Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

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Group 1 - The share price of Bank of Queensland Limited (BOQ) is currently under scrutiny as ASX investors attempt to establish a rough valuation for the company [1][2] - Australia's major banks constitute approximately 30% of the share market by market capitalization, highlighting their significance in the financial landscape [2] - The PE ratio is a key metric for valuing BOQ shares, with the current PE ratio calculated at 17.3x compared to the banking sector average of 19x [5] Group 2 - A Dividend Discount Model (DDM) is suggested as a more robust method for valuing banks like BOQ, which involves forecasting dividends and discounting them back to present value [6][7] - The DDM valuation for BOQ shares, using a blended growth and risk rate, yields a valuation of $7.19, while an adjusted dividend payment increases this to $7.40 [10] - Considering fully franked dividends, the valuation based on a gross dividend payment of $0.50 results in a share price valuation of $10.57 [11] Group 3 - Different growth and risk rate scenarios indicate a range of valuations for BOQ shares, with a 2% growth rate and a 6% risk rate suggesting a valuation of $8.75, while an 11% risk rate drops it to $3.89 [12] - Additional considerations for evaluating BOQ include net interest margins, regulatory challenges, and the assessment of the management team's culture [13]

Core Concept - The "buy, borrow, die" strategy is a wealth preservation technique utilized by ultra-high-net-worth individuals, allowing them to buy appreciating assets, borrow against them for liquidity, and pass on the assets tax-free upon death [4][5][6]. Group 1: Strategy Overview - The strategy involves three main steps: purchasing appreciating assets, borrowing against these assets to access liquidity without triggering capital gains tax, and passing the assets to heirs at death [3][4]. - In the US, the "step-up in basis" rule allows heirs to inherit assets at current market value, eliminating original capital gains liability [3][10]. - The strategy has been popularized in the US and is credited to Prof Edward McCaffery, who introduced the term in the 1990s [2][5]. Group 2: US Example - An example illustrates that if an individual buys shares worth $500,000 and they appreciate to $10 million, borrowing against the shares allows access to funds without incurring capital gains tax [7]. - Upon death, heirs inherit the shares at the appreciated value of $10 million, with no capital gains tax liability due to the step-up basis [8]. Group 3: UK Comparison - The "buy, borrow, die" strategy faces challenges in the UK due to inheritance tax, which is levied at 40% on estates above £325,000, making it harder to pass wealth tax-free [9][10]. - While capital gains tax is only paid upon sale in the UK, the inheritance tax significantly impacts the ability to transfer wealth effectively [12][13]. - The UK does not offer the same multimillion-pound exemptions as the US, making estate planning more complex for families [13][14]. Group 4: Alternative Strategies - An alternative strategy suggested for the UK is "sell, gift, die," which involves selling assets and gifting them before death to minimize tax liabilities [19]. - This approach requires careful timing, as gifts must be made at least seven years before death to avoid inheritance tax [19][20].

Group 1 - The investor has a contrarian investment style, focusing on high-risk, illiquid options and shares, with a portfolio split of approximately 50%-50% [1] - The investment strategy involves buying stocks that have recently experienced sell-offs due to non-recurrent events, especially when insiders are purchasing shares at lower prices [1] - Fundamental analysis is employed to assess the health of companies, their leverage, and to compare financial ratios with sector and industry averages [1] Group 2 - Technical analysis is utilized to optimize entry and exit points, primarily using multicolor lines for support and resistance levels on weekly charts [1] - The investor conducts professional background checks on insiders who purchase shares after sell-offs to ensure credibility [1] - The investment timeframe typically ranges from 3 to 24 months, indicating a medium-term investment horizon [1]

Group 1 - The investor has a deep value investment approach, focusing on a 50%-50% allocation between shares and call options [1] - The investment strategy is contrarian and involves high risk, often dealing with illiquid options [1] - The investor prefers stocks that have recently experienced sell-offs due to non-recurrent events, especially when insiders are buying shares at lower prices [1] Group 2 - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Professional background checks are conducted on insiders who purchase shares after sell-offs [1] - Technical analysis is used to optimize entry and exit points, utilizing multicolor lines for support and resistance levels on weekly charts [1]

