Thread on all the companies investigated upon on the French Hidden Champions substack. Will add to it as new companies are analyzed. 1/ Precia frenchhiddenchampions.substa…

The end of the commandite for Rubis! I think we know who got that done!

Even Thermador is saying that there are fund outflows from institutionnal investors who want to reduce their exposure to France... Permanent capital is a unique asset which cannot be duplicated everywhere...

Come on Fulham! Big game today! Give everything on the pitch! Focus on what we control: intensity and willingness to get the win! Get rid of the fear of winning! COYW

In these times, it is now that we will see family owners who are good at capital allocation and will do buybacks. Let us see who will make some moves! Now is the test!

Impressive the selling on the french small and mid caps. We can clearly guess that some funds are selling like maniacs. Good for long term investors.

Nice contrat for Explosifs et Produits Chimiques in Senegal. 50 M€ over 5 years.

Another good set up to read annual reports in the morning with a good coffee with cinnamon!

I have more ideas in France than cash. It's a great position to be in but it is frustrating too as I can't be everywhere. So in the end I really have to focus on the best opportunities and those who have the best capital allocation skills. France is a great fishing pond!

A good insight from a quoted holding which has private and publicly quoted companies: to justify why some of these holdings are below or at or above NAV: performance of their holdings. It was honorable as it came from a person working for an underperforming holding.

I have got a new one on buybacks (and why not doing them). It is mathematically proven that it is not useful. Another one: we bought back shares and the share price did not go up.

The fun part of companies paying out exceptional dividends is that it forces you to speed up your tax expertise to find the best tax efficient enveloppe to put in them these companies which can probably pay out an exceptional dividend. It is not easy but it is fun.

Another good set up to read annual reports!

There is still quite a lot of work to be done on explaining the benefits of buybacks to French family owned companies. Especially so at the small and mid caps levels... I hear too much that it will reduce liquidity or that it is showing a failure to invest in the company or M&A.

More half year results to read!

Let's go and see some nice french companies!

Another good set up to read annual reports or company news in a train before a big day exchanging with different french companies! This is the way!

Sofibol buying Odet and we should see a couple of those in the coming days. VB capital allocation is solid!

Precia: new CEO has quite some work to do and he appears me to be the right person for the job.solid company which just needs a consistent direction of where to go...

Canal+: this VAT potential change of approach by the governement is weird... There was an agreement on the reduced VAT rate only to change the rule...C+ playing hardball is understandable... Politics in France...

Very good timing the offer on Dior.