TaxCharit€tm 22jun16

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Page 1 of 8 June 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
22 June 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 your mountains of cache you have hard saved by working, they are just
Bad Boys tossing coins, your coins, in their games with zero-sums. They add no value, as you do.
In North America I especially like the scabrous concept of the ‘Money For Life’, and ‘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 them up to 30 years, as they pay no interest to you, at all, ever, and
you have all the risk they may even lose it all. Then also there is the company (that will not payout
to war veterans), with their toppling dominoes they allude, that for you giving them $45 a week,
they will make you a 75% per annum return2
. That 75% 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 the ‘insurance as investment’ schemes those advertisements promote you buy.
Then, there is the delusion that just pops-up like a bad mannered whack-a-mole in the business
gossip advisors smart-talk for small investors to swallow, Exchange Traded Funds, ETFs. Even the
pundits have not figured this out3
You are just trying to save and earn an income, at very least be not
eaten by inflation by the delusion of ETFs, like Vanguard, the third largest in the US. If you
invested with them at their start in June 2001 you will have lost all of inflation for 15 years -34%
and still have another -13% less than you started for a net 51.42% loss. Just 48.58 cents remains in
purchasing power parity dollars for every dollar they had invested in another ‘non-country for old
men’ at Vanguard Total Stock Market ETF (VTI). In VTI's conjecture they trusted Karl Bogel and
now should weep for the $412.57 bn they lost to someone, as this is what remains (yeah VTI did
not start with $802.35 bn but Just So Stories are like that, as are the If Only I Had stories, the Artful
Dodgers and Muddled Fools stories).
Our Euro-cousins (and there are a lot of them, just in my family, introducing my children to over a
hundred and twenty of their cousins 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 your savings to insurance companies or
banks for their mis-management investing. That is good for the insurance industry and bankers, but
"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
“Something has survived all the chances of war and death has flashed between them – the spirit
of trade.” E. M. Remarque, The Road Back, 1930

“
Update
22 June 2016
as we know that is a dark pool of sharks biting on your wallet leaving you their scraps after their
pilot fish are done. Those handlers fingers are every bit as ‘sticky fingers’ problem-makers as
inundates the North American pensions industry. Up to 50% of the interest earned is missing4
in
those private pension plans run by the €uro-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 your children cannot even inherit your legacy principal or gains when you pass-on. People
do sign such deals, like annuities, uhh-huh. Those sharks, remora and morays like your wallet.
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 by 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
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 paid by the word business model pundits wrote lots, like arm-chair quarterbacks. The gossips
never knew and never do know. 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. Make your own piggy-bank.
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 by
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.”

“
Update
22 June 2016
The larger your “likeables” portfolio will tend to average 26% per annum Internal Rate of Return as
we had proven on DJI through the two recessions of the past 13 years, though we use options to
obtain that, and more, even in parlous markets5
. See our articles StockTakers’ 2012Q1 bite on
DJI6
. and The Counter Culture: Case for a Can Opener7. Our work stands on giants, insights of
three very different laureates, and on evidence as our “likeables” behaviour proves in real markets.
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 in near 90% of equities 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 your income. Quantitative Eating as ‘treacle-down’ just capitalizes sticky fingers
gaming markets, not consumers ‘getting-on-with-their-lives’ saving for an income earned.
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.
Accredited investors can buy our 12% bond8
and rest on easy income as we do the work.
StockTakers public TaxCharityTM portfolios are proof, you can see, with your money in your own
control. Extending our proprietary information as charity suiting small savers’ needs allows you
invest and build your own wealth, in your control. TaxCharit€TM allows you invest for Euro
retirement income or maintain liquidity for bumps in your life’s roads. Because we can … you can.
Portfolios Update List – 22 June 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 (N*drop $23.91 22mar16) CA.PA 25 21.1
Societe Generale Group (N*drop €35.18 22mar16) GLE.PA 35 29.8
Infineon Technologies AG 13.51 IFX.DE 10 12.2
Deutsche Lufthansa AG ($12.9 $topLoss 03may16) LHA.DE 12 10.3
Lafarge SA (€33.0 $topLoss 24feb16) LHN.PA 46 0.0
Orange SA (€15.3 $topLoss 31mar16) ORA.PA 13 13.2
Proximus SA de droit public (€29.5 $topLoss 26feb16) PROX.BR 30 25.8
Compagnie de Saint-Gobain SA 39.17 SGO.PA 35 36.3
Peugeot SA 13.66 UG.PA 14 11.9
Veolia Environnement SA (€20.6 $topLoss 01mar16) VIE.PA 18 18.8
Vivendi SA ($16.7 $topLoss 29apr16) VIV.PA 18 14.6
Buy-ins 22mar16 *100 shares each
AXA Group (€20.1 $topLoss 01apr16) CS.PA 20 17.8
Deutsche Telekom AG (€15.0 $topLoss 05apr16) DTE.DE 14 13.6
Bouygues SA (€35.3 $topLoss 01apr16) EN.PA 30 25.1
ING Group (€10.1 $topLoss 05apr16) INGA.AS 11 9.3
Koninklijke Philips NV (€23.6 $topLoss 06apr16) PHIA.AS 20 21.9
RWE AG 13.39 RWE.DE 10 10.1

