Dalal.Holdings

I think it’s unbelievable that Europeans are so livid at the U.S. for wanting to end the war while Macron is over in China courting Xi for investments in France—you know, the same guys who are arming Russia in the conflict. That Europeans are lukewarm towards China but pissed at the U.S.—after all we’ve done for the continent over 80 years including this conflict. Just total ingratitude. And of course they laughed when Trump said they needed to spend more on defense. Here we are and their military and intelligence gathering is basically useless.

https://www.siliconcontinent.com/p/how-brussels-writes-so-many-laws Incredible analysis of the EU rule-making system by this Spanish guy (former MEP) at the LSE. "Show me the incentives and..."

No kidding. That's why I (unlike some Europeans/others on here) do not own Berkshire. Size is a big issue for BRK. However it is still interesting to note that WEB entered Japan meaningfully as U.S. valuations surged in recent years but not Europe. The only European thing I can think of over the years is Munich Re which was never huge and was in 2010 time frame.

Buffett has always been super America concentrated. He has meaningfully opened up to Japan recently, but he has yet to make any similar sized moves into Europe (and he's retiring in 4 weeks)... I guess he thinks there's something wrong with Europe that has kept him away all these years despite supposed "cheap" valuations

https://www.scmp.com/economy/global-economy/article/3335217/macron-urges-chinese-firms-invest-france-eu-tech-gap-widens Did he say "please" and "thank you" to Xi?

https://www.thetimes.com/world/europe/article/german-army-chief-says-contact-with-us-military-cut-off-by-pentagon-p2xc7w9td The nice thing about defense is that it is exempt from many of the crazed regulations in Europe like emissions, etc. It is also something that nations don't want to import from places like China, but rather grow their own capabilities at home. Defense spending by Merz has the potential to jump start Germany's industrial base...

https://www.bloomberg.com/news/articles/2025-12-03/down-90-or-more-trump-family-assets-are-outpacing-crypto-crash?srnd=homepage-americas Grifters losing their power ?

Well Charlie, you can continue to post your thoughts and ideas about your American investments like BRK on this forum. I may discuss the merits of your posts with you, but I won't attack you or dismiss you by calling you a "European money manager" like my buddy John tries to do with me.

https://www.wsj.com/finance/currencies/trump-family-amasses-6-billion-fortune-after-crypto-launch-567faec5?st=U1JvZ5&reflink=article_copyURL_share The grifters all seem to love crypto. Wonder why. Hope all the crypto bros like seeing this stuff. It basically reinforces the rat poison thesis.

Your reply is gibberish as usual. I don't bother to read past the second line anymore. That you cannot understand how to read charts from major publications like WSJ is amusing. Keep sharing your personal power bills though. Very relevant and useful data to the topic at hand. You and @Charlie should keep chanting how Europe is great while having most of your capital invested in the U.S., in a company like Berkshire which is as American as a company can get (unlike multinationals that dominate large caps). Your actions speak louder than words. Thank you for sending your capital this way across the Atlantic! Leave the discussion to investing in Europe to those of us who are meaningfully invested in Europe.

Instead of relying on individual anecdotes, here is much more robust data from the article: The damage to industries in Europe is clear Even more amusing is that whatever fossil fuel usage Europe has saved, China's increase in energy use far surpasses those savings: An engineer would not look at the above and say that the way to stop climate change is to focus on energy usage in Europe. The focus should be aimed at China. Europe's contribution to global CO2 is irrelevant.

Europe cutting its emissions and sacrificing its industry and economy in the process looks particularly insane in the context of this graph: The problem with a lot of environmentalists is that they do not think like engineers: cutting emissions in Europe is not going to make a dent in global co2. Even the U.S, which did not embrace Paris Accords/etc is on a downtrend. There is only one country environmentalists should focus on and it’s China (but of course no one in China will listen to some of these crazies

https://www.ft.com/content/89f172bb-0d60-47b0-ae56-853d25c52db8 The drumbeat grows louder...

