Monday, April 13, 2099

DPA Groep N.V. 2022
Esperite: 2018 Stem Cell Bank losing money, selling shares. Price recently fell from 3 to 0,25
oktober 2019 falliet, koers: 0,046 geen handel.

FNG 2019 Failliet 2022 https://fngnv.com/17-02-2022-fng-nv-vraagt-faillissement-aan/
Gemalto Thales offer 2018

GeoJunxion formerly AND 2023 EUR 1,1 distribution

GrandVision 2019 EUR 28 offer DELISTED on 10/01/2022
Groothandelsgebouwen N.V. bought for EUR 56,92

Hunter Douglas 2021 bought for EUR 175

Intertrust 2021 taken private at EUR 20,-

ICT Group NV 2021 EUR 14,50 private

JDE PEET'S Jacobs Douwe Egberts 2025 offer EUR 31,85

Kardan 2019 June 2020: https://www.iex.nl/Nieuws/ANP-240620-111/Kardan-geeft-beursnotering-in-Amsterdam-op.aspx

KAS BANK 2019

Kiadis Pharma taken private in 2020

Klepierre cheap at €20? 2019 French

K. VolkerWessels 2019 taken private (again) in 2020

K. Wessanen 2019 buy out

Lucas Bols 2022 2023 Nolet buyout EUR 18 at Graham Value

Neways bought by Infestos

NIBC bought by Blackstone in 2020

Oranjewoud 2018 EUR 6 2022 https://www.tubantia.nl/enschede/sanderink-is-gesteggel-met-toezichthouder-afm-beu-en-haalt-oranjewoud-van-de-beurs~a1cadfeb/

Ordina 2022 bought at 42% premium

RoodMicrotec 2021

SnowWorld 2023 private at EUR 10,50
Yatra Capital 2020

Other countries:

Alibaba 2023
Starbucks

Thoughts on share prices: Peter Lynch and Nick Kraakman https://www.valuespreadsheet.com/blog/dangerous-sayings-about-stock-prices

Wednesday, February 25, 2026

More than 100% of Dutch electricity made by solar and wind at noon on February 25th 2026.

Demand is around 15 GW... incredible.

Wolters Kluwer Peter Lynch chart

Returning cash to shareholders via increasing dividends and share buybacks. Shares outstanding:

2017 291m

2018 285m

2019 276m

2020 269m

2021 258m

2022 248m

2023 240m

2024 238m

2025 226m

Note: Now that buybacks are twice as effective as recently, the budget as been cut from $1b the last two years, to $0,5b for 2026... Normally a shareholder would prefer to see the opposite happen?

Graham Defensive analysis based on Chapter 14 of The Intelligent Investor:

SECTOR: [PASS] Wolters Kluwer is an information services company.

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Wolter Kluwer's sales of €6 125 million, based on 2025 sales, pass this test.

CURRENT RATIO: [FAIL] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Wolter Kluwer's current ratio €932m/€4 058m of 0,2 is too low.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [FAIL] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for Wolters Kluwer is €4 728 million, while the net current assets are - €3 126 million. Wolters Kluwer fails this test.

LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. Wolter Kluwer's earnings per share grew 250% over the past 10 years.

Earnings Yield: [PASS] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Wolters Kluwer's E/P of 9 % (using this years Earnings) passes this test.

Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Wolters Kluwer has a Graham number of √(15 x €5,6 EPS x 1,5 x €3,5 Book Value) = €21

EPS 5,6 * 15 = EUR 84

Dividend: €2,52/€62,62 = 4% (increasing)

Conclusion 2023: A wonderful company for investors.
Conclusion 2024: A wonderful company for investors, price seems a bit high today at EUR 148
Conclusion 2025: A wonderful company for a fair price.
Conclusion 2026: A great price for a company whose revenues have not yet been hit by AI...

Not for the Graham Defensive Investor.

Thursday, February 12, 2026

Adyen Benjamin Graham Defensive perspective (rough notes)

Log scale chart

SECTOR: FAIL Adyen is in the Financial sector?, which is one sector that this methodology avoids. Technology and financial stocks were considered too risky to invest in when this methodology was published even decades ago.

SALES: PASS The investor must select companies of "adequate size". This includes companies with annual sales greater than 260 million Euros. Adyen's revenue 2,36 billion current year, passes this test.

CURRENT RATIO: PASS FAIL The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Adyen Current Assets EUR 11 689m / EUR 6 787m Current Liabilities = 1,7 is good but less than 2.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: PASS Long-term debt must not exceed net current assets. Companies that meet this criterion display one of the attributes of a financially secure organization. Adyen has Current Assets of EUR 4 902m and Long-Term Debt is EUR 184. It easily passes this test.

LONG-TERM EPS GROWTH: PASS Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. EPS for Adyen have increased 70-fold over the past 10 years.

EARNINGS YIELD: FAIL The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Adyen's E/P of 4% based on this year's earnings fails this test.

