TaxCharitEtm 23feb16

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Page 1 of 6 February 2016 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited.
The author does not provide investment advice. In order to use reproduce or convey the material herein,
in any way, written agreement must be obtained from the author or its agent Architypes Inc.
StockTakers Limited is an Alberta corporation providing information on “likeables” equities.
StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions.
Defend Your Capital, EuroSocialTradingTM
Update
23 February 2016
Equities trading above our benchmark Risk Price (SF) are those liked by investors, as two of three
continue to price rise due to investors’ preference. These equities we call “likeables.” They are
revealed by their rise above Risk Price, our metric that investors must know to defend their capital1
.
Cash must be engaged in the economy in business ideas with valiant balance sheets or it loses
value. That is simple fact. For small savings it is needful but arbitrary you feed at the low price end
of "likeables" we find in balance sheets. Equities that tend to hold their value and gain are better
than cash. Risk Aversion, Capital Safety and Liquidity in ‘likeables’ we prove works for you.
The problem for us all is the legally pampered insurance banking and real estate industry is ring-
fenced from responsibility for their indiscriminate investment models, none of which they can show
actually work. Sitting on our mountains of cache we have hard saved they are just bad boys down
tossing coins, our coins, in their games with zero-sums.
In North America I especially like the scabrous concept of the ‘Money For Life’, ‘10 for 20’
schemes. You give them your money for 10 years and then they start giving it back at 5% per year
for 20 years – free money for up to 30 years, for them, and they pay no interest to you, at all, ever,
and you have all the risk they may lose it. Then also there is the company (that will not payout to
war veterans), with their toppling dominoes they allude, that for you giving them $50 a week, they
will make a 15% per annum return. That 15% p.a. gain they have never done. While there is truth in
advertising, ‘all the blocks toppled – for a new Guinness record’ but, apparently not in respect to
insurance schemes those advertisements promote.
Our Euro-cousins (and there are a lot of them, just in my family I introduced my children to over a
hundred and twenty of then at one dinner), have the disadvantage they do not have tax charity in the
form of self-directed stock trading possible in their personal retirement savings as in North
America. In Europe you are constrained into feeding insurance companies or banks your savings for
their mis-management investing. That is good for the insurance industry and bankers, but as we
know that is a dark pool of sharks biting on your wallet leaving you their scraps. Those handlers
fingers are every bit as ‘sticky fingers’ problem-makers as inundates the pensions in North
America. Up to 50% of the interest earned is missing2
in those private pension plans run by the
FIRE industry. Oops! In Europe you better save a lot to get a durable retirement better than state
minimums in your control. In one insurance industry scheme apparently your children cannot even
inherit the principal or gains when you pass-on. People do sign such deals, like annuities, uhhhah.
For our euro-social cousins we feel the need to give them our small investor leg-up running their
own money for themselves for income or building wealth they can share with their children. Since
we claim our Risk Price driven ‘likeables’ investment model holds for any market (ruled by law
more than corruption), we thought our many curious European cousins following our portfolios
should have one of our portfolios for them too, as we prove it. WE will use the same basis, of a
"there is risk in what you do not or cannot know." Thomas Tooke, 1844
"for the value of money is also perishable." Jean-Baptiste Say , 1803

