Inflation Misunderstood: More Than Just Rising Prices

For nearly four decades, the Netherlands enjoyed remarkable price stability. Between 1983 and 2022, inflation rarely made headlines, surpassing 3% in only four years, with a peak of 4.5% in 2002. This era of predictable prices came to an abrupt end in 2022, when inflation surged to a striking 10%, thrusting the topic back into …

Continue reading Inflation Misunderstood: More Than Just Rising Prices

Nestlé’s Recent Destruction of Shareholder Value

I have always regarded Nestlé as a high quality company. They have a broad portfolio of high quality brands like Nespresso and a significant stake (20,1% as of this writing) in L'Oréal, which is a high quality company in its own right. That's why I was perplexed when I read the following in the 2024-half-year-report: …

Continue reading Nestlé’s Recent Destruction of Shareholder Value