FRValue retweeted
Anthropic
2025 revenue: $4.6 billion
2025 net loss: -$42 billion
IPO valuation: $2 trillion
FRValue retweeted
Buy real estate they call overpriced
Read books called overrated
Invest in markets called "irrational"
Do things you enjoy but can't explain
FRValue retweeted
«Toute interdiction, obligation ou alourdissement de la démarche administrative n’est jamais bienvenue et diminue le temps disponible pour la créativité !», dénonce Jérôme Bruhat, directeur général du Groupe Robertet, dans l’émission Esprit d’Entreprise animée par @Oliviader et @gdecapele
Imho, a “generational” opportunity might happen at the IPO forward PE (ca. 20x). A bit below 1,000 then. So yeah, not there yet. But close.
1/4 $RMS: we are not there yet. Fair value = €1,000/share.
Q3 sales growth of +4% cFX. On this trajectory investors should expect near-term operating deleverage (slightly buffered by stronger Leather performance). After a few years of over-earning, margins will mean-revert...
FRValue retweeted
Un pays ne se défait pas en un jour. Il se défait par une lente accumulation de renoncements, chacun jugé trop coûteux à affronter sur le moment.
Une décennie perdue est un drame. Deux seraient une faute impardonnable.
Ma tribune dans @LesEchos ⤵️
“Vieille France, accablée d’Histoire, meurtrie de guerres et de révolutions, allant et venant sans relâche de la grandeur au déclin, mais redressée, de siècle en siècle, par le génie du renouveau ! »
Mémoires de Guerre, Le Salut, De Gaulle
Very honest and candid. As always. No matter the outcomes, this is what the best investors are made of.
A few quick updates: DCC (sold), TFF (sold), EVS (hammered) & Rightmove (rumours)
valueandopportunity.com/2026…
Also on the stack
FRValue retweeted
When Le Professeur speaks, the world listens. Different dressing room, same authority, same wisdom, same class. Arsène Wenger, forever an Arsenal legend ❤️
When such a patient PE fund, already a shareholder at family holdco level, also accumulates shares in the opco, one can assume they might be reasonably comfortable with the group’s outlook. $ALPER.PA Gerard Perrier Industrie
That’s exactly what happens when Japanese holders liquidate their French OAT positions to buy JGBs. The problem with French debt is that it’s now almost 60%-owned by foreign residents. Domestic banks and insurers might be strongly « incentivized » to « replace »them shortly...
Loved it.
Listen up, freaks: we’ve got AI, labour law, being rude about the French, and the Nazis ALL IN ONE piece. What else could you ask for?
New essay with @DuncanMcClement on what the fall of France in 1940 can teach us about policy design, second-order effects and national decline.
juliawillemyns.substack.com/…
FRValue retweeted
Why France, why now? Over the last couple of years, the French political class has been signaling to the bond market that its pensioners/boomers are the de facto senior claimants on the French Treasury's revenue. And that's not what bond investors wanted to hear, especially now that they're being asked to absorb a much larger share of issuance than a couple of years ago.
thetwocents.substack.com/p/l…
