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Herve van Caloen

 
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  • The Ticking Time Bomb Under The World Economy [View article]
    Here we go again. Ever since Continental Europe planned, and then created the euro, the City of London and Wall Street have announced its demise. It will not happen. The euro is here to stay because it is strongly supported by the Europeans and because it is a tacit way to impose German style social-demacrat policies to the rest of Europe. The euro is here to prevent Italy to devalue its way out as it used to do. BTW today's debt to GDP is similar to Italy's debt to GDP 20 years ago, a much better performance than the US over that period of time!
    Jan 2, 2014. 12:51 PM | 38 Likes Like |Link to Comment
  • Think Twice Before Betting On Nokia At Current Price - Part 2 [View article]
    Like part one, this article - part two - is missing the point. Once again the focus is solely on the past and the present, not what the future holds for a company that has spent two years transforming itself. The jury is still out on whether this fundamental transformation of cost base, production and product cycle will pay off. However there are many indications that it is starting to work. Stop being hypnotized by past success (Apple) or present domination (Samsung). Nokia is making great progress towards relevance and profitability, yet the stock is still priced by me-too analysts as if it will go bankrupt.
    Mar 7, 2013. 01:49 PM | 23 Likes Like |Link to Comment
  • Nokia World's Lumia Launch Is Another Elop Flop [View article]
    Nobody expects Nokia's sales to overtake Apple's iPhone sales. If Nokia does sell 25 million Lumia phones, continues its cost cutting and keeps doing so well with the Asha phones, do you really think it is worth less than $10billion? There is room for more than 2 players in the smart phone business. Even the Ford T did not keep its dominant position forever.
    Sep 10, 2012. 04:07 PM | 20 Likes Like |Link to Comment
  • Nokia: From Survivor To Challenger [View article]
    The fact that they can afford to buy NSN is a strong indication of how they feel about their cash flow after extraordinary (restructuring) costs. One year ago, the cash burn story was prominent among analysts. I think we have moved beyond that now. Hence the title of my article. Nokia has entered a new phase in their comeback.
    Jul 22, 2013. 03:45 PM | 18 Likes Like |Link to Comment
  • The Ticking Time Bomb Under The World Economy [View article]
    I think that is because of a fundamental misunderstanding of what the euro tries to accomplish, i.e. moderate structural reforms Italians were not able to implement without the euro mechanism. The euro is popular even in countries like Spain and Greece today for that very reason.
    I have been arguing this for years now and indeed only Europeans agree with me.
    http://seekingalpha.co...
    Jan 2, 2014. 01:10 PM | 17 Likes Like |Link to Comment
  • Nokia: From Survivor To Challenger [View article]
    Thank you. There are still a lot of bears out there. It will take a lot for them to admit they were wrong.
    Jul 22, 2013. 03:26 PM | 15 Likes Like |Link to Comment
  • The Ticking Time Bomb Under The World Economy [View article]
    No labor protection in Spain? You must be kidding. Why do you think unemployment is 50% or so among young people in Spain? Yes, that's right, because of labor protection for the ones inside the system at the expense of those who try to get in.
    Jan 2, 2014. 01:23 PM | 13 Likes Like |Link to Comment
  • Think Twice Before Betting On Nokia At Current Price - Part 1 [View article]
    Betting on the future success on Nokia's products? Now, what company does not "bet" on the success of its products? Isn't that what companies do? This article is hilarious.
    Mar 6, 2013. 04:14 PM | 11 Likes Like |Link to Comment
  • Steve Elop Is Killing Nokia? I Don't Think So [View article]
    One is a bit too US-centric when looking at Nokia. The success of the Lumia products in the US is important, but let's not forget that Nokia's sales in India, Brazil or China are more important to the bottom line.
    No doubt that Stephen Elop's image/reputation will go through a Romney style overnight transformation if/when the Lumia phones capture 10% of the global market. Considering the quality of the new products this is not inconceivable.
    Oct 11, 2012. 02:54 PM | 11 Likes Like |Link to Comment
  • Questions The Nokia Board Of Directors Need To Answer [View article]
    This is another case of management taking care of management at the expense of shareholders.
    Sep 6, 2013. 09:31 AM | 10 Likes Like |Link to Comment
  • Nokia: From Survivor To Challenger [View article]
    Neither the iPhone nor the latest Galaxy were very exciting products.
    The stock prices of these stocks are reflecting those facts.
    Jul 22, 2013. 04:02 PM | 9 Likes Like |Link to Comment
  • Nokia: From Survivor To Challenger [View article]
    I guess you were buying Apple at $700.
    Jul 22, 2013. 07:12 PM | 8 Likes Like |Link to Comment
  • Nokia: From Survivor To Challenger [View article]
    Thank you, Abu. I always read your articles with great interest. 12 million would mean a major revaluation of the stock!
    Jul 22, 2013. 04:07 PM | 7 Likes Like |Link to Comment
  • A Wealth Effect That Did Not Trickle Down [View article]
    The first QE and even TARP might indeed have been needed to reliquify the financial system after it collapsed. I believe most people agree with that. What I believe changed our economy from an economy based on the invisible hand is what Wall Street calls the Bernanke put. Bernanke himself stated his goal of creating a wealth effect, which is the quote I mention in the article.
    The unemployment rate is as high as the unemployment rate in Europe if we used the same standards to measure it. Incomes are still below where they were when QE started. So, I insist: today's anemic recovery is at the expense of long term opportunities. The reference I would use is Japan, not the great depression. No collapse, but a decades long malaise.
    Feb 14, 2014. 04:26 PM | 5 Likes Like |Link to Comment
  • A Wealth Effect That Did Not Trickle Down [View article]
    The Fed is not the only factor, but a Fed that inflates assets artificially creates major distortions in the economy. In a capitalist world, prices are set by market forces. In a command economy, that is different. I believe an overly activist central bank creates more problems in the long run by seemingly solving short term ones.
    Feb 14, 2014. 03:55 PM | 5 Likes Like |Link to Comment
COMMENTS STATS
137 Comments
330 Likes