Law No.1: "It's better to be first than it is to be better."

Dax is trading at the all time high. 11,0000

http://thoughtmeme.blogspot.pt/2015/01/the-big-winner-of-euro-experience-is.html


The smart money always loses money shorting bubbles because they cannot comprehend that it could go as high as it does

- Jim Rogers


Germany is the big winner with the USA of Globalization. Why? because when i want to buy a dialysis machine you can find the following in the Fersenius website.

Fresenius Medical Care reached a remarkable milestone today when the company, the world’s largest provider of dialysis products and services, produced its 500,000th dialysis machine. The machine, from the multiple prize-winning 5008 series, came off the production line at the Schweinfurt, Germany plant and was donated to the Deutsche Nierenstiftung, a German non-profit organization for dialysis and kidney transplants. 

What 500,000 ! they are obvius the nº1 in the world.

and if you run trough the DAX or the S&P you will find many companies that are the nº1 in their spaces. In my country , Portugal, besides Pulp &Paper, corks and Olive Oil we are not nº1 in anything. 

Why is important to be nº1? Because you can invest in R&D, you have more experience and you can hire the best and the most briliant. Besides this you can pay more for the tallent.

And last but not least when a prospect wants to buy a TV and he is not an expert manytimes they could ask who is the nº1! That is simple.

that is why Al Ries said 30 yeas ago that

Law No.1: "It's better to be first than it is to be better."
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Be different of be poor


























In order to be irreplaceable one must always be different.

Coco Chanel 

Strategy is about making choices, trade-offs; it's about deliberately choosing to be different.
Michael Porter


I want to be different. If everyone is wearing black, I want to be wearing red.
Maria Sharapova


Of course when we put our kids in the same schools with thousand of other kids where they are expected to do the same things and behave in the same way they tend to be similar to the other kids and of course easily replaceble
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A country that is bankrupt should borrow at 3%?


French President Francois Hollande (R) talks to Greek Prime Minister Alexis Tsipras (L) during a European Union leaders summit in Brussels.





















The debt/GDP ratio at 175% is almost double the level at which Reinhardt/Rogoff have argued sovereign debt becomes unsustainable!

From Eureka Hedge Fund Monthly Leter

A country like Greece pays to Troika 3% interest

what should they pay in normal conditions? 10% to 20% yields?

at least. 

Greece has been subsidized for too long. That is the reason they are with this debt load. If they pay market priced they would not be in this position. It would be very expensive.

what to do.

Nothing, zero. !

let them ask for something concrete.

Europe should not move. Nada. Zero. 

Let them beg

Sometimes i think what is the most demanding religion on earth? I guess to be a Muslim is pretty much demanding and time consuming (twice a day prayers, etc...)

What is the most growing religion on earth , the most demand or the less demanding?

I think the Euro would be much more strong and reliable if sometimes some member would be kicked out 

I am thinking of Greece



I refuse to join any club that would have me as a member.
 Groucho Marx
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To this day Ferrero’s workers have never gone on strike!

“We were born a family company and intend to stay that way.”

Giovanni Ferrero, the son of Michele the founder that just passed away

 “I pledge myself to devote all my activities and all my efforts to this company,” it said. “And I assure you that I shall only feel satisfied when I have managed, with concrete results, to guarantee you and your children a safe and tranquil future.”

Michele Ferrero, 1957 




From FT


Perched on the edge of a river in the Piedmont region, the presence of Nutella is clear from merely smelling the air in the nearby medieval town where it is based. Here, Ferrero, which owns the Nutella, Tic Tac and Kinder brands, has defied the lure of 21st century capitalism and remained fiercely family controlled and conservatively run.



From the Guardian

Secrecy was a personal Ferrero hallmark, too. He never gave a newspaper interview, refused to accept honorary degrees and, according to a report in the daily Corriere della Sera, scrutinised prospective employees from behind a two-way mirror. Because of an eye affliction, he took to wearing dark glasses that made him seem even more remote during his rare public appearances.

What can i say, most of the mergers i know there are no synergies only value destruction. These guys where able to build strong brands, Nutella, Ferrero Rocher and of Course Kinder. The most important thing in the world is to build an image to build a brand. The people who did that are doing very well. The people who think the best product wins are wrong. Yes the best product win's but it's the best product inside the customer mind.

The marketing guy is the most important person in a company.



More about the same:
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Best among the worst = Spain





http://www.washingtonpost.com/blogs/wonkblog/wp/2015/02/13/italy-is-europes-ticking-time-bomb/


I was surprised by Spain results i thought since the Euro inception the GDP of all the southern countries that where addicted to devalue their currencies a bit every year was flat to down. But Spain did a good job. why? I think Spain does good in 3 things

best business schools in Europe
Huge investment in sports (Tennis, Motorbikes, Formula 1, Football, Golf ) 
big move to Lat-am by the biggest companies (Santander, BBVA, etc....) 
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i want the same as GREECE!

There are plenty of countries in Europe with debt problems. In 2014, Greece paid 4.3 percent of its gross domestic product to service its debt. That’s a smaller percentage than paid by Portugal and Italy (on this chart of interest payments on government debt as a share of GDP, Greece is denoted by the acronym EL, Portugal is PT and Italy is IT):

http://www.bloombergview.com/articles/2015-02-13/greece-is-cutting-line-for-debt-relief?alcmpid=view

Of course i have zero sympathy for Greek demands. They already spent the money and now they don't want to pay it back.

That is not nice!

If they want to default they can do that.

Even if they stop paying i think they should not expelled from the euro (If a US state defaults they are not expelled from the Union)

People who lend money to GREECE should pay the price for behing greedy.

More about the same:

http://thoughtmeme.blogspot.pt/2015/02/greece.html
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ZERO is Good

Many people see deflation as a temporary event due to oil collapse.

I see a permanent one because of automation, big productivity and lack of demand. Excess capacity leads to deflation.

In a a short while people will be happy with Bunds at ZERO!

More about the Same:

http://thoughtmeme.blogspot.pt/2014/01/qe-forever.html


http://thoughtmeme.blogspot.pt/2013/12/europe-in-deflation.html
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