Opium War Trade

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Jardine Matheson

This is one of the most complicated publicly traded companies

Still dominated by a single family.

Dates back to the 19th century, exploiting the Chinese in the opium trade and all sorts of other businesses.

Has a lot of attractive holdings in Asia and Europe.

Astra, Mandarin Oriental, Hong Kong Land, Dairy Farm, Rothschilds, Jardines Motors, etc…

Probably trades at a big discount to NAV

Hard to unlock value due to ownership structure.

Down low teens for the year.

Yields over 2%