Dalal.Holdings

The EU had no problem when blue checks were given to Hollywood celebs big and small and a bunch of elites. These folks would never scam anyone would they? https://www.wsj.com/opinion/europes-foolish-war-on-x-com-11f16e06 The EU wants power. Just like Chat Control, they've made up b.s. motives to gain control... "Information warfare" is like the "disinformation" Biden administration wanted to regulate...the only problem is it conflicts with the principle of Free Speech. And like the "disinformation" that a certain virus may have leaked from a lab, sometimes the "disinformation" may equal the truth... The money is at the close of the article....Brussels folks have no connection to reality...

https://constitutionofinnovation.eu Some folks are starting to get it. Luis Garicano the former MEP economist at LSE (who wrote the piece on EU rulemaking) has written a manifesto to get Europe back on track: The Constitution of Innovation. It is worth a read. Europe bounced back strongly from the ruins of war in 1945. No reason it can't do it again with the right motivations...

https://www.ft.com/content/bf8b5def-db4d-43ac-91cf-bea5fcfa3189 Takaichi acting like a bigger China hawk than DJT... China escalating back...

Hanlon's Razor: "Never attribute to malice that which is adequately explained by stupidity." Like I've said, these environmentalists are people who have been indoctrinated at universities. They do not think like engineers. They do not think rationally, but ideologically. They may have good intentions, but "the road to hell is paved with good intentions". They think that conservatives and anyone without their (useless) fancy degrees is beneath them and they are entitled to rule them. They work in the EU, NGOs, lobbyists, nonprofits and have seriously damaged their continent with plain old stupidity and arrogance (dangerous combination). There is hope though--some are realizing & reversing their mistakes (from the article):

Did you read the quote from the article? If Europeans buy cars made in China instead of Europe, the carbon footprint of the Chinese made vehicle is much higher. If European industry is replaced by Chinese industry, CO2 emissions go up because Chinese industry emits more CO2 for every product (and that’s not including shipping). This is why onerous taxes, regulations that are harming European steel, chemical, automakers can actually make emissions worse if those industries shut down & relocate to China… And yes, Europe’s CO2 emissions are already very low which is why its fixation on reducing further makes no sense !

https://www.wsj.com/business/energy-oil/europes-green-energy-rush-slashed-emissionsand-crippled-the-economy-e65a1a07 Key line from the article on how European green agenda can make global CO2 emissions worse, not better:

So you want me to use live prices that are not readily available?? I quoted from the Draghi report which was published last year. Here is a WSJ article from 5 days ago on the topic which was posted here by @NnnnotSoSmart and I have quoted from: (https://www.wsj.com/business/energy-oil/europes-green-energy-rush-slashed-emissionsand-crippled-the-economy-e65a1a07). If you have Dec 2025 figures showing European industrial energy prices have become comparable to US/China, then go ahead and post them here. Fact is that it has cost more in Europe for many years, even prepandemic. Unless you post them, I believe you are not interested in a serious discussion. And I am sure there is some improvement since 2022 thanks to American LNG and Norwegian gas. And why are European energy prices higher? Why did European officials remain dependent on Russia--even after Crimea invasion? Why did Germany shut down nuclear plants in this time? Why did UK impose onerous rules and taxes on North Sea drilling? Should there not be calling out those responsible? The environmentalist radicals who have lots of pull with European politicians have created this situation. And yet, even now on January 1 a new "carbon tax" CBAM will come into effect that will make this worse (https://www.bruegel.org/analysis/case-delaying-application-eus-carbon-border-levy-electricity). The key issue for an investor in a European automaker, steelmaker, chemical company is the input costs these industries face. If you are VW in Germany, you must now build cars from more expensive "green" steel while consuming more expensive electricity to power your factories, and employing more expensive labor while dealing with more onerous regulations. Meanwhile, BYD cars made with much more CO2 emitting steel, made in factories powered by coal electricity, heavily subsidized by CCP, cheaper labor, fewer regs can now come in and be sold in Europe with slight tariffs on it. And incredible that despite this, EU is set to enact CBAM which will further increase the cost of steel, electricity, etc in Europe even though Europe's global co2 emissions are negligible ! Europe's competitiveness is being strangled by its own regulations and politicians and it is highly relevant for an investor.

