GBL: announcing the sale of your "private credit" vehicle late on Xmas eve is probably not an indication that this was a resounding success...

On this special day, we take a look at the charts of three particular commodities of which a king will take physical delivery today. Merry christmas everyone!

Bloomberg HK feature about the (potential) reshufflings of Li Ka-Shing's (97) CK Hutchison empire (Listing of Watsons, Ports sale, Telecom sale/spin...) www.msn.com/zh-tw/money/...

Cast your votes

I was passing by Liège today so decided to make a DD visit. The place was PACKED. The Cora market is selling out but it will be taken over by Delhaize. Lots of busy shops. I think this will be a very profitable deal for MEREP3.

Spotify barely down on these news. Well, who's going to download all that? You can also get every Netflix show from an "archive" somewhere, hasn't really hurt them. But I'm sure there will be consequences...

A lot happened this year at TIM, Vivendi sold its large stake (before the share price soared 😔), and now even the savings shares issue will be resolved! 😳

It's the most wonderful time of the year

small update on this matter: "same procedure as last year". Bouygues continued to buy towards the maximum allowed amount (<1%), which represents an invest of about 15m€, a quarter of their TF1 dividend cheque. At this pace, in three or four years the matter will be "resolved".

www.theatlantic.com/ideas/2025/1... Seth Klarman with a nice article on Warren Buffett

I have not made up my mind about this deal. The price seems good, especially if continued Guinness distribution is included. But Asahi will want to push its own brands. Tokyo seems to think Asahi paid a bit too much. But at least they didn't buy celebrity-backed gin or tequila brands for billions...

As expected, this is turning into a shit show. I hope Smith and his gang end up in handcufffs one day, but they are escape artists.

"No milk today?" JCC is selling down its stake in Vinamilk. For me it's more or less a wash since I'm also a shareholder of Thai Beverage (the buyer) 🤷‍♂️

year one after the split: total return roughly zero. Which, all things considered, is actually not that bad 😬 The individual parts remain undervalued, but 2026 could bring some interesting events if/when the legal disputes settle...

Great metaphor of the current US situation

Maybe he'll turn himself into Elonfly?

I guess not letting Amazon buy it worked out really well. Now China owns it 🤡

Time for Christmas shopping in Dobropillia 1/2

another "special dividend" from Pardee. These "special December dividends" have now been issued since 2019... A total of $97 over the last 6 years.

Took them 2 years to acknowledge what was obvious on day one. "Amnesty" is a bunch of clowns. I thought it couldn't be worse than accusing Ukraine for defending their towns, but maybe this is.

"we have waited for years for this announcement", says Joren van Aken. It is true that he was a vocal critic of their communication and capital allocation.

another end of (public) life for a company with a rich tradition. Groupe Barrière will squeeze out minorities at SFCMC and SIEHM. The hotel Majestic and the Cannes Casino will no longer have small outside shareholders...

🎂 E. H. Shepard was born on this day in 1879. A titan among British illustrators, he’s best remembered for his Winnie-the-Pooh illustrations. 🧸 The surprising ways his artwork & the text work together to shape the Pooh stories are a story all their own ⤵️ blog.archive.org/2025/12/10/e... 🧵

I am extremely disappointed that Doves Type was not considered, the greatest font ever made. news.artnet.com/art-world/do...

"Strategic review" at CBS, sounds intriguing. My guess is that they will look at a divestment of the Futerro/Maash/Noosa/Galactic complex (probably to Finasucre?) and maybe a buyout of Philippe Jambon's stake in Jeff? (He's 75 and may want to retire). Noël/Vinventions is probably going to go as well

Makes you wonder what Canal+ could be worth to a motivated buyer... food for thought.

"Ageas" is now 100% "AG" again. Back to the roots, 200 years after its creation...

it's so elegant

The only BRVM-listed company in Benin is Bank of Africa Benin, up 70% in local currency (Franc CFA) over the last year

Dude, I like to teach and guide as well but I'm not asking for $275 per month all while being a billionaire. Buffett never charged anything for his letters, and I bet they contain more wisdom than your blog.

"Nicholaus enim grece victoria populi nuncupatur latine. Vere inquam victoria esse dicitur: quia ubicunque eum quis invocaverit, suo auxilio et suffragio, seu ope mirifica subvenire misericorditer non desistit." On December 6, we celebrate St Nicholaus of Myra, in Lykia

"The Meucci Association has elected you Italian-American Man of the Year."

OTD in 1994 Russia signed the Budapest memo, guaranteeing Ukraine's territorial integrity in exchange for their nukes, 44 Ukrainian Tu-22 heavy bombers and 1,068 Kh-55 cruise missiles. Which have been fired at Ukraine in this war.

As much as many people seem to think that Bolloré would want to alight themself of UMG shares, it should be remembered that they actually _bought_ shares in the summer of '24 at about the same price they are trading at _today_. And Odet sold at 27.5€ in H1 '25. They know what UMG is worth.

Final ratio 1:3000 for this special situation

Make it so ❄️

12 years after Peter Kellogg failed to send Michael Smith packing, the manager of the estate of Lloyd Miller III (who died 2018 with a big stake in Scully Royalty) decided enough is enough and is starting his own campaign. I wish him good luck.

Vivendi decision www.courdecassation.fr/decision/692...

Capital Group going above 5% again at Pernod Ricard

Trump thinks he can do to Ukraine what he's been doing to construction contractors for the past 40 years.

great ending to the "head of macro" saga. Maybe he can sell the movie rights at some point? I'd "greenlight" that 😅

DRB on the full write-off (>500m€) of Moleskine at d'Ieteren derijkstebelgen.be/nieuws/nieuw...

Vivendi: arguments have been exchanged before the highest court today, verdict to be released Friday 14:00 investir.lesechos.fr/actu-des-val...

fake internet money make gold price go up... people will have fun in a 100 years when reading about this silly era.

the americans have a cheesecake factory, the english have a cheesecake company - which is now swiss-owned.

I hope this is the absolute top of this stupid "pay me money to read ramblings on my blog" nonsense

Always great to listen to Luc Bertrand (Ackermans & van Haaren) youtu.be/8bV06e-I5VM

Remy Cointreau: the Dubreuils are going to book a large loss on their sale of put options. They'll have to purchase 219k shares at ~68.7€ (15m€) that are currently only worth ~9m€. Got 2m€ "premium income" but a 6m€ paper loss. ORPAR still hasn't released its FY results. Selling puts is not income!

a long-form interview with the CFO of Vopak www.youtube.com/watch?v=otwJ...