - p. 143 The Day They Red-Dogged Motorola, - ‘Adam Smith’, - p. 150 How the Terrible Two-Tier Market Came to Wall Street, - Carol J. Loomis, - p. 156 2. Concepts and Philosophy, 15 articles, A Letter to a Friend, - Authur Ashley Sykes, - p. 166 The Nature of The Game, - Hal Arbit, - p. 169 On Speculating Successfully, - Philip L. Carret, - p. 175 The preservation of Investment Value, - Edward Sherwood Mead and Julius Grodinsky, - p. 179 Investment Experiences, - Henry G. Davis, - p. 185 Human Foibles, - George Ross Goobey, - p. 192 Barnum’s Rules for Success in Business, - Phinaeus T. Barnum, - p.194 Mistakes of the First Twenty-Five Years (A condensed version), - Warren E. Buffett, -198 The Policies that Guide Us, - Charles E. Merrill and E. A. Pierce, - p. 203 The Private banker’s Code, - J. P. Morgan, Jr., - p.212 To Get Performance You have to be Organized for It, - Charles D. Ellis, CFA, - p.213 Organizing for Creativity, - Arthur Zeikel, - p. 221 Stock Market Primer, - Claude N. Rosenberg, Jr., - p. 229 Reflections on Market Inefficiency, - Dean LeBaron, CFA, - p. 235 High Finance or the Point of Vanishing Interest, - C. Northcote Parkinson, - p. 240 3. Investment Policy, 18 articles, Master Honma’s Strategy of Commodities Speculation, - Sokyu Honma, - p. 248 Long-Term Investing, - Jack L. Treynor, - p.250 The Value of Patience, - James H. Gipson, - p. 254 A New Paradigm for Portfolio Risk, - Robert H. Jeffrey, - p. 257 Timing Considerations in Investment Policy, Benjamin Graham and David L. Dodd, - p. 265 Futility of Stock Market Guessing, - David L. Babson, - p. 268 Likely Gains from Market Timing, - William Sharpe, - p. 270 Mr. Market, Investment Success ands You, - Warren E. Buffet, - p. 273 Four cornerstones of a New Investment Policy, - James H. Lorie, p. 276 The Yale Plan, - Laurence G. Tighe, - p. 282 The Case for Property Investment by Pension Funds, - George Ross Goobey, - p. 287 Policy in Portfolio Management, - Charles D. Ellis, CFA, - p. 295 Goal-Oriented Bond Portfolio Management, - Martin Leibowitz, - p. 303 How true Are the Tried Principles?, - Peter L. Bernstein, p. 311 Telling The “Prospective Returns” Story, - Keith P. Ambachtsheer, p. 315 Historical Performance in Manager Selection, - Edgar W. Barksdale and William L. Green, - p. 321 The Trustees’ Metting – A City Daydream, - J. M. Brew, - p. 325 Seven Rules for Investors, - Nigel Lawson, - p. 332 Analysis, 19 articles, Markets and Exchanges, 16 articles, Opinion and Commentary, 16. articles. ---o0o--- Contributors Sources

European investors with USD exposure this year:

@73 Reds, Why is Charlies [ @dealrakers] point about POTUS' pretty agressive econimic capitalizing on POTUS' reelection mentioned by Charlie [ @dealraker ] as posted above not credible? I suppose you haven't looked at POTUS' lastest OGE Form 278e linked to in one of the NYT articles that Charlie [ @dealraker ] linked to. It certainly requires certain skills to comprehend and decipher the overall picture of it to the degree possible, - skills that I dare say most financial reporters at main stream media do not posses. It's legal defection of the reality. Legal here meaning stupid as if Bershires 13-F reporting of Apple position would be OK, if reported as in the interval 1 - 1,000,000,000. Deflection because who [the h*ll] else would hold more than 1,000 positions in one account. I speculate and suspect it's deliberate, conscious portfolio management, based on a political motivated intent. If the reporter can't decipher the form, it is all good he just links to it. Reporters dig into things like this, because POTUS's finances are highly controversial, simply because POTUS' actions are questionable.

Great, awesome start on my Wednesday!

lol! -And soon some democrat will launch a smelling salt called 'HMNA 45-47' ['Hold my nose against 45-47'].

I started to laugh, and asked the Lady of the House, to see it, after which she said : 'That's NOT funny!', and then I coulden't control my laughter.