@FRValue

λάθε βιώσας. Eclectic (and often cryptic) musings. French-Mediterranean by heritage, Aussie by choice.

Sydney, New South Wales
Joined January 2009
FRValue retweeted
Today’s Sunday. It’s story day. So let me tell you the story of one of the most beautiful (or bellissimo I should say) and profitable investments of all times. 1/n
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You call it a value trap? Well, sure. And I might be totally wrong. But I’m calling it getting paid to own Ferrari $RACE. So, yeah, I’m glad to buy more $EXO.AS at this price.
Today’s Sunday. It’s story day. So let me tell you the story of one of the most beautiful (or bellissimo I should say) and profitable investments of all times. 1/n
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September 24, 1991, 35 years ago today, was an absolutely insane day for music releases.
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When Chris Waddle arrived in Marseille it was 35 degrees and he looked so pale his teammates nicknamed him "the rosbif." After 25 minutes of his first training, his coach said he looked like a fire extinguisher. Years later he was voted the second greatest player in the club's history. Bernard Tapie paid £4.5 million for him in 1989, the third highest fee in football history at the time, and Waddle turned up two weeks behind on fitness, unable to speak a word of French beyond hello, goodbye, and counting to ten. At his debut, as a substitute against Lyon, he was handed the captain's armband when he replaced an injured Papin, despite barely being able to communicate with anyone on the pitch around him. The squad was one of the most stacked in Europe, Papin, Cantona, Deschamps, Tigana, Boli, Mozer, Francescoli, Abedi Pele and later Stojković, Bernard Tapie's attempt at to build a galáctico side before the word even existed. During those early days, Waddle combated homesickness by watching Paul Daniels VHS tapes alone in his apartment. Then Jean-Pierre Papin took him in, let Waddle live at his house while he found somewhere to settle his family. Every evening that summer, Tapie phoned coach Gérard Gili personally to ask how Waddle was doing. Gili's answer was usually that Waddle was still overweight, struggling with the heat, and not ready. Gili played him as a number 10 initially, not his position. Eventually the coach pulled him aside, handed him a pen and paper, and asked him to mark where he wanted to play. Waddle drew an X on the right wing. Everything changed from there. His breakthrough moment came against rivals PSG, a stunning solo goal beating France's national team goalkeeper, Joël Bats. Within months the Marseille fans nicknamed him Magic Chris and were treating him like a god. He won three consecutive Ligue 1 titles and played in the 1991 European Cup final. But after a shock European Cup exit to Sparta Prague, Tapie let him go alongside Papin, Mozer and Trevor Steven, four senior players sold off in one summer. Thierry Henry, grew up a Marseille supporter during those years, later said Waddle was doing things with the ball at he had never seen before, a king, a legend, a god, whatever word people wanted to use for him in that city. In 1998, Marseille's fans voted him the second greatest player in the club's history, behind only Papin. Decades later, when Waddle was as a BBC pundit at Euro 2016, he was standing pitchside at the Stade Vélodrome, and the reception from the crowd around him tells everything about how loved he still was in Marseille.
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Here's the newest private equity structure (bottom to top): > Layer #1 - a portfolio company borrows to fund its own buyout. Normal course, fine. > Layer #2 - the buyout fund that owns it borrows against its portfolio. Ok, guess that's reasonable. > Layer #3 - a secondaries fund buys a stake in that buyout fund, then borrows against the stake. Getting spicier 🔥 > Layer #4 - that borrowing gets sliced into senior and junior, and the senior piece is sold to insurers, rated just high enough for them to own. Voila. Perfection. 🤌
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Accurate
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Quand un actionnaire de contrôle retire une société de la Bourse, le prix payé aux minoritaires n'est pas fixé librement. Il passe deux contrôles : un expert indépendant atteste qu'il est « équitable », puis l'AMF déclare l'offre conforme. Le minoritaire n'a pas le choix : il est exproprié à ce prix, avec ce double tampon. Puis l'histoire continue sans lui. Visiodent : retrait obligatoire à 3 € en 2022, attesté équitable par l'expert, conforme pour l'AMF — soit ≈ 13,5 M€ pour 100 % du capital. =>Rachetée par Cegedim en 2024 sur une base d'environ 48 M€. ×2,7 à ×3,6 en deux ans. Afone : retrait à 13 € en 2020, même double validation (≈ 48 M€). => Les comptes de la holding montrent ≈ 131 à 141 M€ ramenés à 100 % du capital dès l'année suivante. ×2,7 à ×2,9 lors de la cession à Altice seulement 16 mois après Cegid ×9,5. April ×2,5. Gfi, Orolia, Afflelou, Elior… Dans les dix cas, le prix de sortie portait la signature d'un expert indépendant et le visa de conformité de l'AMF. On a remonté 20 ans d'opérations et documenté 10 cas : prix de sortie, nom de l'expert, visa AMF, valeur à la revente, multiple, délai, chronologie sourcée. Ni procès, ni conseil. Juste les chiffres, dans l'ordre. Parce qu'un actionnaire à qui l'on impose un prix « équitable » mérite de savoir ce que ce prix est devenu. Nouvelle rubrique 10keuros : « Sorties de cote : le prix d'après » 10keuros.com/sorties-de-cote…
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FRValue retweeted
The hotel in Kyoto put a small dish of salt outside my door. I thought it was a mistake. Brought it to the front desk. Me: Someone left this by my room. Clerk: Yes. For purification. Me: Purification of what? Clerk: You had a difficult day yesterday. We noticed. Me: How did you notice? Clerk: The way you entered. Very heavy energy. Me: So you put salt outside my door? Clerk: To help you rest better. She said it like this was completely normal hotel service. Me: Do you do this for all guests? Clerk: Only the ones who need it. The next night, there were flowers. Third night, a small origami crane. Me: Are you tracking my moods? Clerk: We are attentive hotel. Me: This is above and beyond attentive. Clerk: You are above and beyond guest. You always say thank you to the cleaning staff. On my last day, there was a note with the salt. "Safe travels. Come back when you need rest again." I cried a little in the elevator.
