However tough the ride has been lately, “no cursing allowed” is the warning for Kuehne + Nagel (K+N) shareholders – all other signs, quite frankly, have been there for over a decade.

New vs old K+N

The shares of the world’s ocean freight leader, now trading about ten bucks above pre-credit crunch highs, languish in the low/mid-Sfr130s, simply reflecting the inability of the “New K+N” to live up to the expectations set by the “Old K+N”, which was run under the operating leadership ...

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