“Comment, question or quotation of the day”

20-11-2017 : Quote of the day

"It is the size of the pizza that matters, not how many slices you cut it into." Merton Miller

17-11-2017 : Salvator Mundi

Imagine that Leonardo da Vinci sold his work to Louis XII and his wife Anne of Brittany who had ordered it to celebrate the taking of Milan for € 100,000 at the time, which does not seem expensive given his already high reputation at the time.
Capitalized at 1.64% per year, you find at the end of 507 years (one estimates the date of realization of the work between 1506 and 1513),. . . $ 450 million, i.e. the price paid yesterday.
First conclusion: at $ 450M, and even if we did not participate in the auction that started at $ 70M, the buyer does not seem to be a bad deal for the only one of the 15 paintings by Leonard de Vinci that is not in a museum.
Second conclusion: Be wary of long-term capitalizations that ignore wars, revolutions, inflationary flares, changes of tastes and other scourges.
Third conclusion: Going to the Louvre in Paris and Abu Dhabi, you will see 5 paintings by the master, including the wonderful Madonna and Child with Saint Anne. It There is more in life than just finance!
Have a nice day


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The Vernimmen.com Letter

Number 107 of October 2017

News : Why have the main European banking and insurance groups listed – or why are they planning to list – some of their subsidiaries?

Statistics : Yield curves in some major countries

Research : IPOs: the virtue of the greenshoe clause

Q&A : What is structural subordination?

COMMENTS : Comments posted on Facebook