{"id":4334,"date":"2025-02-17T10:30:06","date_gmt":"2025-02-17T09:30:06","guid":{"rendered":"https:\/\/tresorcapital.nl\/the-10-holding-lessons-of-michael-gielkens\/"},"modified":"2025-09-02T09:51:54","modified_gmt":"2025-09-02T07:51:54","slug":"the-10-holding-lessons-of-michael-gielkens","status":"publish","type":"post","link":"https:\/\/tresorcapital.nl\/en\/the-10-holding-lessons-of-michael-gielkens\/","title":{"rendered":"The 10 holding lessons of Michael Gielkens"},"content":{"rendered":"<p><span lang=\"NL\">Recently, Tresor Capital partner Michael Gielkens gave a presentation for VFB trefpunt Limburg in Hasselt on holdings. On behalf of the website &#8220;De Kwaliteitsbelegger,&#8221; the Dutch-language counterpart of Compounding Quality by well-known investor Pieter Slegers, Willem Verstrepen attended the presentation. <\/span><\/p>\n<p><a title=\"https:\/\/www.dekwaliteitsbelegger.be\/p\/2d3d0135-b1b8-4a90-9b0e-69fac08fbdd4?postPreview=paid&amp;updated=2025-01-31T14%3A28%3A45.032Z&amp;audience=everyone&amp;free_preview=false&amp;freemail=\" href=\"https:\/\/www.dekwaliteitsbelegger.be\/p\/2d3d0135-b1b8-4a90-9b0e-69fac08fbdd4?postPreview=paid&amp;updated=2025-01-31T14%3A28%3A45.032Z&amp;audience=everyone&amp;free_preview=false&amp;freemail=\" target=\"_blank\" rel=\"noopener\" data-outlook-id=\"6aa898e0-3d14-4126-b8bf-13ed5a4cee07\"><span lang=\"NL\">Pieter and Willem wrote a short report with ten holding classes on the website of The Quality Investor<\/span><\/a><span lang=\"NL\">, which we reproduce here with permission. <\/span> <\/p>\n<hr style=\"height: 1px; border-width: 0; color: gray; background-color: gray;\">\n<p>&nbsp;<\/p>\n<p>Recently, <strong>Michael Gielkens<\/strong> gave <strong>a lecture on holdings.<\/strong><\/p>\n<p>He is a friendly man with tons of experience in the stock market.<\/p>\n<p>Today, let&#8217;s look at <strong>Michael Gielkens&#8217; ten holding lessons.<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-3142 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018.jpg\" alt=\"\" width=\"768\" height=\"425\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018.jpg 1840w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018-300x166.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018-1024x567.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018-768x425.jpg 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/b1327e2a-e91c-4e58-9593-1c702a472987_1840x1018-1536x850.jpg 1536w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/p>\n<h3 style=\"text-align: justify;\">What are Holdings?<\/h3>\n<p>Holdings are companies that invest in other (un)listed companies.<\/p>\n<p>Often they do not produce goods or services themselves.  <strong>They make money by investing in other companies.<\/strong><\/p>\n<p>Just as you make money by investing in stocks, so does a holding company.<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"wp-image-3141 alignnone\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/bc2def5d-0cf6-4a8c-a0c8-d09849c65ca7_800x533.jpg\" alt=\"\" width=\"776\" height=\"517\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/bc2def5d-0cf6-4a8c-a0c8-d09849c65ca7_800x533.jpg 800w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/bc2def5d-0cf6-4a8c-a0c8-d09849c65ca7_800x533-300x200.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/bc2def5d-0cf6-4a8c-a0c8-d09849c65ca7_800x533-768x512.jpg 768w\" sizes=\"(max-width: 776px) 100vw, 776px\" \/><\/p>\n<div style=\"text-align: justify;\">\n<h3 style=\"text-align: justify;\">1. Holdings do better in the long run<\/h3>\n<p><strong>Holdings create long-term shareholder value.<\/strong><\/p>\n<p>There are two main reasons:<\/p>\n<ul>\n<li>They spread risk by investing in multiple companies and sectors<\/li>\n<li>Many holdings are run by outstanding managers<\/li>\n<\/ul>\n<\/div>\n<p><img decoding=\"async\" class=\"wp-image-3140 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/ea5c4e1c-9cd1-4f54-893f-cbd6a3961299_982x942.jpg\" alt=\"\" width=\"785\" height=\"753\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/ea5c4e1c-9cd1-4f54-893f-cbd6a3961299_982x942.jpg 982w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/ea5c4e1c-9cd1-4f54-893f-cbd6a3961299_982x942-300x288.