Billionaire investor Charlie Munger professes love for this stock while acknowledging investment mistakes

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February 17, 2023

NordenBladet – Billionaire investor Charlie Munger, who has been vocal about his disdain for cryptocurrencies, also has a stock that he loves – Costco. At the annual shareholder meeting of the Daily Journal, Munger expressed his addiction to Costco, stating that he would never sell his shares.

Costco Wholesale Corporation (COST) stock exchange statement for the last year. The screenshot has been taken 17. February 2023, 19:55
Source: Finance.Yahoo.com

Despite Berkshire Hathaway selling 4.3 million shares in Costco in 2020, Munger has held onto his personal stake in the company, which was worth about $95 million as of November 2022.

Munger believes that if everything in America were working as well as Costco, it would be a blessing for everyone. Munger’s stake in Costco is second only to CEO Craig Jelinek’s stake. The stock has performed well in 2023, rising 11% year-to-date compared to the Dow Jones’ 2.2% increase.

However, not all of Munger’s investments have been successful, as he recently named Alibaba as one of his biggest investment blunders, saying that he had been charmed by their position in the Chinese internet and failed to realize that they were still primarily a retailer.

Featured image: Billionaire investor Charlie Munger (NordenBladet)

WHY Energy Stocks are struggling to keep up with the broader market

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Despite a robust performance in 2022, energy stocks have been lagging behind the rest of the market in recent weeks. While growth stocks continue to rise, the S&P 500’s Energy Select Sector (XLE) is up only 1%, compared to the benchmark index’s gain of more than 7%.

Last year saw oil and gas stocks soar while technology and consumer discretionary stocks declined, but 2023 has reversed that trend. Even though shares of companies like ExxonMobil (XOM) hit a 52-week high in early February, they have since been downgraded by CFRA Research given their recent run-up.

Exxon Mobil Corporation stock exchange statement for the last year. The screenshot has been taken 17. February 2023, 19:30
Source: Finance.Yahoo.com

“Our change in opinion is based on valuation. Shares are up 42% in the last 12 months,” analyst Stewart Glickman said in a note to investors, “In the near term, we think refining margins could narrow as price caps on Russian refined products work their way into the system in February, and we think oil services cost pressures may intensify.”

The performance of energy stocks is largely tied to the underlying commodity price, which has remained stagnant lately, but there is hope for the industry as oil prices are expected to rise in the coming months due to seasonal demand increases and China’s reopening post-COVID lockdowns.

For now, energy bulls are still favoring cyclical equities over high-tech growth names.

Featured image: Unsplash

Wall Street in Turmoil: Stocks tumble as inflation remains a concern

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Investors face continued market instability as stocks take a hit, particularly in the tech sector, amid higher bond yields and a strengthening dollar.

* Tech stocks plunge as investors remain risk-off amid hawkish Fed
* Investor worries grow as bond yields rise and dollar strengthens

The S&P 500 and Dow Jones Industrial Average have each declined around 0.5%, while the technology-focused Nasdaq Composite slumped by more than 1%. The bond market has seen the 10-year US Treasury yield rise to 3.88%, with a strong dollar index trading at $104.32.

Despite an earlier market sell-off on Thursday, there is hope for continued growth with strong employment gains and the economy in growth mode.

Experts predict a quarter-percentage point interest rate hike in March and May, with potential for further hikes if inflation, consumer demand, and job growth remain stable. While market turbulence will continue, investors remain optimistic that the economy will remain robust.

Featured image: Unsplash

European Countries take a step back on Transgender Rights

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Several European countries that previously supported transgender rights are quietly rolling back on their policies. This change is coming at a time when there has been a significant increase in people reporting gender dysphoria, a condition where people feel their assigned gender at birth does not align with their personal identity.

Sweden, for example, known for being a pioneer in LGBTQ rights, started restricting gender-affirming hormone therapy for minors, allowing it only in very rare cases, and limiting mastectomies for teenage girls wanting to transition to a research setting.

This change is a complete reversal of the 2015 Swedish Health Authority’s position that puberty blockers and cross-sex hormones were safe. The National Board of Health and Welfare states that the reason for the rollback is that little is known about the long-term effects of these treatments, and the risks outweigh the benefits currently. Experts say that these treatments were designed for exceptional cases, to begin with. Sweden has seen a sharp rise in diagnoses of gender dysphoria* in recent years, with an increase of 1,500% among 13- to 17-year-olds assigned female at birth between 2008 and 2018. However, the reason behind this increase remains largely a “mystery,” according to experts.

Sweden’s change in policy is all the more notable since the country was the first to authorize legal gender transition in 1972, paving the way for sex reassignment surgery to be covered by its universal healthcare system. As the government revisits its policies, some in the transgender community are concerned. The change could mean that these people might need more care and invasive procedures in the future because the medical decision could not be made earlier, even though the need was there.

