Hidden Value Gems
A great quote from Arthur Schopenhauer that is relevant for investors:

“The task is… not so much to see what no one has yet seen, but to think what nobody has yet thought, about that which everyone sees.”
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Hidden Value Gems
An interesting perspective:

“I always compare the defense industry to an insurance policy. If nothing happens, it might feel like a waste of money and resources.”

- Marcus Wallenberg, Investor AB $INVEA.ST

Swedish holding company Investor AB $INVEA.ST $INVEB.ST has been an absolutely stellar compounder at 12% per annum since 1919 (!!) and even higher in the past 2 decades.

This week, Marcus Wallenberg gave an interview in the Dutch press about the defense industry, in which the Wallenbergs have a significant stake via Saab.

"I always compare the defense industry to an insurance policy. If nothing happens, it might feel like a waste of money and resources. But now we are happy that we have taken out this insurance and our country has retained its military knowledge and capability — although, like many other countries, we are not at the production levels we would like and need now.

I compare the defense industry to Silicon Valley. There you work together, and you are also a competitor to progress. Competition is also good from a cost efficiency perspective and stimulates innovation. But there will inevitably be specializations because governments will realize that they can not do everything themselves. We are working with Brazil in the development of Saab's latest fighter planes. We train their engineers so that they can build the devices. This way, we can also share the development costs."

fd.nl/bedrijfsleven/1508843/… - Michael Gielkens
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