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One of the all-time great Rock Hall moments: Dolly’s “Jolene” with Rob Halford (Judas Priest), Pat Benatar, Annie Lennox, Simon Le Bon (Duran Duran), Pink, and Sheryl Crow. Zac Brown Band held it down as the house band. Rest easy, Dolly 🤘
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On being a good dad…
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FRValue retweeted
Found a great yakitori place. Went every Friday after work. Week four, noticed a guy who also came every Friday. Same time. We'd nod at each other. Week eight, we arrived at the SAME TIME. Only one seat left at the counter. Both of us froze. Him: "I was here first." Me: "We arrived simultaneously." Owner: "Rock paper scissors. I don't have time for this." I won. He sat at a table, glaring at me the entire meal. Week nine, I arrived early. Got the counter seat. He walked in, saw me, actually SCOWLED. Sat at the table again. Week twelve, he arrived EARLIER. Smirked at me when I walked in. I had to sit at a table. The rivalry was real now. Week fifteen, I showed up TWO HOURS early. Owner: "We're not even open yet." Me: "I'll wait." Sat outside until they opened. Got the seat. My nemesis arrived. Saw me. SHOOK HIS HEAD. Week twenty, he was waiting when I arrived two hours early. He'd been there for THREE HOURS. Both of us sitting outside a closed restaurant, refusing to make eye contact. Owner opened the door: "You two need help." My nemesis: "He started it." Me: "YOU started it by existing!" Owner: "I'm reserving you both counter seats from now on. This is insane." We both sat at the counter. In silence. Ordered the same things. Ate at the same pace. Left at the same time. Month six, we've never spoken beyond that first rock-paper-scissors. But we're both there every Friday. Same seats. Same order. Same time. Owner told me: "He asks about you when you're late." Me: "What does he say?" Owner: "Just 'Where is he?' Very concerned." Month nine, I got sick. Couldn't go for two weeks. When I came back, there was a PLATE waiting for me. Owner: "He ordered extra. Said you'd probably be hungry after being sick." Me: "How did he know I was sick?" Owner: "He said, 'He's never missed a Friday. Something's wrong.'" Looked over at him. He was eating, pretending not to notice me. I ordered an extra beer. Had the owner send it to him. He received it. Nodded once. We still don't speak. Month twelve, new customer tried to take "my" seat. My nemesis stood up: "That seat is reserved." New customer: "For who?" Him: "My rival." They moved. We're friends now, I think. But we'll never admit it. Last week, I saw him at a different restaurant. We made eye contact. Both immediately looked away. Some bonds are too sacred to acknowledge.
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Je pose ça là ...
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The Social Contract: Singapore (2026 edition)
[Exclusive] Singapore's Temasek to Buy Into Samsung, SK Hynix… Its First Ever Investment in Korean Stocks Temasek, one of Asia's largest sovereign wealth funds, is making a new investment in Samsung Electronics and SK Hynix. This marks the first time Temasek has invested in the Korean stock market. (..) Temasek is said to hold the view that within the artificial intelligence (AI) value chain, memory semiconductors are the most undervalued area. An investment banking (IB) industry source said, "Temasek has an investment style of deploying large amounts of capital into industries that lead the market, from a long term perspective," adding, "Samsungnix has risen as much as more than 880% from last year's low, but this shows conviction that it will go higher still."
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Nighthawks, 1942 Edward Hopper
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FRValue retweeted
Depuis cent soixante-quinze ans, Robertet transforme les trésors de la nature en émotions olfactives pour les plus grandes maisons de luxe. Un empire familial bien décidé à rester indépendant et à conquérir les marchés de demain. ➡️ l.lepoint.fr/BUw
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