If anything, in the current, shakier risk-on environment for equities*, we found out today that Denmark’s AP Møller-Mærsk (APMM) doesn’t need a transformational, vertical deal** to make its shareholders proud of having their names on the shareholder register, which is increasingly a plus for anybody looking for value accretion from their holdings.

(*Bank of America Merrill Lynch September Global Fund Manager Survey: Investors continue to expect a decline in global growth expectations, while profit expectations have recently plummeted; **You may recall our previous, mildly provocative ...

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