Graham Number value: FAIL The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Adyen has a Graham number of √(15 x €36 EPS x 1,5 x €150 Book Value) = €350 The stock price is EUR 966,-

DIVIDEND: Adyen does not pay a dividend.

Sanity Check:

EUR 966 Stock Price / 15 (Price / Earnings Ratio) = EUR 64 EPS "needed" < 2x today's earnings

Conclusion: Good balance sheet and growth. Not for the Graham Defensive investor at this price.

Wednesday, February 11, 2026

Voorstel voor Integratie van Intensieve Pelgrimage in de Richtlijn Levensbeëindiging op Verzoek bij Patiënten met een Psychische Stoornis (Module 7)

February 11, 2026

Beste Collega's in de Psychiatrie,

In het kader van de herziening van de NVvP-richtlijn "Levensbeëindiging op verzoek bij patiënten met een psychische stoornis" – met specifieke aandacht voor jongeren – pleiten wij voor de opname van intensieve pelgrimage (bijv. Camino de Santiago) als een van de laatste redmiddelen vóór overweging van euthanasie. Dit biedt een evidence-based, non-farmacologische en uitvoerbare interventie voor patiënten met uitzichtloos geacht psychisch lijden (ernstige depressie, angststoornissen, PTSS e.d.), met name bij fysiek gezonde jongeren.

Kern van de Interventie: Intensieve Pelgrimage

Dagelijkse inspanning: 20–25 km wandelen per dag over meerdere weken (bijv. 3–4 weken op de Camino, totaal honderden kilometers), in een gestructureerde, begeleide setting.
Therapeutische mechanismen: Combinatie van fysieke belasting, ritme, natuurbeleving, sociale interactie, reflectie en doorbreken van ruminatiecycli. Dit stimuleert endorfine-afgifte, mindfulness, zingeving en verbondenheid.

Wetenschappelijke en Praktijkonderbouwing

Project Ultreya (meerdere universiteiten, recente studies): Significante reductie van stress, depressieve symptomen en emotionele distress met 20–50%, toename in levenssatisfactie en geluk; effecten houden aan tot ten minste 3 maanden na afloop (en vaak langer).
GGZ-Centraal programma (2016): 29 patiënten met langdurige psychiatrische aandoeningen liepen 20–25 km/dag; allen voltooiden de tocht, rapporteerden trots op prestatie, toegenomen betekenisgeving in het leven, sterkere sociale verbondenheid en betere coping met trauma. Effecten hielden minstens 1 jaar aan.
Camino Academie (2019) en bredere evidentie: Pelgrimage als recovery-oriented interventie bij "onbehandelbaar" geachte gevallen; leidt tot persoonlijke groei, zelfacceptatie, verminderde hopeloosheid en verbeterde emotionele veerkracht. Natuurwandelen vermindert activiteit in de mediale prefrontale cortex (gerelateerd aan negatieve ruminatie).
Overige studies: Duurzame afname in angst en depressie (tot 10 maanden post-pelgrimage); vergelijkbaar met therapeutische effecten bij fysieke en psychische herstelprocessen.

Niet curatief voor iedereen – terugval is mogelijk na terugkeer – maar vaak transformerend: een "hero's journey" die uitzichtloosheid doorbreekt en hoop herstelt.

Waarom als Laatste Redmiddel in de Richtlijn?

Uitzichtloosheid bij jongeren in ontwikkeling: Pelgrimage activeert groeipotentieel en ontwikkelingsleeftijd door fysieke en existentiële uitdaging.
Wilsbekwaamheid en doodswens: Biedt intensieve reflectietijd en herwaardering van leven, met extra zorgvuldigheid via selectie en begeleiding.
Uitvoerbaarheid en proportionaliteit: Lage drempel (fysiek haalbaar voor gezonde jongeren), geen wachtlijst-issue, past binnen subsidiariteit: probeer dit alvorens euthanasie te overwegen, zeker als psychiatrische behandeling stagneert.
Ethisch imperative: Honoreert de plicht tot alle redelijke alternatieven bij "ondraaglijk en uitzichtloos" lijden (WTL-criteria).

Oproep tot Actie: Integreer begeleide intensieve pelgrimage als verplichte of sterk aanbevolen stap in de herziene richtlijn, vóór definitieve euthanasiebeslissing. Dit biedt jongeren een reëel, hoopvol pad en versterkt zorgvuldigheid in de praktijk.

Voor achtergrond en details: Zie de ervaringsdeskundige uitwerking op sinaas.blogspot.com/2025/10/placebo-protocol-in-plaats-van.html (focus op pelgrimage-aspect) of contacteer ondergetekenden voor de geplande tocht Amsterdam → Santiago (start 2026).

