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The Pity of Wirecard, Part Two: Bezzle Never Sleeps

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  • Singaporean prosecutors have stated they are investigating Hermes Tickets and Great India Technology for their possible role in Wirecard’s alleged accounting scheme.
  • Peters did not directly address a question about whether O’Sullivan is a Senjo Group owner, but stated, “James Henry O’Sullivan has provided Senjo Group with consultancy services on market and investment opportunities.
  • Ltd. in Singapore.

Joel Greenblatt – Top 10 Holdings Q12019

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What Are The 20 Best And Worst Countries To Invest In According To The Human Freedom Index

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  • During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses some of the best and worst countries to invest in according to the ‘human freedom index’.
  • Perth Tolle: Yeah, so some of the Nordic countries are very free.
  • Perth Tolle: Yeah, so one of the things I’ve heard from the people that compile this index, who are great.

Wernher von Braun and The American Moonshot

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  • Less than 21,000 days had passed between the triumph of the Wright Brothers in North Carolina and this early success of the Soviet Union’s space program.
  • Jules Verne lived long enough to know about the first human flight but never knew that man would walk on the surface of the moon in the twentieth century.

Meatless Future or Vegan Delusions? The Beyond Meat Valuation

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  • The Meatless Meat Company!
  • The Drivers: Both Beyond Meat and Impossible Foods have been helped by a shift away from meat to meatless alternatives, and that trend has been driven by three factors:
  • While I have assumed that Beyond Meat will deliver about $3 billion in revenues in 2028, with an operating margin of 13.22%, your story for the company can lead you to very different estimates for one or both numbers:

Gran Colombia Gold’s confusing capital allocation strategy

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  • It raises the hidden question – why are they dumping money in SSP (CAD$5.7 million to date plus disposition of 30% Chicharron stake) if it was better spent on drilling in Segovia or Marmato?
  • May 30, 2019 – GCM will be buying 2/3rds of a $3 million non-brokered placement (another CAD$2 million of SSP) – this was “up-sized” two days later to a $4 million placement – not clear whether the 2/3rds applies to the $4 million or whether it will be a $2 million commitment.

Income Annuities vs. Dividend Stocks

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I was born in 1962 which puts me on the tail-end of the Baby Boomers (those born between 1946 and 1964). We have been described by some as "the pig in the python." Over the decades, the sheer size of our group has redefined many aspects of society. As we approach the tail of the python and look toward retirement, once again we have the government and others scrambling to figure out how to handle this aging and albeit disruptive force...

Why would you buy that (GME)? and other updates (GLIBA)

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  • Last year around this time I made a couple of interesting purchases; I bought shares of GCI Liberty (GLIBA) and Charter Communications (CHTR) on the same day.
  • I want to see if the new CEO can do anything, come up with a strategy that can eek some value (for shareholders!)
  • I like to buy on bad news, and, boy, could there be any more bad news for investors than last quarter’s results?

Winning the Lottery

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Administrative Note – Side Links

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  • I’ve refreshed the links on the right-hand side (for those of you using desktop computers or large screen tablets) to make sure the links are not stale.
  • If you operate a website that focuses on Canadian securities, feel free to spam the comments on this post.
  • Author Sacha Peter Posted on June 12, 2019 Categories Reports

Small Companies (like Small Banks) As "Jobs Programs"

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  • Unfortunately, a lot of the remaining Oddballs that have not had their "one day" are continuing along earning low returns on equity, cheap relative to the liquidation value of their assets - but that asset value has to be discounted because they function as jobs programs for insiders.
  • But the amazing thing is that net income was actually down year over year, falling from $398k to $374k – a sub-4% ROE both years.
  • Having half of the bank's equity tied up in premises makes the 57% discount to book value feel much less generous.

Small Companies (like Small Banks) As "Jobs Programs"

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Michael Burry: Don’t Try To Dig Your Way Out

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  • One argument that has been used to sell and to sustain this rally as the real thing is the idea that the stock market rallies 25% or so 4-6 months in advance of an economic recovery.
  • Interest rate changes become more significant in stock valuation when valuations are very high.
  • That is, investment in a stock with a price/cash earnings multiple of 25 will be much more sensitive to interest rates than investment in a stock with a price/cash earnings multiple of 5.

Investing In ‘Freer’ Countries Helps Avoid Taleb’s Absorption Barrier Risk

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Short Squeeze

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  • Posted for ReferenceIt’s the short squeeze of a vegan’s paradise .
  • 51% of the company’s float is still being held short, which means the short squeeze can continue if the positions can’t be maintained, which would be especially relevant if the broader market starts to fall while Beyond keeps rising.
  • There is about $800 million left in short positions on the stock.

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