Fox Castle

Read an annual report. Liked the company but then saw that 64% of stockholders equity are non controlling interests. I thought that the company had on its own the full control of the main business especially as it is put forward like that in the report. But no ! A quick pass.

Net cash position+self controlling loop+simplification+capital allocation skills+small moves big signal news.

Here is my top 5 what is yours?

Both!

My best idea for 2026 :it will be Bolloré again! Self controlling loop representing around 50% of the total share count+buybacks at Odet level+ failed take out of the ex-rivaud entities (for which we now have a FV)+ nearly 6 B€ net cash + money time for batteries+ small but big signal moves

Not easy to have small starter positions as they won’t contribute a lot but good to have the companies on my radar and invest in them when more cash is available. 2/

How do I invest when I have cash to invest?
First reinvest in my top 5 holdings then reinforce a top 10 which deserves more weight. Finally I will get some starter positions in interesting companies but won’t beat my top 5.
Margin of safety+ sleeping well
Not easy! And you?1/

20 000 Compagnie du Cambodge shares exchanged at 92€. 1 € below the first take out offer in september 2024.

"usage rights related to rental agreements". Make IFRS 16 clearer in the annual reports! 2/

Always fun to read annual reports and to see that some companies put forward specific IFRS 16 item lines in the balance sheet and in the P&L while others will put it in the notes in the accounts and finally some will simply not put IFRS 16 but use the term 1/

Ordered!

Lots of french companies!

Red flag: a company sells a majority stake in a subsidairy to then buy it back one year later... yeah sure...

Finally not happening. YB said no discussions.

Agreed! Too much M&A concern trendy brands. In that business better do M&A on the old or great brands. The usual hit hard when it is worth it rather than multiple swings/

Yes agreed! Just messy all the alcoholic beverage companies which all do M&A to then do some impairments.

Diageo had an impairment charge of 231 M$ in 2025 on American Aviation Gin brand. This was acquired in 2020. And the seller sold well and I like the actor!

Saw a company which is trading at a 50% discount to NAV and is linked to the financial industry. Asked them why not just do a big tender offer?
Answer: we have nice projects so the
cash will go there.
Pass for me and the projects they are going after are complex.

Right on target!

The best set up to read annual reports!

Canal+: there is one data that we never get: operational result of C+ France...
Lots of restructuring in the last couple of years and I think they are now getting positive results.

Another value investing approach!
Bought some signed soccer cards with a 25% discount to their fair value (what the market is ready to pay for them!).
Value invesring+passion= having fun!

They could just have to put a tender offer but keep the offering price low. Agreed they cagnotte starter everything again!

As soon as I saw these books I had to get them!
10 €!

Lagardère: even in a small village Hachette is there. As soon as you as you have a library in France, Hachette is there!

Agreed! Bolloré needs to boost the Bolloré share price to maximize the value of the self controlling loop.

My bet is that the battery adventure will be stopped soon. We will see!

The decisive moment will be between the éd of this year and the beginning of 2026 where they will be the test results on the sample A batteries. If ok next step is simple B if not ok well tough decision time!

Making sure that they are working hard!