I prefer "GDP", "Productivity", " energy prices", "defense spending", "VC investment", "profits". Those are relevant to investors and guys like Warren and Charlie. Don't try to create straw-men. Europe is not well. The first step to fixing that is acknowledging it. Straight from Draghi: https://commission.europa.eu/document/download/97e481fd-2dc3-412d-be4c-f152a8232961_en?filename=The future of European competitiveness _ A competitiveness strategy for Europe.pdf . Hard to deny reality when it stares you in the face.... If Europe addresses these things, then investing in Europe will bode very well for many, many years. That's why I am interested in this topic. But it's still an "IF".

Did you disprove any of those three things I said? The gap between the U.S. and EU has grown since the 1990s, long before Trump. I realize it's much easier to accuse us of being fascists though.

Look at the UK's negotiations with EU on being part of SAFE defense procurement--talks broke down and UK is out. Look at the bickering between France and Germany on the 6th gen fighter program...they might break up. Look at Spain which continues to hold out on matching NATO spending goals. If there is one thing that has never change in Europe's thousands of years of history, it's the constant differences among peoples. EU looks like a failed experiment in that context and Trump/Vance/Elon think it's better if they operate as separate sovereign states than under guise of EU which is nothing more than an unelected (and unaccountable) layer of governance and has drowned the continent in a sea of regulations. EU's authority should be downgraded IMO severely and member states take back more sovereignty OR Europe should completely federalize to a single republic like the U.S... I don't think this middle ground is serving Europeans well and is reminiscent of the failed Articles of Confederation in the U.S.

The problem with this line of thinking is that any criticism of Europe can be dismissed as “Russian propaganda”. These things are objectively true: 1) Europe’s economies are stagnant due to productivity & structural issues 2) Europe is way behind the U.S. and China in technology 3) Europe cannot effectively project military power in its own backyard If this continues (if the gap grows), more and more Americans (pop 330 million) will start asking why it’s worth expending so much protecting this 500M population, especially when priorities are moving to the Pacific (something true since Obama). You are seeing Germans protest voluntary service. You are seeing Spain resist increasing funding. Meanwhile, the Europeans gloat about how their quality of life, pensions, and healthcare is so good. This is happening while there is a war in Europe and European leaders are livid that the U.S. is trying to end…

The real message is simply: the post-ww2 geopolitical framework is dead. It’s been dead, but some places like Europe slow to get it. The main reason? It’s the rise of China, its inability to become a consumption driven economy or more market oriented (thx to Xi) and insistence on hoarding precious resources and dominating critical industries over other countries. Lots of unfair trade practices, IP theft, subsidizing key industries, etc. CCP operates with long term strategic plans and this is Trump’s version of that. Monroe corollary is counter to China Belt and Road and similar policies. Taking away chinese control of ports near panama canal important part of that. Kim jong un learned the lesson about nukes long ago. Don’t think this changes anything about that. If anything, Trump’s B2 bomber raid on Iran this summer should serve as some disincentive to trying to go nuclear. Europe has enough nukes and should probably work on fielding a proper military first. And I like the approach to the Middle East: don’t try to impose our values on them. The people who whined about America meddling in affairs of others for decades should be happy. Of course, they won’t be because America gets criticized whether it does or doesn’t intervene.

Yep. I read it. Can't deny that there are some true, but hard to swallow pills in there for Europe.

https://www.bbc.com/news/articles/ckg9drg8pg1o It seems many European citizens have grown accustomed to the benefits of American protection. When they are even asked to get a form to volunteer to defend their country, they go nuts and protest...

https://www.reuters.com/business/aerospace-defense/us-sets-2027-deadline-europe-led-nato-defense-officials-say-2025-12-05/ 80 years is a long time to be asleep. Wake up, anon--the world has changed.

