Is Europe becoming uninvestable?

[Spekulatius]

They won’t lose 20% of the bookings but foreign tourists are important for destinations like NYC, Las Vegas, Florida, California, Disneyland location etc. For example, Canadian are the largest foreign visitors nationality in Las Vegas. It an incremental negative . Domestic Travel  so far has been really strong in the US but I think it’s weakening , so this is adding downward pressure to the tourism industry.

[formthirteen]

 Britain ‘no longer a rich country’ after living standards plunge:

https://archive.is/TzFMK

 

 

Quote

“Economic stagnation over the past decade is now threatening the UK’s position as a place for a high standard of living. A combination of weak productivity growth driving near zero growth in real wages and cuts to welfare has resulted in a situation where we are neither delivering prosperity through high wages nor security through welfare,” he said.

“That the poorest in our country now fare worse than those in nations once considered less affluent is a stark indictment of the UK’s economic social model.”

Mr Mosley asked whether Britain is still a rich country, declaring that “this question – which was easy to answer for centuries – is now less straightforward”.

 

Is Britain really as poor as Mississippi? https://archive.is/NJnaD#selection-2466.0-2466.1

 

I wonder what kind of economic system they currently have in the UK? Politicians seem to have left behind everyone outside of London.

[Spooky]

16 hours ago, Spekulatius said:

They won’t lose 20% of the bookings but foreign tourists are important for destinations like NYC, Las Vegas, Florida, California, Disneyland location etc. For example, Canadian are the largest foreign visitors nationality in Las Vegas. It an incremental negative . Domestic Travel  so far has been really strong in the US but I think it’s weakening , so this is adding downward pressure to the tourism industry.

 

https://dailyhive.com/canada/canadian-travel-us-plummets

 

“We looked more granular into our data for Flight Centre, and we noticed that for the month of February, when we compare 2025 to 2024, there’s actually a 40 per cent decrease in bookings from Canada to the U.S.,”

[james22]

18 hours ago, TwoCitiesCapital said:

I was a host in NYC

 

What was that experience like?

 

You're out now?

[TwoCitiesCapital]

16 minutes ago, james22 said:

 

What was that experience like?

 

You're out now?

 

I did it for ~6-years. The first 4-5 were great. I'd get really nice 1 bedroom apartments (or small 2- bedrooms) that were just barely affordable for me and flex one of the rooms into a guest room and the other room would be my own. Probably covered 80-100% of my rent most months for the 6-years and allowed me to keep both of my paychecks for discretionary savings/spending. 

 

I had great experiences with it until the city became hostile towards the service. That triggered some anxiety, some issues with different management companies, and etc. 

 

Ultimately, when I left NYC, I moved to a significantly lower CoL city and was 7-years into my career with raises/promotions/etc. Would be the same amount of work in the new city, but for significantly less money, and I didn't need the money as much. Ultimately, had a roommate in my condo for the first 2-years to offset the costs of furnishing the place and to help me pay-off the car I bought and then began living on my own. 

Edited March 21, 2025 by TwoCitiesCapital

[james22]

1 hour ago, TwoCitiesCapital said:

I did it for ~6-years.

 

Nice hack.

[Dalal.Holdings]

https://www.lbc.co.uk/news/uk/four-in-ten-gen-zs-consider-quitting-work/

 

Quote

It comes as the number of Brits not seeking work or not available to work due to health conditions hit 9.4 million last year, about 22% of working-age adults.

 

Insanity. Britain (and many other Euro countries) need welfare reform. Even Labour is talking about it

[Dalal.Holdings]

https://www.telegraph.co.uk/business/2024/12/17/half-a-million-claiming-disability-benefits-anxiety/#comment

 

Quote

More than half a million claiming disability benefits for anxiety and depression

Government faces growing pressure to solve worklessness crisis as welfare claims soar since lockdown

 

[cubsfan]

2 hours ago, Dalal.Holdings said:

https://www.telegraph.co.uk/business/2024/12/17/half-a-million-claiming-disability-benefits-anxiety/#comment

 

 

 

Nothing saps your dignity like not having a future (job).

Edited March 23, 2025 by cubsfan

[james22]

7 minutes ago, cubsfan said:

Nothing saps your dignity like not having a future.

 

Nothing encourages invasion than an invitation.

[cubsfan]

8 minutes ago, james22 said:

 

Nothing encourages invasion than an invitation.

 

Yeah, as we here in the ol' USA have found out. I hope Europe can save themselves.

[Dalal.Holdings]

If you see your fellow jobless peers get checks in the mail for saying they suffer from anxiety & depression, it makes it harder to want to go to work to better your society...so you too can claim "anxiety" and get a check

[Dalal.Holdings]

On 12/14/2024 at 4:09 PM, Spekulatius said:

$JOST a stock I like from uninvestible Europe. They are the #1 for 5th wheels. (A real thing)  and other truck accessories .

$JOST. Roughly €6 in earnings (a bit less this year) and a goal to have €10 Euro in earnings for 2030. ~20% ROE due to asset light business model.  Sounds pretty cheap to me for €43 Euro stock.

 

https://www.jost-world.com/fileadmin/documents/pdfs/investor-relations/IR-presentations/2024/20241119_JOST_Werke_Investors_presentation_2024_-_November_2024_update_final.pdf

 

Jost posted a pretty positive outlook today...

