Bought SNOW, AAPL and Hornbach

With the market offering more reasonable put more money to work again.

SNOW

Snow does have an open dutch auction tender offer with odd-lot priority. I have bought 99 shares under $9 and will tender them for a profit of at least ~$40.

name

ticker

sum

mcap

% mcap

odd lot

min

max

announced+1

due date

price now

price min

price max

INTRAWEST RESORTS HOLDINGS

snow

$50,000,000

385,721,274

12.96%

yes

9

10

1/13/2016

2/10/2016

8.53

8.57

8.83

  

AAPL 

 This is just a short-term trade. Apple looks undervalued here. The expectations have come down a bit. The company still generates much cash. Although I see the low tax rate for foreign profits at risk here, when the OECD will finish their BEPS initiative.

Hornbach

The price dropped below €26 and this stock was on my watchlist to buy at this price. The last quarter was rather bad because of strong competition. Hornbach has a price guarantee and reacts on price decreases by their competitors. This means they "invest" in the perception of low prices. Customers should not feel the need to compare prices all the time.
Interestingly Hornbach offers free Wi-Fi in their DIQ megastores. If one finds a cheaper price online you get the cheaper price of the competitor minus 10% via their price guarantee. I see some intangible value here. Additionally I went to stores and looked around. The employees do not change all the time and seem to know their products quite well. For inventory management a SAP system is used.

SPIL

There is also a tender with an odd-lot priority open right now. The price is higher than the current share price.