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Herve van Caloen

 
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  • 3D Printing: The New Industrial Revolution's Second Wave [View article]
    I think you are missing a couple of points. One, the industrial printers and the consumer printers are two very different businesses. ARCAM's Technology to print titanium hips is difficult to replicate. Two, the money in the long term will be made in materials - like 2d printers make their money with the sale of cartridges.
    Nov 18, 2014. 09:53 PM | Likes Like |Link to Comment
  • 3D Printing: The New Industrial Revolution's Second Wave [View article]
    The article is a long term strategy piece.
    Nov 18, 2014. 10:48 AM | 1 Like Like |Link to Comment
  • 3D Printing: The New Industrial Revolution's Second Wave [View article]
    I do not follow DDD, but Bloomberg has an EPS consensus estimate of $0.73 for 2014. Goldman Sachs has $0.69 for 2014 and $0.97 for 2015. Hence my broad comment about SYSS and DDD.
    Nov 18, 2014. 10:45 AM | Likes Like |Link to Comment
  • 3D Printing: The New Industrial Revolution's Second Wave [View article]
    Don't forget metal. This is a sector where Europeans seem to have edge.
    Nov 17, 2014. 01:27 PM | Likes Like |Link to Comment
  • 3D Printing: The New Industrial Revolution's Second Wave [View article]
    That's the point. We have seen the correction from the 2013 bubble. Just like the internet bubble's burst did not stop the leading stocks (Amazon, etc) to continue their growth, the correction after it was so yesterday allowed to buy these stocks at very attractive prices.
    Nov 17, 2014. 11:50 AM | 2 Likes Like |Link to Comment
  • The People's Republic Of Scotland [View article]
    Thank you for your comments. Seen from the US, it does look strange that 800,000 - not a small number - Scots are not allowed to vote on such an important matter. I can only speculate on why this is so, but I wonder how these feel about it? Are they no longer Scot because they live in Leeds?
    I do not believe the ideology of the left has died in Europe. Actually, I believe that that ideology has been adopted by all the parties in the sense that capitalism has become a dirty word in Europe.
    The article you attach uses the peg of the Hong Kong dollars to the US dollar as an example of what will work in Scotland. Pegging one's currency means you lose control over your monetary policies. The Argentinians, among others, tried it too...it works in Hong Kong because they have been willing to adjust their interest rates on the US to keep the peg.
    Sep 17, 2014. 04:36 AM | Likes Like |Link to Comment
  • The People's Republic Of Scotland [View article]
    Does that mean Texas should seek independence too? Or California? I am not sure Scottish self determination will help the Scottish people, on the contrary. It will create more jobs for politicians, but that's about it.
    Sep 15, 2014. 08:30 PM | 1 Like Like |Link to Comment
  • Top Down Vs. Bottom Up - Which Investor Has The Edge? [View article]
    The Cyclically Adjusted PE for the S & P is 26.5, compared to a long term average of 16.5.
    Earnings margins continue to be at all-time highs and valuations are very high as well. Does that mean that the market cannot go to higher multiples? Of course not. It is more doubtful that corporations will be able to keep all-time high profit margins in spite of very tepid top-line growth.
    Jul 14, 2014. 12:52 PM | 1 Like Like |Link to Comment
  • Deleveraging? What Deleveraging? [View article]
    Japan is an example of crowding out with banks now mostly financing the huge public debt instead of financing corporations and the private sector in general.
    Jun 29, 2014. 08:30 AM | Likes Like |Link to Comment
  • Deleveraging? What Deleveraging? [View article]
    I believe a Japanese scenario becomes more and more likely. Unfortunately.
    Jun 28, 2014. 10:04 PM | Likes Like |Link to Comment
  • Deleveraging? What Deleveraging? [View article]
    When the debt level is too high, it makes that kind of growth so much more difficult. I think that's what Rogoff's work demonstrates.
    Jun 28, 2014. 12:58 PM | Likes Like |Link to Comment
  • Deleveraging? What Deleveraging? [View article]
    Yes, and the junk bond market has exploded too. This is not helping, but overall, the picture on the corporate side still looks solid. At least for the moment.
    Jun 27, 2014. 05:26 PM | Likes Like |Link to Comment
  • There's Plenty Of Downside Left For Ocado [View article]
    Good article, Nathan. Thanks. Let me take the opposite view, though.
    The key for Ocado is to rapidly grow to become the dominant player in a developing industry. If they reach a critical level, they will benefit from a huge first mover advantage. Hence all that matters is top line growth and the financial means to get to the dominant position that Amazon has acquired in its field decades ago.
    To compare Ocado's margins and pricing power with Ocado's misses the point that Amazon has been investing hugely for years in growth to get to the point they are today. One should look at how Amazon was valued 15 to 20 years ago instead.
    Two more thoughts. Aldi and Lidl are not at all competing with Ocado. They are addressing the low end of the market. Ocado's customers are very unlikely to go to Aldi stores. I shopped at an Aldi in Florida, and will never go back...As far as underpaid staff, so is Walmart's staff. It did not prevent them from becoming successful.
    If Ocado can grow its top line at 20%+, profitability will not matter for years. Financing growth is the challenge, that's the Morissons deal was important. You think they still will have to come to the markets, but can't they just borrow money? They now have a strong balance sheet and cost of money is low.
    Jun 10, 2014. 11:34 AM | Likes Like |Link to Comment
  • Every Stock Gets A Participation Trophy In The ETF World [View article]
    There is a difference between Deng Xiaoping's liberalization and the irresponsible monetary policies of the last 5 years or so. Growing double digits from a non existent economy was the easy part. I believe China is not claiming 9% growth anymore. The official number is closer to 7%. The housing bubble is now imploding and most banks are in fact bankrupt - that is if there was proper accounting for the non performing loans issued during their QE on steroids.
    Jun 1, 2014. 12:14 PM | Likes Like |Link to Comment
  • Every Stock Gets A Participation Trophy In The ETF World [View article]
    This article addresses exactly this misconception that monetary policies can replace sound economic policies and create jobs. It created the bubble in ETFs in the US and the housing bubble in China as well as the huge non performing loan problem in Chinese banking system, etc. the French problem has much more to do with a confiscatory fiscal policy and chocking regulations than any imagined lack of money printing. The ECB has actually been incredibly accomodative.
    May 30, 2014. 04:35 PM | Likes Like |Link to Comment
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