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Update
22 June 2016
Veolia Environnement SA ($19.8 $topLoss 05may16) VIE.PA 18 18.8
Buy-ins 22apr16 *100 shares
Bouygues SA ($28.7 $topLoss 04may16) EN.PA 30 25.1
Iberdrola SA ($5.9 $topLoss 13jun16) 5.90 IBE.MC 5 5.8
OMV AG 25.10 OMV.DE 25 23.5
Orange SA ($14.2 $topLoss 14jun16) 14.20 ORA.PA 13 13.2
ThyssenKrupp AG 18.93 TKA.DE 15 16.2
K+S AG 21.00 SDF.DE 20 16.2
Buy-ins 22may16 *100 shares each
AXA Group ($19.2 $topLoss 14jun16) 19.20 CS.PA 20 17.8
Deutsche Lufthansa AG ($11.3 $topLoss 13jun16) 11.30 LHA.DE 12 10.7
Koninklijke Philips NV ($21.9 $topLoss 16jun16) 21.90 PHIA.AS 20 21.9
Veolia Environnement SA 20.13 VIE.PA 18 18.8
TaxCharit€TM EuroNext just Risk Price
driven ‘likeables’ equities 22jun16 /23feb16
24786.00 / 25000.00 Gain 4.0
months
-0.86%
IRR pa Too Early%
Current Cash (after 22apr16 buy-ins 291.00
Net Cash (after StopLoss *100 shares 7240.00
Current Cash pending Buy-ins *100 shares 7531.00
Buy-ins 22jun16 *100 shares each SF €
(Risk Price)
Stop/Loss
KDDI Corporation 26.18 DIP.F 13 24.0
Deutsche Telekom AG 14.46 DTE.DE 14 13.6
Enel SpA 3.91 ENEL.MI 4 3.7
E.ON SE 9.10 EOAN.DE 8 7.5
ING Group 10.59 INGA.AS 11 9.3
Rostelecom SP ADR 7.55 RTL.F 6 6.7
Net Cash Forward 22may16 *100 shares 362.00
Dividends earned 757.00
Total Cash Available 1119.00
TaxCharit€TM EuroNext just Risk Price
driven ‘likeables’ equities 22jun16 /23feb16
24786.00 / 25000.00 Gain 4.0
months
-0.86%
IRR pa Too Early%
Draghi’s invocation of ECB’s Quantitative Eating combined with oil and gas bloat has made
possible unusual volatility in the Euro-markets. To that adjustment market mavericks without
direction triggered many stoplosses again in this month, a trope of managers who cannot figure out
where they are. In paraphrase as Oscar Wide demurred, “Knowing the price of everything, is not

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Update
22 June 2016
knowing the value of anything.”
Those conniving cousins that have a self-serving plan have spawned the ‘Brexit’ ill-minded crisis
suiting them and nothing beyond. Elitism depends on exclusion-isms, they must have a victim to
enjoy their excesses. The ‘United Kingdom’ of their short-rear-view, they have crumbled in
carelessness. The federacy of Europe is the sixth of our world economy and the well on which
individual agency has drawn for modern democracy. Trade is what makes us who we are9
, as the
dominant species in the anthroposphere. It behoves us to seek useful trading connections and bind
with them, to federate into greater wholes that can add value to a greater sum than our own. That is
‘gestaltung of geld’ seed of capital-ism, credit granted put to better use. Oh well, you are suited to
pick-up the bargain ‘likeables’ for gain, in the midst of their confusions and obfuscations.
Fundamentals of consumer spending, cars and house prices all rose while the financial industry
managers threw your savings on the dice floor. We can buy back ‘likeables’ at lower prices and
recover in a form of modest short-selling, but of the many ‘zoomers’ sharply rebounding we
choose not to chase them. That high bounce also indicates to us that it is time to lessen out stoploss
measure further.
Balance sheets did not flip-flop, but portfolio managers did, unrelated to ‘fundamentals’ of value
investing10
. Our tighter $toploss values reduce risk of loss. All of the stocks in our public
portfolios11
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 your job 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 suiting the small investor accepting our charity. It is now time to
loosen the easily managed $toploss values to recover, but again we must rebuild for hopeful gain
as calmer markets will soon return. Price has no mass - gossip fluctuates and gyrates like a dervish,
gravity less so mass, it is a force, but we know more about it, than the ecstasy of an expectant price
whirling in the business gossip pages.
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. That is the expectation society has
of corporations given fictitious personhood in accepting as public liability for corporate risk of
failure that society will obtain benefits if corporate success is won. Society needs the collective use
of ‘credit float’. Society wants those risks for socio-economic benefits to all trading connections
for ‘credit float’ given to the federation of interests that is incorporated with the enterprise. How
the corporation is governed and the added value distributed is where we need to work out better.
Austerity the FSB sees as necessary is in support of retail bank reserves to limit imprudence of
moral hazard engaged by bankers as agents on the social cache. That reduces the amount of ‘credit
float’ available for real economy enterprises, creating worth and wealth in their business process,