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/ea5c4e1c-9cd1-4f54-893f-cbd6a3961299_982x942-768x737.jpg 768w\" sizes=\"(max-width: 785px) 100vw, 785px\" \/><\/p>\n<h3 style=\"text-align: justify;\">2. Family holding companies are doing better<\/h3>\n<p>The philosophy of Tresor Capital?<\/p>\n<p><strong>Invest in holdings with skin in the game.<\/strong><\/p>\n<p>These holdings think not in quarters but in years.<\/p>\n<p>They want to transfer the business to their (great) grandchildren.<\/p>\n<p><strong>Family holding companies do better by an average of 3% a year:<\/strong><\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3139 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/22ffc65f-384d-4b92-bd9b-94063991aa16_1090x956.jpg\" alt=\"\" width=\"805\" height=\"706\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/22ffc65f-384d-4b92-bd9b-94063991aa16_1090x956.jpg 1090w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/22ffc65f-384d-4b92-bd9b-94063991aa16_1090x956-300x263.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/22ffc65f-384d-4b92-bd9b-94063991aa16_1090x956-1024x898.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/22ffc65f-384d-4b92-bd9b-94063991aa16_1090x956-768x674.jpg 768w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">3. Entry ticket to Private Equity<\/h3>\n<p>Holdings have access to  <strong>Private Equity.<\/strong><\/p>\n<p>Through Private Equity, you invest in <strong>unlisted companies.<\/strong><\/p>\n<p>The beauty?  <strong>Private Equity generally outperforms publicly traded companies:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3138 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000.jpg\" alt=\"\" width=\"805\" height=\"503\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000.jpg 1600w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000-300x188.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000-1024x640.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000-768x480.jpg 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/badd014e-cc28-404e-91d9-62ee1aa891f2_1600x1000-1536x960.jpg 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">4. Invest only in the best holdings<\/h3>\n<p><strong>A holding company often invests in multiple companies.<\/strong><\/p>\n<p>Therefore, your Portfolio can already be very diversified with five holdings.<\/p>\n<p><strong>Only the best will do.<\/strong>  Select only the holdings you are most convinced of.<\/p>\n<blockquote><p>&#8220;Too much diversification can protect a portfolio from big losses, but it can also protect you from big gains.&#8221;<\/p><\/blockquote>\n<h3 style=\"text-align: justify;\">5. Look at the balance<\/h3>\n<p><strong>With holdings, a healthy balance is extremely important.<\/strong><\/p>\n<p>Why? A strong balance sheet not only helps them survive crises, it also provides opportunities to take on debt when needed. <\/p>\n<p>So holdings with a healthy balance sheet can make bargains when the blood runs through the streets in the stock market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3137 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/73b5629f-a4f7-478e-9715-318524921c53_926x1006.png\" alt=\"\" width=\"805\" height=\"875\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/73b5629f-a4f7-478e-9715-318524921c53_926x1006.png 926w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/73b5629f-a4f7-478e-9715-318524921c53_926x1006-276x300.png 276w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/73b5629f-a4f7-478e-9715-318524921c53_926x1006-768x834.png 768w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">6. Serial acquirers<\/h3>\n<p>Michael is a big fan of  <strong>serial acquirers.<\/strong><\/p>\n<p>These are <strong>companies that systematically acquire other companies<\/strong>. It is a core part of their growth strategy. <\/p>\n<p>A study by REQ Capital proves that serial acquirers are doing extremely well in the stock market:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3136 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852.jpg\" alt=\"\" width=\"805\" height=\"435\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852.jpg 1577w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852-300x162.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852-1024x553.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852-768x415.jpg 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/a74502a5-c727-4c8d-af47-3cf25280a7c0_1577x852-1536x830.jpg 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">7. Strong track record<\/h3>\n<p><strong>Constellation Software is Michael&#8217;s favorite serial acquirer.