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Latticework 2026 (November 10-11) is fully booked. I look forward to welcoming a great group in Chicago for fireside chats, panel discussions, idea pitches as well as a reception and dinner.
Ideas from our member newsletter
We highlight a few stock write-ups from the latest Weekly Inspiration:
Bolloré (Paris: BOL) trades at a low-30s percent discount to the market value of its holdings, so a buyer pays ~€11 for each Universal Music Group share underneath, against the ~€18 UMG itself paid this year for part of Pershing Square’s stake. Andrew Brown of East 72 Management values Bolloré at €10.76 a share if the self-control loop that gives the family an effective 8.4% stake in Compagnie de l’Odet is fully collapsed, and €5.37 if it stays. Simplification has advanced (€4.2bn of gross dividends, a buyback), but detours remain: new cross-holdings among Havas, Canal+ and Louis Hachette, and the aborted 2024 Rivaud squeeze-out. A proper bid of ~€250m for the Rivaud shares in public hands would give Bolloré unfettered access to €3.2bn of cash. East 72 holds its UMG exposure through Bolloré, considers Bolloré and Odet cheap and likely to merge eventually, and added to its Odet holding after quarter end at an 18% discount to NAV.