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Update
22 June 2016
making ‘money’ to put in all our pockets and allocate as we wish or save in ‘likeables’ equities
hopeful of gaining better income than our labour alone provides. Bankers need to model value
added in granting credit as is warranted. Banking on “price has no mass” is just uncertainty.
Engage in ‘likeables’ save your own bacon. . Because we can, you can, too.
The conventional investment industry cannot prove any of their assumptions underlying their
methods. As we have shown, luck is all that they can trade in. At their best 1.03 to 1 is just a coin-
toss, not adding value, which does not cover their fees and expenses adding to the certain erosion of
your capital by inflation the government needs and uses12
to transfer wealth from all to few. Avoid
those Artful Dodgers playing dice with your wallet13
. They cannot tell of a fair price or value.
Nonsense told often enough can even become politically correct, even legally required by the self-
regulated, for the self-regulated, making for good ‘Just So’ stories14
but bad policy.
It is the behaviour of the market respecting the Risk Price of any firm that allows our ‘likeables’ to
be so powerful a tool for investing. Risk Price provides us with assurance of identifying those firms
that tend to gain in value. Shows us they work at it with their trading connections to obtain valiant
success. Their tendency is to become the most sought after firms in the market. In limited supply,
market demand tends to bid them up and for long periods 2 of 3 remain ‘overpriced’ often for years.
StockTakers is in the business of taking the anxious bets of the financial industry (they never know
where they are as they have no direction15
). Knowing Risk Price allows us to choose and decide,
making such surreal gains off their ‘bets’ because they are ill prepared. Their fortune only comes
with luck, like a coin-toss. This is about the financial industry that does not know how to deliver.
We do deliver as these publicly run TaxCharityTM
portfolios show. We do, because we can.
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
and AlphaSmartTM
high gain. Our Risk Price is what investors must know to defend their capital.
Market behaviour prefers the “likeables” trading them above Risk Price and bids up their price.
Our method is proven. Because we can, you can16.
In our Modal Geometry17
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).

“
Update
22 June 2016
The Modal Geometry theory of the firm has unfolded by rigourous observation of corporate ledgers
relation to balance sheets as business process18 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 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
647 608-2176
1
http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios
2
http://www.slideshare.net/HansGoetze/dominoes-in-the-park
3
https://www.youtube.com/watch?v=gvZSpET11ZY Even John Oliver’s research staff slipped into this trope of ETFs.
4
"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
5
http://riskwerk.com/2013/08/10/the-sp-tsx-hangdog-market-3/
6
http://www.slideshare.net/HansGoetze/stock-takers-2012-q1-bite-on-dji
7
http://www.slideshare.net/HansGoetze/the-case-for-the-can-opener-edufeb12
8
http://www.slideshare.net/HansGoetze/stocktakers-12-bond 5 year, 15 million callable, paying 2.874% quarterly to
accredited investors http://www.slideshare.net/HansGoetze/have-a-slice
9
In our most tragic hours recognizing our devastations, as we regain our humanity, “Something has survived all the chances of war
and death has flashed between them – the spirit of trade.” E. M. Remarque, The Road Back, 1930
10
https://en.wikipedia.org/wiki/The_Intelligent_Investor Price has no mass. It is a loose factor used in conventional
‘fundamentals investing’ and does not define any firm’s value accurately. But it is used so often, as it makes good grift.
11
http://riskwerk.com/2013/05/18/the-real-intelligent-investor/
12
The best and brightest of financial scholars cannot match that 1.03:1 marginal advantage so close to a monkey coin toss
returning 2.14% on the past 3 years, 1.41% on the past 5 years https://www.hedgefundresearch.com/family-indices/hfri On
On NASDAQ they do 0.98:1 result. Inflation floats all government policy as is necessary. Arguably Draghi is no helicoptering money
to consumers, but paying forward to the future the ability of the financial industry to make a profit today. The FIRE industry is a
large component of G7 nations GDP that consumers are credit floating. Draghi seems concerned for governments’ fiscal

“
Update
22 June 2016
opportunity. The policy is not statesmanship but economics in the least eikos true sense of ‘house keeping’ so whose house is he
keeping in order? See Protagoras, “otherwise the state could not exist.” Line 323.
13
https://www.youtube.com/watch?v=gvZSpET11ZY John Oliver’s researchers will find the ETFs like VTI are no better, returning
just $0.48 per dollar people put in 2001, at inception. See, http://www.slideshare.net/HansGoetze/dominoes-in-the-park
Retirement investments industrial products are not a country for old men, or the young. They are just selling you their risk.
14
http://www.slideshare.net/HansGoetze/what-use-is-gold arete, as Plato used in the Pythagoras “the management of
public affairs, how to make the most effective contribution to the affairs of the city by word and action" discourse on ethics is
opposed to eikos "the proper management of one's own affairs, how best to run one's household.”
15
http://www.slideshare.net/HansGoetze/orienteering-among-magpies
16
http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios
17
“The Modal Geometry of the Firm and the Balance Sheet Worth of the Trading Connections”, 2006.
18
http://riskwerk.com/2014/03/15/pi-the-process/

TaxCharit€tm 22jun16

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