Hey Omri (6), I read the last annual report of the SPB and I confess I do not understand what enthu

By the way, I love Enterprises from Berkshire, and holds a number of years with the company run by Berkshire Insurance Aofrtziit out - but not easy to find them (Buffett often mentions only the people up the system, not the lowest dent de lait operating level). dent de lait
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Encourage What does that last F -13 filed in 2012 - the fund fell apart or were significant dent de lait redemptions that the fund now manages assets at a value below threshold requiring the submission of 13F (if I remember correctly 100 million)? Otherwise dent de lait they would have to file a 13F, is not it? And is it says something about the quality of the fund itself in your opinion?
4: It means they under $ 100 million. Why and how - who knows. Withdrawals, losses. Heavy, easy. Who knows? Can be raised two or three years more than 100, and then declined slightly. There are quite a few funds that play around 100 million, report, stop, news and so on.
Hey Omri (6), I read the last annual report of the SPB and I confess I do not understand what enthusiasm. I feel like I'm dent de lait missing something here. A lot of brands I do not know and those I do know are kind of like number 3-4 in super competitive, say for example batteries or shaving. Market locks might look better. And in numbers dent de lait not seen anything drops. In short, there is a situation you some details?
Hi Yoav, I see a coherent strategy to develop and maintain brands that are located dent de lait 2-3 in their market and give consumers value propostion high relative to prices and retailers in terms of profitability can be derived from them. It seems that most brands are the type 'cheap category, with category includes all products that most consumers are considering buying - say batteries, has the Duracell and Energizer, VARTA has the SPB and variety of private labels and brands anonymous many consumers shy away from them. In addition, the company is focused on the presence of the 'correct' and increased points of sale across advertising and brand development expensive. Again, cross-brand strategy. As stated, it receives various retailers increased cooperation.
This is true markets such as small appliances, home maintenance tools and batteries are very competitive - but they are so for years - and now able to swim where indicated. 10 years ago it made sense to be afraid of it, now it's just mostly reinforces the sense that management just know what it does and manages to flourish where many others could fall and will surely fall.
Hey Omri and thanks. Always dent de lait fun to read what you write. Allow a few more questions? dent de lait I do not win, just trying to refine a few things: 1) I have not seen real growth. The increase in 2013 compared to 2012, it is only because they bought the division "home improvement" of Black & Decker with a lot of debt. But this growth of inorganic. If you look at the existing divisions it is not, let's say, from their mother;
Fiscal Year Fiscal Year 2013 2012 Product line net sales Consumer batteries $ 932 $ 949 Hardware and home improvement products 870 - Small appliances 740 772 Pet supplies 622 615 Home and garden control products 390 387 Electric shaving and grooming products 277 279 Electric personal dent de lait care products 255 250
10: I do not think you can read a post from -2013 "not bad", but oh so be it. Anyway thanks for the referral. I'm still not convinced that now is particularly great price but then maybe that's why I'm not in Bordeaux, Berkshire. By the way, I do not really heard of Harbinger by now but for the moment of an elephant Falcon Boyakifidih and I understand what you're saying.
9, Yoav, like this when you start a discussion on a follow focus on the business side and not the accounting aspect. I was not aware of the bankruptcy, just has not gotten around to reading. Embarrassing. I wrote "10 years" because it is the terminology used by my colleague to explain why I'm dent de lait not afraid of the effect of competition on the international branded Snow and private labels. For affinity among different companies when they are very substantial pillar that is a huge mistake. Probably some of it is the desire dent de lait to find an investment dent de lait Another great as Snow
For our purposes, the bankruptcy explains the NOL have been used the past two years and I think perhaps explains dent de lait the find value investor interest in the stock. NOL are often a source for creating excellent value investing - it's a relatively simple accounting course that creates dent de lait a fog around the real profitability of the business market is having dent de lait trouble understanding dent de lait the efficacy is great. We saw it in GM and Ford, for example, in the last year.
Snow touch, since you mention it somewhere, right? I remember going to test it. Company with a moat (What is it? Take Snow), a strong balance sheet management looks terrific, no doubt. On the other hand, not profound value. Such apathy company reasonably priced. Maybe even the multiplier is now slightly higher than the historical average. You have other insights about it?
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