John Hjorth

You cracked me up, writser! [Please remember, I'm a Dane. [i'm actually concieved in Germany.]] - - - o 0 o - - - Here is a tweet by Andreas Steno Larsen of today. He's a senior global FX/FI strategist at Nordea Markets. Today he has obviously developed a pet theory based on technical analysis, that there is an important support-level just south of Naples.

*thumb up* [ ; - ) ]

I agree. Awesome price offered [around 190, or a bit below] for this company by the market on an eventful day. Intrinsic value in the area of 250, or above.

Thank you for sharing your thoughts on this particular topic, Scott! I'll order "You Can Be A Stock Market Genius". [i've never read it - nothing is ever too late.]

Personally, I think I'm in serious need of some serious trash talking from fellow board members about Mr. Klarman's book - on twitter, etc. - basically everywhere - the more Biglari, Sears & Valeant-style here on CoBF - the better!, writser! [in short, I'm just such a cheap-skate!] - - - o 0 o - - - Back to topic.

Thanks, KJP, *Sigh*

I read some German articles about the case. Looks like a systemic breakdown of anti money laundry systems caused by a management that seem to discourage to destination bad news upstream. Given this, I am surprised that thet the shares have held up as well as they do, If they had business in the US, they would be in massive trouble and look at hundred millions and probably billion $ in fines. I think the ECB does not wield these huge fines, but there still are going to be consequence. The danish regulators can’t let this slide either, even if they wanted to, because the world and the danish populace is watching apparently. That's to me an accurate analysis, Spekulatius. I think the most important thing is that this is actually now contained, in the menaing those particular activities are long time ago shut totally down. A fair assessment of the whole story boils down to what ShaperDingaan has told us many times here on CoBF: Bankers are a weird combination of hethens and prostitutes. Personally, I think the competence to fine Danske Bank is at the Danish regulators [called Finanstilsynet], not ECB, however, I'm not sure of that. The fines for non-compliance are ridiculous here, compared to what has been going on in the US. An enormous dent in the reputation of the bank, and I'm quite sure, that Finanstilsynet really feels the public pressure here, too. - - - o 0 o - - - I'm not trying to derail the topic here, there is just one more thing that comes to mind here: Nordea is now in exact the same situation. It blew up in the face of Nordea CEO Casper von Koskull Wednesday or Thursday evening last week on DR. The bank has delivered about DKK 1 B to approx. 10 [i think it actually was 11 or 13] forex shops in Copenhagen in EUR 500 notes, where people has delivered DKK notes in exchange for those EUR notes. The forex shops are all located nearby Pusherstreet in the alternative society called Christiania in Copenhagen, from where a major part of pot in Denmark is traded and distributed. A few of those forex shop owners are already behind bars for non-compliance with AML-regulations. - "Risk free" forex trading commisions!! [ ; - ) ]

KJP, and other fellow board members, How does one get a legal specimen of Margin of Safety up under ones nails? I have been looking at Ebay for years now.

DR: Theme : Money laundering in Danske Bank. Please feel free to read - all over. What do you read?: Is recent management at risk? What do you think will happen going forward?

I'm sorry for double posting here, To get to the point, Spekulatius, you should move this topic to the General Discussion forum, and we could then take it from there.

Spekulatius, I just noted, that this topic is developing in the investment ideas forum. To me, it's just not the right place, as I see things. We already have topics in the investment ideas forum for Lloyds and Barclays, to discuss these investments, separately. At least to me, they are both worth time and effort to study and to discuss from an investment perspective & angle. I have no position in any of them as of right now, but I'm actually absolutely hell bent to study them, going forward, short term, to learn something. [said: Untill I [again!] get distracted by the next European gem trading at a P/E at 30 [or perhaps above!], that I study [please read: LVMH], instead of just moving on!]. I have no position on Danske Bank A/S - but I happen to have an opinion on that, from an investment angle. I'm just not the right guy to open the topic here on CoBF, because I'm bearish [to some extreme extent] to the bank's exposure to Danish farming. With regard to Svenska Handelsbanken AB, I would feel inclined to open a separate topic about it, if you want, in the investment ideas forum. Actually, right now I hold it three ways: 1. Directly, long term, 2. Indirectly, via holding a position in Industrivärden AB, long term, [about 21 percent of Industrivärden AB equity is this stock]. 3. Indirectly, via holding L. E. Lundbergföretagen AB long term, [about 5.8% of L.E. Lundberg equity is this stock, and at the same time L. E. Lundbergföretagen AB is holding 18.9 percent of Industrivärden AB]. - - - o 0 o - - - I hold Svenska Handelsbanken AB [directly] primarily in tax deferred accounts. The Swedish dividend withholding tax that I'm subject to, is 15 percent, not 30. [in Danish tax deferred accounts, I get credit for 15 percent dividend taxes paid abroad in Danish PAL-tax, based on marked to market evaluation on each separate account, at the moment at 15.3 percent.]