Several other European countries are also stepping back from gender-affirming care. Finland restricted hormone therapy for minors in 2020, while France called for “the utmost reserve” on hormone treatments for young people. Hungary passed a law in 2020 banning trans or intersex people from legally changing their gender. The UK government blocked the Scottish government’s Gender Recognition Reform Bill in January, which made it easier for people to self-identify as transgender without the need for a medical diagnosis.

Only Spain is bucking the trend, having just passed a controversial law allowing anyone over 16 to freely change their gender on their ID card. Until now, adults in Spain could only request the change with a medical document attesting to gender dysphoria and proving they had undergone hormonal treatment for two years. Minors needed judicial authorization.

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* Dysphoria or dysphoric mood is a mental state in which a person has a profound sense of unease or dissatisfaction. While not a mental health diagnosis on its own, dysphoria is a symptom associated with a variety of mental illnesses, some of which include stress, anxiety, depression, and substance use disorders.

Featured image: Pride parade in France (Unlspash)

Sweden: The luxury club Soho House at Östermalm is classified as a “church” – escaped taxation of millions of kroner

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NordenBladet.com

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February 17, 2023

NordenBladet – The luxury club Soho House at Östermalm (Majorsgatan 5, 114 47 Stockholm, Sweden) sells memberships to celebrities, cultural profiles and people in business for over 20,000 Swedish kroner per year, Expressen.se mediates.

At the same time, the company, which is which is registered in the Cayman Islands, has declared that the church operates on the premises – and thus escaped property tax for millions.

“We are aware of the matter and have contacted the Swedish Tax Agency,” says Anna Spennare, board member of Majorsbolaget, which owns the property where the club is located.

Featured image: SOHO House Stockholm (sohohouse.com)

HOW does Estonia’s electoral system work?

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Estonia’s electoral system aims to provide fair representation for all political parties and ensure a diverse range of voices in the parliament. Estonia goes to the polls on March 5, 2023, to elect the 101 members of the XV composition of the country’s unicameral legislature, the Riigikogu. Riigikogu elections are held every four years, in early March.

The Estonian Riigikogu’s electoral system is a complex process that requires political parties to reach a minimum threshold of votes to gain representation in the parliament. Estonia’s unicameral parliament has 101 seats, which are allocated based on the proportion of votes that each political party receives. The process involves two types of elections: constituency and proportional representation.

In the first stage of the election, voters choose their preferred candidate from their constituency, of which there are 12. The candidates with the most votes from each constituency will then advance to the next stage, while the others will be eliminated. This results in 101 candidates for the next stage.

The second stage is a proportional representation election, where political parties submit a list of candidates to fill the remaining seats in parliament. In this stage, each party’s total votes are divided by the number of seats they received in the constituency election, plus one. This number is then used to determine the proportion of seats the party will receive in the parliament.

Parties must receive at least 5% of the vote in the proportional representation election or win a seat in one of the constituencies to gain representation in the Riigikogu. If a party fails to reach this threshold, they will not receive any seats in parliament.

More info in English about Parliamentary elections 2023 (Ministy of Foreign Affairs)

Featured image: Tallinn, Estonia (Unsplsh)

Estonia: Tallinn plans to create a new cycle pathway to connect the seafront with Kadriorg Park

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Tallinn City Government is seeking opinions from locals about a proposal to create a new cycle path that will link the seafront with Kadriorg Park.

The proposed cycling path will connect Reidi tee with J. Poska tänav and will be built adjacent to the existing cycling path. The plan includes constructing a 3-meter-wide asphalt-paved cycle lane and a 2.5-meter-wide paved footpath, which will be designed to match the park-like setting of the area and accommodate easy access for scooters and wheelchairs. In addition, new street lighting and vegetation will be added to the path.

Deputy Mayor Vladimir Svet emphasized the need for a new solution to connect Kadriorg Park with Reidi tee and J. Poska Street. The area currently has cycling paths and footpaths, which were created during the redevelopment, and are convenient for cycling. The new cycle path will provide a natural and safe corridor for cyclists separated from other road users.

The design of the new cycle path is available for consultation and suggestions until March 2 on the Tallinn website: https://www.tallinn.ee/et/poska-reidi

Estonian ambassador to Moscow says access to information more difficult without high representative in Moscow

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Margus Laidre, the former Estonian Ambassador to Russia, who left Moscow at Russia’s request, has spoken about the challenges of diplomacy and information gathering without a high representative in Moscow.

Margus Laidre notes that a higher-ranked diplomat would have greater access to specific events, meetings, and people. He points out that although the United States had a deputy ambassador in Moscow for a few months, his access was limited. Laidre also emphasizes that it is important to synthesize information from both inside and outside sources to form a comprehensive picture. Laidre acknowledges that although none of the Baltic republics have an ambassador in Moscow, the Estonian Embassy has a capable temporary deputy, Jana Vanamölder, who is familiar with Russia and will continue to operate effectively.