Samen voor hoopvolle, zorgvuldige psychiatrie,

Ansgar John Brenninkmeijer

Ervaringsdeskundige / Deelnemer Dialoogsessie NVvP 11 februari 2026

ajb@valuemachinesfund

+31629547689

Egelantiersgracht 219

1015 RK Amsterdam

en dr. Wouter Keijser MD, PhD

085 333 2886 https://www.drwouterkeijser.nl/

PS: "De richtlijn spreekt over 'uitputting van behandelingen', maar intensieve beweging ontbreekt als gestructureerde interventie. Pelgrimage is geen vrijblijvende suggestie – het is een getest, herstelbevorderend traject dat we kunnen opnemen als laatste redmiddel."

https://richtlijnendatabase.nl/richtlijn/levensbeeindiging_op_verzoek_psychiatrie/startpagina_-_levensbe_indiging_op_verzoek.html

Friday, February 06, 2026

Answer to new quiz

This is a classic retail arithmetic puzzle that touches on the difference between Percentage Margin and Cash Contribution (the Deckungsbeitrag you mentioned).

Here is the breakdown of your scenarios.

1. The Initial Agreement

Yes, on this we agree.

If you sell the exact same quantity at the same Turnover Speed (TOS):

* Sustainable: €4 Selling - €2 Buying = €2 Profit/unit

* Other: €3 Selling - €1 Buying = €2 Profit/unit

Since the cash profit per unit is identical (€2), the total profitability is identical.

(Even though the Other product actually has a much higher margin percentage in this specific scenario, the cash result is the same).

2. The Question: Equal Profitability at Same Margin %

Now we move to your second scenario where the margin percentages are equal (50%), but the cash amounts differ.

The Context:

* Sustainable (M): Buying €2 / Selling €4. (Margin: €2 per unit).

* Current TOS: 5

* Current Fundspeed: 250%

* Other (L): Buying €1 / Selling €2. (Margin: €1 per unit).

The Calculation:

To be "equally profitable" in terms of Deckungsbeitrag (Cash Contribution)—which is what pays the bills—the "Other" socks must generate the same total amount of cash over the year as the "Sustainable" socks.

Since the "Other" socks only generate half the cash per unit (€1 vs €2), they must turn over twice as fast to generate the same total pile of money.

The Answer:

* Turnover Speed (TOS): 10

* Fundspeed (GMROII): 500%

The Breakdown

Here is the step-by-step math comparing the two to prove they generate the same cash contribution (Deckungsbeitrag):

| Metric | Sustainable (M) | Other (L) |

|---|---|---|

| Buying Price | € 2.00 | € 1.00 |

| Selling Price | € 4.00 | € 2.00 |

| Margin % | 50% | 50% |

| Cash Margin (per unit) | € 2.00 | € 1.00 |

| Turnover Speed (TOS) | 5 | 10 |

| Total Cash Generated | € 10.00 | € 10.00 |

| Fundspeed (Margin % x TOS) | 250% | 500% |

Comparison Summary

For the "Low" product to be as profitable as the "Medium" product while maintaining the same margin percentage, it must work twice as hard

* TOS: Must increase from 5 to 10.

* Fundspeed: Must increase from 250% to 500%.

Monday, January 19, 2026

100 quotes for life

Thanks to Norman Rentrop for yearly sending 100 quotes for the year.

"For every decision in life there is a good reason... and a real reason." JP Morgan

You can lead a man to knowledge, but you can't make him think.

"Faith and reason are like two wings on which the human spirit soars to consider truth." Pope John Paul II Fides et Ration

"The scientific method requires the testing of predictions from alternative hypotheses against outcomes (not just modeling)." Kesten Green

"Price is what you pay. Value is what you get." Benjamin Graham

"If you don't believe in miracles, you are not a realist." David Ben-Gurion, the primary founder and first Prime Minister of Israel. via Jannie Mouton de Boere Buffett.

"Nun verdrieget jug." Brenninkmeijer family motto

"Get along among yourselves, each of you doing your part. Our counsel is that you warn the freeloaders to get a move on. Gently encourage the stragglers, and reach out for the exhausted, pulling them to their feet. Be patient with each person, attentive to individual needs. And be careful that when you get on each other’s nerves you don’t snap at each other. Look for the best in each other, and always do your best to bring it out."
1 Thessalonians 5:15 (MSG)

"Wer nicht kämpft, hat school verloren." Bertolt Brecht .. "wer nur kampft auch." Ansgar John Brenninkmeijer

“Moral reforms and deteriorations are moved by large forces, and they are mostly caused by reactions from the habits of a preceding period. Backwards and forwards swings the great pendulum, and its alternations are not determined by a few distinguished folk clinging to the end of it." —Sir Charles Petrie, THE VICTORIANS

If I am not listening to you, you probably can't hear what I am saying.

"Mut und Tugend sind ein Sohnes reichste Erbe" Telsemeijer

5 R'n mentale gezondheid:

Rust

Reinheid

Regelmaat

Romantiek

en af en toe Raar doen ;)

"Tradition ist die Weitergabe des Feuers und nicht die Anbetung der Asche." Gustav Mahler