“
Update
23 February 2016
modest savings pool, of €25 000 you might have to roll-over from such a programme as has built-
up after 20 years in the German, bank run, tax free saving plan Vermögenswirksameleistung a VL
for short. Because, we do, you can.
The US markets particularly well fed on Quantitative Eating courtesy of the Federal Reserve
suddenly lost their expectations. The markets are always expectant mooing for fodder. They got
pooped when the forced feeding ended, despite early avuncular advice from Fed. Now finally a
tentative rate rise feels out if recovery is real in the real economy.
The market mavens are always, ‘surprised’ again, it is their stock response. Consumers were
demanding, firms were not reversing their balance sheet cash loads. Firms that have not found their
way to innovate, have chosen to aggregate. At high cash and low rates many have chosen to buy-
back stock, as confirmed in scooping their stock-options their moral hazard gets rewarded, again.
The paid by the word business model pundits wrote lots, like arm-chair quarterbacks. The gossips
never knew and never do. We have a guidepost, Risk Price (SF), we know where we are and, when
and where to go. Know What You Have. Have What You Know.
Quantitative Eating was an unusual time. Most everyone has forgotten the DJI was at 12966
03dec2012. That rate is not likely to be repeated even if Draghi uses QE. Conventional bleating of
the ‘dollar-per-word” industry called 2014 too volatile and 2015 too lame, to make money, for you.
With our “likeables” you can save your own bacon. You have proof.
What proof does convention offer? Yup, that is an oxymoron. Convention is flat-landers in a global
reality. Fund managers are just used equities traders who know little more than pretense, for
unworthy fee-taking so that none is ever left for you. Do not give those Artful Dodgers your wallet.
Financial industry advisors are schooled sellers of financial products to
exploit small investor savings for their taking fees. They are not changing
their tools or sharpening those they have. They took the “regular courses”
required by a self-regulated industry driven only their creative sales fiction.
Seemingly, certification requires intensive study in the key tools of
Rhetoric - Adumbration, Subterfuge, Mystification and Derogation.
Humm, that sounds familiar.
“I only took the regular courses,” sighed the Mock Turtle.
“What was that?” inquired Alice. “Reeling and Writhing, of course, to
begin with, and then the different branches of Arithmetic – Ambition,
Distraction, Uglification, and Derision.”
The larger your “likeables” portfolio will tend to average 26% per annum Internal Rate of Return as
proven through the two recessions of the past 13 years, though we use options to obtain that. See
our articles StockTakers’ 2012Q1 bite on DJI3
. and The Counter Culture: Case for a Can

“
Update
23 February 2016
Opener4
. Our work stands on giants, insights of three very different laureates, and evidence as our
“likeables” behaviour is proof.
On gossip hem and haw the markets continue to bounce and yaw with all the boats. The managers
of pensions, insurance and other equity pools trade accounts for 90% of the market, but they do not
know which way that flat-world view of theirs turns, but churning your money works for their
salaries, just not yours. Quantitative Eating ‘treacle-down’ just capitalized sticky fingers gaming
US markets, not consumers ‘getting-on-with-their-lives’ hoping to earn income on savings.
Our public portfolios do better because we can with our new theory of the firm. We seek accredited
investors to advance what we have proven. We show proof in our methods, in real time portfolios.
Our public portfolios are proof, you can.. Extending our proprietary information as charity suiting
small savers’ needs allows you invest and build your wealth, TaxCharit€TM
allows you invest in
your retirement income or maintain liquidity for bumps in life’s roads. Because we can, you can.
Portfolios Update List – 23 February 2016
TaxCharit€TM
EuroNext just the equities of
"likeables" Firms
Market
Price
Symbol SF
(Risk Price)
Stop/Loss
Buy-ins 23feb16 *100 shares each
Carrefour SA 23.70 CA.PA 25 22.2
Proximus SA de droit public 30.61 PROX.BR 21 29.5
Societe Generale Group 30.37 GLE.PA 35 28.3
Infineon Technologies AG 11.43 IFX.DE 8 10.6
Deutsche Lufthansa AG 13.57 LHA.DE 12 12.7
Lafarge SA 34.30 LHN.PA 46 33.0
Compagnie de Saint-Gobain SA 35.45 SGO.PA 30 34.1
Peugeot SA 13.67 UG.PA 10 12.4
Veolia Environnement SA 21.68 VIE.PA 13 20.6
Orange SA 15.99 ORA.PA 10 15.3
Vivendi SA 18.23 VIV.PA 15 17.3
TaxCharit€TM
Risk Price driven ‘likeables’ equities of Firms
24900.00 / 25000.00 Gain 0.0
months
0.00%
IRR pa 0.00%
Current Cash (after 22feb16 buy-ins 100.00
Net Cash (after StopLoss *100 shares 0.00
Current Cash pending Buy-ins *100 shares 1200.00
Net Cash Forward 22jan16 *100 shares 100.00