I think a few years from now China taking Taiwan won't be a big deal for the U.S. (once the fabs are built and running). I think the concern is what happens after: When Taiwan is part of China, China has now breached the First Island Chain. In that situation, the U.S. would like a much stronger Japan, Korea, Philippines, Aussie/Indian navies, etc to serve as regional counterweights & keep South China Sea/other shipping lanes open & secure. So it is in U.S. interests that its allies bulk up. Same with Europe. We need our allies to pull their own weights. Edit: and I am not sure what you mean about Australia: looks like the AUKUS sub deal will continue... https://www.reuters.com/business/aerospace-defense/australia-says-it-has-received-aukus-submarine-review-us-2025-12-04/

I just use Occam's razor: see how Europe has responded to paper tiger Russia in its own backyard to know how "capable" European forces are...add to that the fact that China is much stronger than Russia and further away... I do hope that changes and Europe becomes much more independent and capable (I am invested accordingly)

I don't think the average European has a size-able investment account in U.S. tech giants. I think most Europeans just have most of their money at the bank owning low returns. Equity ownership in Europe is much lower than in the U.S. From what I've seen, ~45% of U.S. household wealth is in stocks while for Europe it's like 5%. Most Europeans don't own stocks and don't care much for capitalism because they don't understand how it creates prosperity. So no, the average European is not profiting off U.S. tech stocks. They are pro-imposing fines & regs on American tech giants who they view as evil; these regs of course also hurt their own tech sector. Among the Europeans who do invest (such as those on this forum), yes they love investing in America's winners of capitalism....and they don't see the irony. Ask why outside of Spotify and Adyen there are no big European tech winners...Just today the EU fined X in its effort to suppress free speech. It has also fined Apple, Google, and Meta. EU says its fines can be as high as percentages of a firm's global revenue...

Europe cannot effectively project power in its own backyard, let alone the Pacific. The allies that matter to the U.S. when it comes to China are in the Quad (Japan, India, Australia). I would add S Korea to that as well. Japan's Takaichi is already following the trend of becoming more assertive. As far as Europe, it's in America's interest to get Europeans to stand up and take charge for securing their continent. To be more economically and militarily capable as these are close, long term allies of the U.S. and we can't have them become lazy, unarmed, and dependent on China. The fact that America still (we are nearly 12 years out from Russia invading Crimea) plays the dominant role in supporting Ukraine in its war with Russia is a disgrace for Europe. An utter embarrassment.

https://www.ft.com/content/27e82b33-6e54-4e96-954f-43d1c7b3c98f?utm_social_handle_id=18949452&utm_social_post_id=615202078 Trying to get Europe to stand on its own feet for the first time in 80+ years ?

Sure but then you have asset light European businesses like Ubisoft that are also struggling. I think the problem is much deeper than capital intensity. I think a lot of Europeans view capitalism as fundamentally wrong which is why there are so many labor issues, taxes, and regulations (Europeans like the idea of punishing 'evil' corporations and are more antagonistic to private enterprise).

https://www.reuters.com/sustainability/boards-policy-regulation/indias-steel-exports-europe-set-drop-eu-carbon-tax-looms-2025-12-05/ “Imports of steel into the European Economic Area will face a carbon tax under the EU's Carbon Border Adjustment Mechanism (CBAM) starting on January 1. The decarbonisation-oriented levy will also apply to cement, electricity, fertilisers and other products.” Another cool acronym from the Brussels geniuses to brag about over wine in the evenings—CBAM. So now not only will European industry face higher input costs for energy (which it already struggles with!), but also steel, cement, fertilizers, etc. All in the name of taxing “carbon”, something only genius policy makers of Europe could dream up, especially right as they claim they will start rebuilding their militaries… The guys sitting in Brussels are doing everything they can to turn the continent into a museum.

Well there you go. Your post directly addresses the topic of this thread, explains why Europeans such as yourself (and Norwegian SWF and Swiss Natl Bank) turn to America to deploy capital, and why it is likely Warren has largely avoided Europe. My overarching point in this thread is that if Europe does not want to be left hopelessly behind the U.S. and China, this will have to change (it will need to embrace capitalism instead of its current antagonistic relationship with private enterprise).

"Americans/Trump are evil since they want to end this conflict & suggested cutting support to Ukraine. Meanwhile, China which is actively arming Russia is someone we should develop closer ties to." --Emmanuel Macron, probably Make it make sense ? And then ignore everything the U.S. has done for Europe since the 1940s...

Mitachi again raised forecast. Expected Sales of 110B JPY, Op profit 2.45B JPY, Net income 1.9B JPY, EPS 238 JPY this FY which ends May 2026. Stock has been rising (up 60% YTD), but P/E of 7-8 still (~15B JPY mkt cap). Also raising the dividend from 60 JPY per share to 70 JPY per share for the year.