https://www.bloomberg.com/news/articles/2025-11-30/global-stock-leaderboards-are-ruled-by-europe-in-rare-dominance The pessimism in Europe is high while the potential is large. That is why I am invested there. I put a bunch of retirement stuff that I can't invest in individual stocks in non-U.S. large cap fund (mostly European large caps) about a year ago and it has crushed the S&P. Of course, a lot of this is simply due to the fact that the Euro is up 11% vs USD YTD so it's not a huge celebration in Euro equities themselves I am hopeful Europeans will get it and fix some of their major issues...the potential could be large if they figure it out. At least some of the European members on here seem to understand the gravity of the situation and I am also seeing encouraging signs on social media:

I pray for the day when investment opportunities in Europe will be plentiful and its citizens don't have to send most of their capital across the Atlantic to our shores

Yep, here's the mindset from a bunch of Europeans: Say Europe is fine, blame Trump, call America extremely corrupt, then say "I invest mostly in U.S. companies instead of European ones--even though U.S. valuations are higher"! Their money and their mouths are saying totally different things!

Yes, you and a lot of Europeans invest mostly in U.S. companies. I don’t think that’s a good thing for Europe and you’re seeing it play out. And a bunch of Europeans are buying overpriced Mag 7 stuff in the U.S. so it’s doubly vulnerable. “Shortage of skilled workers”: you’ll have to address why that is. Why you cannot attract or retain such migrants and instead are taking unskilled migrants by the literal boatload. “Corrupt president”: It’s always amazes me how much Europeans focus on the American President. Even Financial outlets like the FT always have a Trump related headline at the top of the page. The problem is that what *should* take up that spot in the paper and European minds is all the problems facing Europe which they, like you, seem to hand-wave away. Case in point is Ukraine-Russia: Europeans are furious about Trump’s dealings, but they take no agency. Their countries have not offered to take the place of the U.S. in intelligence sharing/etc. Also amazing how much Europeans like trashing Trump/etc routinely but then when someone makes a critical comment about Europe, they get super butthurt. Your democracy is also fragile as you try to cancel political parties and candidates you do not like while trying to pass chat control, restrict free speech etc. ”Reduce bureaucracy ”? Maybe only started this year due to the prodding of Trump administration and Europe staring straight at a competitiveness crisis with China and the U.S.

This sounds like something generated by Chat GPT. Germany has a shortage of immigrants? Germany imported over a million Syrian migrants...they are collecting lots of government benefits with high unemployment rates. Your argument is what Angela and her gang used to justify letting these migrants settle in Germany. Why isn't it working out? You may have had an easy time setting up businesses 10+ years ago, but it's only in recent years that EU regulations have come into force: GDPR, EUDR, DSA, DMA, ESG reporting, etc etc. Try setting up some of those same businesses now ... And you haven't addressed the core issue which is that productivity (output per worker) is stagnant which has little to do with overall population.

https://www.ft.com/content/f54b8dcd-da64-49f4-b0df-fb39380e9943 Europeans will have to decide which one to give into: crazy environmentalist nut-jobs or pretty much their entire industrial sector. I guess we'll see which ones they choose. Here is the top comment on the article:

Everyone knows Europe is cheaper than the U.S. The question is whether it's deserved. So far, a lot of the valuation gap has been well deserved. At the end of the day, Europeans need to be the ones to prove that the valuation gap is not deserved.

https://www.bloomberg.com/news/articles/2025-11-25/merz-asks-corporate-germany-for-patience-with-economic-reforms Keynesian spending works best when you get the money out of the door quickly... The rise of AfD in polls is breathing down his neck

He has F-U money. Amazing how many investors just stop trying once they reach that level. Now he's just resigned to arguing online about why he is right about timing the market...

https://www.wsj.com/world/china/chinas-xi-calls-trump-in-unusual-move-to-discuss-ukraine-taiwan-add503b3 It seems like Xi's patience on Taiwan is wearing thin... that or Takaichi really got under his skin

Man, so he went from The Big Short to becoming another Substack Bro ?

https://www.wsj.com/world/asia/japan-china-sanae-takaichi-xi-jinping-d5d1a97d?mod=hp_lead_pos8 Takaichi is more outspoken, but that could bite back too