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Update
23 February 2016
Dividends earned 0.00
Total Cash Available 100.00
TaxCharit€TM
Risk Price driven ‘likeables’ equities of Firms
24900.00 / 25000.00 Gain 0.0
months
0.00%
IRR pa 0.00%
Removal of Quantitative Eating combined with oil and gas bloat has made unusual down-side
volatility in all markets this past year. To that adjustment now older Greece and newer China
issues added spooky gossip, a ‘sea-change’, of stoplosses were triggered again in January by a
trope of managers who cannot figure out where they are, as in September November and
December. Fundamentals of consumer spending, cars and house prices all rose while the managers
threw your money on the dice floor. We can buy back “likeables” at lower prices and recover.
Balance sheets did not flip-flop, but portfolio managers did, unrelated to ‘fundamentals’ of value
investing5
. Our tighter $toploss values reduce risk of loss. All of the stocks in our public
portfolios6
simply rebounded. Most, can still be bought back for less than they stopped out. Take
the bonus and buy those back. Skimming for advantageous collaring options to protect your capital
takes time, instead of working at what you know you do best. Collaring of options can be very
useful in added gains but it requires a lot more attention than small investors can lavish.
Stoploss is a simpler approach. It is not time to loosen the easily managed $toploss values to
recover, but again we must rebuild for gain hopeful calmer markets will soon return. Price has no
mass - gossip fluctuates and gyrates like a dervish, gravity less so but we know more about it.
The reality that ‘treacle-down’ never worked is roosting, as much as, austerity is impoverishing in
hard times when innovation and productivity are needed to ‘credit float’ warranted investment in
valiant business processes and enterprises in the real economy. Austerity the FSB sees as
necessary in restraint of retail bank reserves limits imprudence by moral hazard of bankers but
reduces the amount of available ‘credit float’ from real economy enterprises creating worth and
wealth in their business process, making ‘money’ to put in all our pockets and allocate as we wish
or save in ‘likeable’ equities hopeful of gaining better income than our labour alone provides.
Engage in “likeables” save your own bacon.
The conventional investment industry cannot prove any of their assumptions underlying their
methods. As we have shown, luck is all that they trade in. At their best 1.03 to 1 is just a coin-toss,
not adding value. They cannot tell of a fair price or value. Nonsense told often enough can even
become politically correct.
Equities that tend to hold their value and gain are better than cash. We like Capital Safety and
Liquidity because we have proven our risk aversion works, consistently obtaining both low risk

“
Update
23 February 2016
and AlphaSmartTM
high gain. Our Risk Price is what investors must know to defend their capital.
Market behaviour prefers the “likeables” trading above Risk Price and bids up their price. Our
method is proven. Because we can, you can7
.
In our Modal Geometry8
theory of the firm we make only two assumptions, clearly as follows:
1. there is a balance sheet of the firm (that the rule of law governs its information is possibly
weak assumption but at an accuracy to at least the modest degree accountants are prepared
to be responsible for); and,
2. the firm will vigorously negotiate, “what it owns” (in order to stay in business “what is
owed to it” with “what it owes” and vice versa, to make the best of what it has, that is in its
trading connections).
The Modal Geometry theory of the firm has unfolded by rigourous observation of corporate ledgers
relation to balance sheets as business process9
adds value. That is aided with logic, epistemology,
and some powerful mathematics. You have proof in these TaxCharityTM
portfolios performances.
Our reasons for having any equity in our portfolios are clear, concise and consistent. “likeables”
tendency demonstrates 2 of 3 gaining for the long term. This we show proof positive, in our
TaxCharityTM
and BookBuilderTM
portfolios continued gain.
Know What You Have. Have What You Know.
Our view is risk averse. Of course we require 2&20 fees for doing that. Mail us for our help.
Hans Goetze,
Architypes Inc. architypes@gmail.com and StockTakers Limited
Head Office
76 Midridge Close SE
Calgary, AB
T2X 1G1
351 Chemin Boulanger
Sutton, PQ
J0E 2K0
450 538-1270
1
http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios
2
"in almost all firms, 30 to 50% of the capital required to meet the commitments made in days when the interest rates were higher
is missing". The Germans have invested 500 billions euros in Voluntary Occupational Pension and 170 to 225 billions euros are
needed to fill in the coverage gap.” title = 100 Milliarden Euro gesucht | Last = Henrich, Kamp| Fist = Anke, Matthias | publisher =
Verlagsgruppe Handelsblatt GmbH | newspaper = Wirtschaftswoche | date = November 25, 2013
https://en.wikipedia.org/wiki/Pensions_in_Germany#cite_note-7
3
http://www.slideshare.net/HansGoetze/stock-takers-2012-q1-bite-on-dji
4
http://www.slideshare.net/HansGoetze/the-case-for-the-can-opener-edufeb12
5
https://en.wikipedia.org/wiki/The_Intelligent_Investor
6
http://riskwerk.com/2013/05/18/the-real-intelligent-investor/
7
http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios

“
Update
23 February 2016
8
“The Modal Geometry of the Firm and the Balance Sheet Worth of the Trading Connections”, 2006, unpublished but available
from the author.
9
http://riskwerk.com/2014/03/15/pi-the-process/

TaxCharitEtm 23feb16

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