Sutje

If a company booked amortization on customer relationship et al and the acquired companies make good profit and cash flow I add the amortization to net profit - not more. No impact on cash flow.

Thanky you very much!!

:-)

Same for German football club Borussia Dortmund. From 9€ to 1€ to 9€ to 3€.

Do you have ideas for listed cos that benefit from defence - no pure plays?

Schönes Bild, danke.

Das Positive ist ja, auch nach einem Asteroideneinschlag oder nach einer Klimakatastrophe wird es auf der Erde Leben geben.

TKMS?????

Eurokai News. Eurogate and Maersk agreed to invest 1 b€ in modernisation of Bremerhaven terminal which also results in an increase of handling capacity.

Danke!

Ich bin mir nicht sicher, wie viel der Händler davon trägt und wie viel Frosta (als "Werbungskostenzuschuss").

Added some Frosta totay at 90€ as shareprice is down 10% after no so good profit 2025.

whenever - peace will come to Ukraine.
Is Polish government activily supporting buying shares?

Thank you for mentioning. I looked on Dino Polska 2 or 3 years ago. Had the question I could not answer how they will do long-term against discounters. Maybe my German experience in thid area worries me.
The only company on watch is Aplisens. I sold on weak results. Could be interesting if - ...

Had a short look on Norwegian group Dellia Group ASA $DELIA.OS - dry fruit. It is an interesting possibility for early stage investing but too hard for me. I prefer boring fresh fruit distributor Orsero $ORS.MI .

Und zum Stichwort Wette, als Ökonom wette ich nicht. Und erst recht nicht zu Lasten nachfolgender Generationen.

Die Politik will den Status Quo seit Jahrzehnten erhalten (Rente mit 63). Je später wirklich reagiert wird, umso größer werden die Schmerzen sein.

1949 war das Umlageverfahren alternativlos. Im wesentlichen Zustimmung, aber der demografische Wandel ist seit fast 50 Jahren bekannt, in einer alternden Gesellschaft können Beschäftigung und Produktivität nicht anhaltend hoch (genug) sein. Und das in einer globalisierten Wirtschaft.....
1/2

nicht primär auf das "Schneeballsystem" Umlageverfahren gesetzliche Rente angewiesen sein oder in Staatschulden sparen.

Ich lese hier gerne mit - in diesem Fall sollte man auf die Grundprobleme in D eingehen. Die politische Verhinderung der Investition in Produktivkapital zur Altersversorgung seit Jahrzehnten. Ansonsten würden weite Teile der Bevölkerung davon profitieren und ....

In 90,3 des @ndr.de wurde das Lied "Streets of Minneapolis" von Bruce Springsteen nur angespielt.
Warum nicht ganz gespielt?
Zu politisch? Nicht anecken?

Schauspieler Hannes Jaenicke @hannesjaenicke.bsky.social spricht es beim Sonntags-Stammtisch (BR) aus: Wir sind geschockt, wie sehr die USA in die Diktatur abrutschen, und loyale Trump-Truppen jetzt schon wieder ohne rechtliche Konsequenzen Unschuldige auf offener Straße erschießen.

As you know not my investment style but a really great write-up. Congrats!

Thread von Thorstrike: The Moment America Touches Greenland If the United States were to invade Greenland, we should be honest about what follows. This would not be a bargaining tactic, a property deal, or a limited show of force. It would be a geopolitical point of no return. The moment American troops seize territory from Denmark-a fellow NATO member-the post-war Western order collapses. Not weakens. Ends. NATO cannot survive an internal attack. Article 5 would be rendered meaningless the instant it is violated by the alliance's most powerful member. Europe would not debate this for months; it would act. The alliance that anchored transatlantic security for 75 years would dissolve, and the United States would instantly transform from guarantor of European stability into its primary threat.

The military consequences would be immediate. U.S. forces would lose their political legitimacy on European soil. Bases across Germany, Italy, the UK, and beyond would face closure or expulsion. America's ability to project power into Europe, Africa, and the Middle East would be crippled-not by enemy fire, but by loss of access. The U.S. would retreat behind oceans, not by choice, but by isolation. The economic fallout would be even more severe. The European Union, the world's largest single market, would respond decisively. Market access would vanish. Financial cooperation would freeze. Dollar reserves would be reduced, confidence shattered, and the U.S. economy -still dependent on global trust in the dollar-would absorb a shock unlike anything in modern history. Inflation, capital flight, and market collapse would follow.

American corporations would be collateral damage. Operations in Europe would be frozen, seized, or expelled. Trillions in valuation would disappear almost overnight. This would not be a recession; it would be forced de-globalization, cutting U.S. industry off from its wealthiest and most technologically advanced partners. Airspace would close. U.S. airlines would be grounded across Europe. Boeing aircraft would be sidelined. Transatlantic movement-of people, goods, and supply chains-would fracture. The practical effects would hit ordinary Americans faster than any sanction regime ever has. Diplomatically and culturally, the U.S. would become a pariah. Sporting bans, visa restrictions, and political isolation would follow -just as they have for other aggressor states. Americans abroad would lose protections they once took for granted. The passport that opened doors would instead trigger suspicion. Most importantly, the trust would be gone permanently. You do not invade a democratic ally and reset the relationship later. Europe would not wait for the next election cycle. It would rebuild its defense, finance, and alliances explicitly without-and against the United States.

The West would survive. But America would no longer lead it. Invading Greenland would not demonstrate strength. It would announce the end of U.S. leadership, U.S. credibility, and U.S. centrality in the world order-traded away for a frozen territory and resources that offer no strategic return worth the cost. It would not be conquest. It would be national self-destruction.

Das ist ein sehr lesenswerter Text darüber, welche gravierenden Folgen es hätte, wenn die USA tatsächlich Grönland annektieren würden. Es wäre das Ende der Welt, wie wir sie kennen.

Just seen: Matusalem Ron is from my holding Cuervo, bottles made by Vidralas acquisition Cristalerias Toro.

Beside DEFAMA I bought this week Vidrala $VID.MC at 91€. Glass bottle maker, imho best in class in an oligopoly landscape. Just bought a glass maker in Chile.
Reduced some position which were too high.

I avoid everything with real estate but DEFAMA is different. The strategy and the CEO. In my process to make my portfolio maximum boring I bought a position at 27.8€

My holding Orsero $ORS.MI published 2 things the last months:

Building a new distribution facility in northern Spain, ready 2029

Entering the US market by M&A.

DCC plc with small but interesting add in core business liquid gas. They bought the UGI International activities in Poland, Hungary, Chech Rep. and Slovakia. Starting small in new countries means much lower risks. They can add from this base. Details see homepage.

Meine Vorfahren waren bis Miit 19. Jht. Dänisch, wie alle zwischen Flensburg und Altona. Nie was ich so Dänisch wie heute ;-)