Thank you for starting this topic, Spekulatius, I'm almost getting carried away, really not knowing where to start, or to end. [ : - ) ] So I'll just start here with your question about Danske Bank A/S, and the mortgage lending activities within the Danske Bank Group. [To be totally honest, I'm pretty amazed about how you're able to - within most likely limited time - to get to the crucial points - even while I know for a fact that you're a CoBF member with a lot of investing experience.]. The place to start seems to me to be on Wikipedia: Mortgage industry of Denmark. I have over the years read many places, that this system is somehow world wide considered unique. As far as I know, there has never been a default on a Danish mortgage bond. The market for Danish mortgage bonds is - relatively speaking - large, liquid and fairly efficient. All mortgages are with recourse to the debtor. [Don't even think that that you can put your home in a real estate company owned by yourself and with you as the only tennant, unless you're very rich - or you'll be asked for personal guarantee.] There are as far as I know no exeptions for this term. The bonds are non-callable, unless in case of default. [None so far.] The mortgage lending activities within the Danske Bank Group takes place in the wholly owned subsidiary called "Realkredit Danmark A/S". [Can best be translated to "Mortgage Denmark A/S".] You find the financials for Realkredit Danmark A/S here. So, the short answer here to your question is: The leverage within the Danske Bank Group related mortgage lending is non-callable, which makes it sticky. [in the meaning, if you're long Danish mortgage bonds, and want out for whatever reason, your only option is to sell in the market - There is no way to call them.] [Pretty simplified explanation here.]

A couple of months ago I did a short write up in a post about how to use the search feature here on CoBF efficiently. You can read it here. A belated welcome to you, Saleen!

Thank you for the advice, Vinod, I'll find that research paper and post a link to it here. I think I need to read the book first and then read the research paper afterwards, to get the right understanding of the technique. And thank you also for the advice of reading "The Four Pillars of Investing". [i haven't read that yet.]

A couple of days ago I ordered this book, available at Amazon here. [Personally, I ordered the book at saxo.com, to save a bit money on p&p and perhaps also a bit import VAT.] Somehow, I consider it a flaw in my selfeducational journey into investing, that I haven't read this book before. I think I should have read it about 6 years ago. So please consider me absolutely unopinionated on the matter and concept. There are quite some sceptical comments about the concept and method in the customer reviews on Amazon. I guess I'm just curious here, and wan't to learn about it. Perhaps I'm even fooling myself, trying desperate to find a way to excuse myself for building a modest position in LVMH over time, thereby in reality grabbing for straws.

Bumping! [Actually, not only & totally based on the book as such [the book is good - really awesome!], but more like a total judgement of what I'm provided for free here.] [Please read: Twitter.] Thank you!

Are busses in LA running around the clock? - I'm just asking here. 385 miles/day reads like a lot.

It actually reads a bit concerning, Munger_Disciple, Somehow, tehnical specifications - here understood as "promises" to the BYD client, I suppose must the key here. I suppose everybody knows that there are a lot steep streets in Los Angeles. Isen't what matter actual range [while driving the busses in LA] compared to what a LA bus is actually driving per day? If the existing battery capacity isen't sufficient, isen't it just a matter adding more battery blocks under the floor of the bus, untill the [darn] thing actually can deliver as expected for that particular driving environment? [i'm not an engineer.]

Thank you, cubsfan.

Well said. Semper sounded like the barber talking down the index. Those 50 pages I skipped right past to the 50 on Berkshire. To me, 50 pages of lucid details on Berkshire is alright if seen in the backdrop of MV being marked down relative to IV for year after year. He’s shouting, I can understand, so can others around here. All that said, my rationale for preferring Semper versus Tilson is that T sounds awfully like a thesis based on price. Not entirely but substantially so. Thank you for polite, mild and well reasoned push back. I had no idea that Mr. Tilson's work on Berkshire had this impact on several CoBF members holding Berkshire for the long term. Somehow, I feel embarrassed right now. Going forward, I'll try to be more humble.

I read some WFC bashing a few days ago: It is worth it. Not if you get an STD and that's what this specific lady has lol It's not nice to talk this way about a Lady, especially not when the Lady is of a certain age. Please remember, this Lady was born in 1852. To me, WFC is actually very shareholder friendly. Not many companies provide you with the feature of getting your name included in the company name instantly, when you buy the stock. [Ref. "& Co."]. The same when you sell the stock - You get excluded from the name of the company instantly. - - - o 0 o - - - Perhaps this could be an idea for a shareholder proposal at the next AGM in BH: Name change from "Biglari Holdings" to "Biglari & Co. Holdings". I think it would be fun to read about Mr. Biglari's reaction to that at the AGM on here.

Anything in-particular from this year's presentation? The stock seems a bit expensive to me here. I wouldn't say anything in particular. I was just reminded what a well run company this is, with very shareholder-oriented management and good insurance and investment teams. I have held off buying because the stock did seem fairly priced to perhaps a bit overpriced. But I think they are a long term compounder that I am happy to hold for a long long time, most likely the rest of my life. And if they continue to compound decently, 20 - 30 years from now my entry point won't matter that much. I didn't want this stock to be like a Berkshire or a Walmart where you are waiting for it to get cheap and end up waiting a very long time and never buying. Thank you for sharing your experience here, Jeff. It's a comforting read. It must now be about 5 years since I bought MKL for the first time. The Markel people are so humble and focused on doing their own stuff, their way. It's so easy to hold - I have never had a negative surprise with it so far, and it's just doing fine. And yes, the entry point does not matter that much real long term.

Added [seriously] to BAC, C & JPM within the last two days.

For my part: Yes, it's a miss. +1 Seen in the backdrop of Semper Augustus’s seminal work, this is weak. To me, it's so true, what longinvestor is posting here. If you're interested in Berkshire, the Semper Augustus letters should catch your attention. [i have posted about them recently. - The B trading at around ~200, while intrisic value is estimated in the Semper Augustus Letters to be around ~250 for the B.]

For my part: Yes, it's a miss.