DETTA INLÄGG ÄR ETT UTDRAG UR HALVÅRSBREVET JAG SKICKADE TILL PANDIUMS ANDELSÄGARE 5 FEBRUARI 2017.
We sold Sold MSC Industrial Direct (MSM). It returned 76% or 86% annualised. Although the company has increased forecast compared to last year the main reason behind the strong performance is a sentiment change. The market is now much more optimistic about the near-term prospects of the company than it was a year ago. Since my view from last year is unchanged I do not think the company is undervalued anymore.