[tede02]

On 1/6/2025 at 3:46 PM, John Hjorth said:

The Economist - Business - Way of the Viking [December 30^th 2024] : Why are Nordic companies so successful?

 

Subheader : From Lego to Novo Nordisk, many of Europe’s top firms come from the region.

 

- - - o 0 o - - -

 

It's a special, and a bit weird, experience for me as a Nordic native [Dane] to read the article, because it touches matters and conditions, I really don't think about on ongoing basis, but just takes as given conditions.

 

We have a lot of good businesses, that are privately held by families or via foundations. Let me here just mention a few - more or less random : Lego, Danfoss, Grundfoss,  Salling Group [Bilka, Føtex, Netto], Bestseller. They are all multinational, but headquartered here in Denmark.

 

Then we have a bunch of family or foundation controlled businesses, that are listed : Novo Nordisk and Novonesis, A.P. Møller Mærsk A/S, Carlsberg, Coloplast, Lundbeck, William Demant, Rockwool etc. They are also all multinational, but headquartered here in Denmark.

 

All used to compete in international markets, as a basic existential condition.

 

What is special for both groups of companies, where foundations are involved in ownership, is how the ownership is structured and designed, based on legacy and existing legal  conditions, and foundation founders' thoughts as minted in foundation articles of association, bylaws, related to purpose :

 

1. Protecting and preserving control of founders' business, i.e. take over-protection,

2. Other, typical philantrophical, purposes.

3. Defined foundation entitlements to founders family and decendants.

 

These foundations are organized legally today as special type 'business foundation', are taxed according to company taxation, with taxable deduction for expenses to philantrophical activities, subject to special individual legislation, reporting, and regulatory oversight and control.

 

- - - o 0 o - - -

 

If somebody asks me about how this works on overall basis, my aswer would be it works great.

 

John, I appreciate this context because as a US based investor that hasn't owned a lot of international equities, I've been doing some due-diligence on Rockwool and trying to understand the A/B stock structure with the foundation owning a big chunk of the equity, etc. Not something you see in the US (at least I haven't). Interesting to learn this is somewhat common in Denmark. Thanks.

 

[John Hjorth]

5 hours ago, tede02 said:

John, I appreciate this context because as a US based investor that hasn't owned a lot of international equities, I've been doing some due-diligence on Rockwool and trying to understand the A/B stock structure with the foundation owning a big chunk of the equity, etc. Not something you see in the US (at least I haven't). Interesting to learn this is somewhat common in Denmark. Thanks.

 

You're welcome, @tede02,

 

For Rockwool and The Rockwool Foundation it's quite easy for for i.e. US based investors to get an understanding of what's going on, because there is no language barrier on the website for the Rockwool Foundation [we can  switch to English language in upper right corner].

 

There may be Danish examples and situations where it isen't so. In such situations you and other CofB&F members are always welcome to get in contact with me and I'll do my best to help.

[TwoCitiesCapital]

Is the US becoming uninvestable? 

[Dalal.Holdings]

 

I am glad that some people in Germany are getting it. A remilitarized Germany is the best thing one can do to thwart Putin’s long term ambitions.

 

[Dalal.Holdings]

 

European car industry (and suppliers, workers, etc) better hope Walter is wrong again

 

[changegonnacome]

Talking some of my own book here - but Europe will handily outperform the US for FY25

[Dalal.Holdings]

I’m tilted towards Europe too, but I think they only do well if their dumb politicians and bureaucrats stay out of the way

[changegonnacome]

6 minutes ago, Dalal.Holdings said:

I’m tilted towards Europe too, but I think they only do well if their dumb politicians and bureaucrats stay out of the way

Always the case….but something is stirring in Europe….Draghi report, Captain Chaos, German debt break….there’s new impetus there I haven’t seen in a while…let’s see if it translates to action

[Dalal.Holdings]

Allowing BYD to flood into Europe even with some b.s. “minimum pricing” rule will be catastrophic for European industry. China provides massive subsidies from which its EV automakers rule. It is not fair or free trade when they export these things…

 

The fact that EU politicians are even considering this shows you how asinine they truly are.

[Dalal.Holdings]

 

Staggering levels of stupidity. I’ll take the Trump admin over this nonsense any day.

 

[changegonnacome]

51 minutes ago, Dalal.Holdings said:

Staggering levels of stupidity. I’ll take the Trump admin over this nonsense any day.

 

You see some of these Chinese cars - the recent BYD DiSus suspension innovation.......I want to have the FREEDOM to buy that vehicle and enjoy that technology advancement......looks like the European's have more liberty to do so than I do.....and seems like they are trying to create a level playing field while at the same time not picking winners/losers......very American of them Europeans!

[Dalal.Holdings]

6 minutes ago, changegonnacome said:

 

You see some of these Chinese cars - the recent BYD DiSus suspension innovation.......I want to have the FREEDOM to buy that vehicle and enjoy that technology advancement......looks like the European's have more liberty to do so than I do.....and seems like they are trying to create a level playing field while at the same time not picking winners/losers......very American of them Europeans!

 

Is it a level playing field if the Chinese State is highly involved in subsidizing these EV makers from the steel to the batteries to the rare earths ? 

 

Sounds like naive free-trader logic

 

China already crushed European automakers in the Chinese market (after stealing their IP), now European politicians will welcome them with open arms onto their own turf??? LMAO. Like letting the fox in the henhouse. 

 

Edited April 10, 2025 by Dalal.Holdings