Core Viewpoint - Kinross Gold Corporation has amended its share purchase agreement with Asante Gold Corporation, which includes a cash payment of US$55 million and the acquisition of shares and a convertible debenture, potentially increasing Kinross's ownership in Asante to a maximum of 18% on a partially diluted basis [1][2][3]. Group 1: Transaction Details - The transaction involves Kinross acquiring 36,927,650 common shares of Asante at a price of C$1.45 per share and a convertible debenture convertible into shares at a price of C$1.81 per share for a period of five years [8]. - Kinross currently holds approximately 6.0% of Asante's issued shares on a non-diluted basis and 6.9% on a partially diluted basis, which will increase to approximately 9.5% on a non-diluted basis and up to 18% on a partially diluted basis post-transaction [3][4]. - If the transaction were to close immediately, Kinross would own approximately 17.3% of Asante's outstanding shares on a partially diluted basis [4]. Group 2: Regulatory and Advisory Information - Kinross has acquired beneficial ownership of more than 10% of Asante's outstanding shares, necessitating the issuance of a press release and an early warning report as per Canadian securities laws [5]. - INFOR Financial Inc. acted as the financial advisor and Osler, Hoskin & Harcourt LLP served as the legal advisor to Kinross regarding the purchase agreement and related negotiations [9]. Group 3: Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada, focusing on responsible mining and operational excellence [10].

Core Viewpoint - Danske Bank has initiated a share buy-back program totaling DKK 5 billion, aiming to repurchase up to 45 million shares from February 10, 2025, to January 30, 2026 [1]. Group 1: Share Buy-Back Program Details - The share buy-back program is conducted in compliance with the Market Abuse Regulation and Safe Harbour Rules [2]. - As of the last announcement, Danske Bank has repurchased a total of 9,118,764 shares, with a volume-weighted average price (VWAP) of DKK 236.1485, amounting to a gross value of DKK 2,153,382,484 [3]. - In week 30, the bank repurchased an additional 363,566 shares at a VWAP of DKK 256.1656, totaling a gross value of DKK 93,133,101 [4]. Group 2: Accumulated Transactions - The total number of shares repurchased during the entire buy-back program has reached 9,482,330, with an overall VWAP of DKK 236.9160, resulting in a total gross value of DKK 2,246,515,585 [4]. - The shares repurchased represent approximately 1.136% of Danske Bank's total share capital [4].

Core Viewpoint - Equinor is set to commence the third tranche of its share buy-back program for 2025, amounting to up to USD 1,265 million, with a specific focus on purchasing shares worth up to USD 417.5 million in the market [1][2]. Group 1: Share Buy-Back Program Details - The total share buy-back program for 2025 is up to USD 5 billion, which includes shares to be redeemed from the Norwegian State, and is structured into tranches [2]. - The third tranche will be executed under a non-discretionary agreement with a third party, allowing independent trading decisions [2]. - The maximum number of shares that can be purchased in the market is 84 million, with 67,622,812 shares remaining available at the start of the third tranche [5]. Group 2: Cancellation and Redemption Process - All shares purchased in the third tranche will be cancelled through a capital reduction at the annual general meeting in May 2026 [4]. - The Norwegian State will vote for the cancellation of shares purchased in the market and redeem a proportionate number of its shares to maintain a 67% ownership stake [6][8]. Group 3: Regulatory Compliance - Share purchases will be conducted on the Oslo Stock Exchange and possibly other trading venues within the EEA, adhering to applicable safe harbour conditions and regulations [7]. - The board of directors will propose the cancellation of shares purchased in the third tranche at the annual general meeting in May 2026 [8].

Group 1 - The company JZR Gold Inc. has completed a non-brokered private placement of units at a price of $0.30 per unit, raising aggregate gross proceeds of CAD$1,800,000 by issuing 6,000,000 units, an increase from the initially planned CAD$1,500,000 due to investor interest [1][4] - Each unit consists of one common share and one common share purchase warrant, with the warrants exercisable at $0.40 for two years, subject to an acceleration provision if the share price exceeds $0.75 for 10 consecutive trading days [2][4] - The net proceeds from the offering will be used to fund operations of a fully constructed 800 tonne-per-day gravimetric mill and future exploration work on the Vila Nova Gold project in Brazil [4] Group 2 - The securities issued are subject to a hold period of four months and one day from the closing date [3] - The mill is reported to be fully operational, with minor improvements being completed to enhance operational efficiency [4]