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On 29 October, when Danish powerhouse DSV Panalpina (DSV PAN) announced its interim results – adding it would resume buybacks (up to Dkr6bn, or $960m), thus devoting most of its free cash flow to shrink the share count and adjust its capital structure – it was the classic “take it for it what it is” moment.

Then depression kicked in, as usually happens after the hype*, but in fairness there’s no one to blame here as CFO Jens & CEO Jens ...

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