Commenting on the Russian people’s attitude to the war in Ukraine, Laidre notes that they can adapt to difficult circumstances, but he also observes occasional bursts of anxiety, limited store selection, and rising costs of living in Moscow. He adds that Russians are reluctant to discuss the war for both psychological reasons and fear of punishment, and that they follow current events and use VPNs to circumvent country-specific internet restrictions.

Laidre also notes that Western sanctions are having an impact on Russia, but it takes time to show results. Although there are currently no signs of a power vacuum in Moscow, Laidre points out that Russia’s history has demonstrated events can begin quickly and that it is difficult to predict when a tipping point will occur. Regarding the possibility of Russian athletes being banned from participating in the Paris Summer Olympics, Laidre believes that it would have an effect on Russia, given the importance of sport in Russian politics.

Featured image: YouTube
Source: The article is referenced from ERR. Read the original article titled “Without ambassador it will be harder to get information from Moscow” here

Party ratings: MOST-supported candidates in each of Estonia’s twelve electoral districts

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Pollsters Kantar Emor have conducted a fresh survey of the most-supported candidates in each of Estonia’s twelve electoral districts, ahead of the March 5 Riigikogu election.

These are as follows:

Electoral district nr. 1 (Tallinn Haabersti, Põhja-Tallinn and Kristiine districts): Kristen Michal (Reform), Vadim Belobrovtsev (Center) and Signe Riisalo (Reform).

Electoral district nr. 2 (Tallinn City Center, Lasnamäe and Pirita districts): Mihhail Kõlvart (Center), Siim Kallas (Reform) and Leo Kunnas (EKRE).

Electoral district nr. 3 (Tallinn Mustamäe and Nõmme districts): Lauri Laats (Center), Martin Helme (EKRE) and Urmas Paet (Reform)

Electoral district nr. 4 (Harju- and Rapla counties): Kaja Kallas (Reform), Jüri Ratas (Center) and Henn Põlluaas (EKRE).

Electoral district nr. 5 (Hiiu-, Lääne- ja Saare counties): Kalle Laanet (Reform), Kalev Stoicescu (Eesti 200) and Helle-Moonika Helme (EKRE).

Electoral district nr. 6 (Lääne-Viru County): Hanno Pevkur (Reform), Anti Poolamets (EKRE) and Siret Kotka (Center).

Electoral district nr. 7 (Ida-Viru County): Yana Toom (Center), Maksim Iljin (Eesti 200) and Arvo Aller (EKRE).

Electoral district nr. 8 (Järva- and Viljandi counties): Jürgen Ligi (Reform), Jaak Madison (EKRE) and Helir-Valdor Seeder (Isamaa).

Electoral district nr. 9 (Jõgeva- and Tartu counties): Urmas Kruuse (Reform), Peeter Ernits (EKRE) and Aivar Kokk (Isamaa).

Electoral district nr. 10 (Tartu City): Urmas Klaas (Reform), Jaak Valge (EKRE) and Kristina Kallas (Eesti 200).

Electoral district nr. 11 (Võru-, Valga- ja Põlva counties): Liina Kersna (Reform), Anti Allas (SDE) and Igor Taro (Eesti 200).

Electoral district nr. 12 (Pärnu County): Annely Akkermann (Reform), Mart Helme (EKRE) and Toomas Kivimägi (Reform).

Election week begins on Monday, February 27 and ends on Election Day, Sunday, March 5.

In Riigikogu elections, you can also vote in Estonian embassies abroad. Voting in foreign embassies takes place on at least two days from February 18 to February 23.

E-voting can only be done on a computer. In order to identify yourself and vote, you need either an ID card and an ID card reader or a mobile ID and the accompanying PIN codes. E-voting can be done from Monday to Saturday during the election week. On Sunday, it is possible to cancel your e-vote by voting in the polling station.

Featured image: Unsplash

Estonia: Nearly 25 tons of oranges arriving from Egypt were returned by the Estonian Agricultural and Food Board at the Muuga border

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Helena-Reet Ennet

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February 17, 2023

NordenBladet – Nearly 25 tons of oranges arriving from Egypt were returned by the Estonian Agricultural and Food Board at the Muuga border crossing due to the detection of residues of plant protection products not recognized in the European Union.

The contaminated oranges were discovered during a routine inspection, where all high-risk non-animal products are checked at the border, including documents and samples taken with a certain frequency. The Navel oranges from Egypt exceeded the maximum limit for the residues of three plant protection products not recognized in the EU, namely cyfluthrin, omethoate, and dimethoate. As a result, the oranges were sent back to their country of origin.

Regina Pihlaka, the head of the border inspection department of the Agriculture and Food Board, explained that non-compliance was also detected in two non-animal products last year. In the case of rice, the documents did not meet the requirements, and bamboo plastic products intended for food contact were not allowed in the European Union. The products came from China and were destroyed. The agency continues to take samples to detect pesticide residues in food, allowing them to identify potentially hazardous products and remove them from sale or send them back at the border point.

Featured image: Unsplash

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