<\/strong><\/p>\n<p>This Canadian company acquires niche software companies and is very successful at it.<\/p>\n<p>The reason? It has <strong>an excellent track record for long-term value creation.<\/strong> <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3135 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120.png\" alt=\"\" width=\"805\" height=\"447\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120.png 2016w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120-300x167.png 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120-1024x569.png 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120-768x427.png 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/8437b5b4-de85-4965-b6ea-2e60ff819691_2016x1120-1536x853.png 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<p>Now let&#8217;s look at the three most important lessons.<\/p>\n<h3 style=\"text-align: justify;\">8. Focus on secular trends<\/h3>\n<p><strong>Look for holdings that benefit from an attractively growing end market.<\/strong><\/p>\n<p>Consider topics such as digitization, robotization, sustainability, aging, &#8230;<\/p>\n<p>Companies operating in a growing end market can more easily grow themselves.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3134 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124.jpg\" alt=\"\" width=\"805\" height=\"447\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124.jpg 2022w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124-300x167.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124-1024x569.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124-768x427.jpg 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/000128bc-9895-430c-a56f-4f4611d19911_2022x1124-1536x854.jpg 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">9. Don&#8217;t just look at Belgian holdings<\/h3>\n<p>There are 11 listed holding companies in Belgium. Worldwide, there are more than 500. <\/p>\n<p><strong>Only the best holdings are worth your Portfolio.<\/strong><\/p>\n<p>Therefore, look at foreign companies as well.<\/p>\n<p>So you don&#8217;t exclude such top performers as <strong>Investor AB, Constellation Software, LVMH, Topicus, &#8230;<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3133 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128.png\" alt=\"\" width=\"805\" height=\"450\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128.png 2018w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128-300x168.png 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128-1024x572.png 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128-768x429.png 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/eaa74f43-06e0-4a24-a53c-7e379f1d0a8d_2018x1128-1536x859.png 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">10. Valuing Holdings<\/h3>\n<p>Holdings are valued by comparing their intrinsic value to their stock price.<\/p>\n<p>You calculate intrinsic value by adding up the value of all the companies in the holding company and subtracting net debt.<\/p>\n<p>In doing so, you look at how much each company in the portfolio contributes to the total.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3132 aligncenter\" src=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150.jpg\" alt=\"\" width=\"805\" height=\"457\" srcset=\"https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150.jpg 2026w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150-300x170.jpg 300w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150-1024x581.jpg 1024w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150-768x436.jpg 768w, https:\/\/tresorcapital.nl\/wp-content\/uploads\/2025\/02\/6552be4d-a73d-4bc2-ab4a-23c8b40be11d_2026x1150-1536x872.jpg 1536w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/p>\n<h3 style=\"text-align: justify;\">Conclusion<\/h3>\n<p>That was it for today.<\/p>\n<p><strong>Here are Michael Gielkens&#8217; ten holding lessons:<\/strong><\/p>\n<ol>\n<li>Holdings do better in the long run<\/li>\n<li>Invest in family-managed holding companies<\/li>\n<li>Holdings = entrance ticket to Private Equity<\/li>\n<li>Invest only in the best holdings<\/li>\n<li>Look at the Balance Sheet<\/li>\n<li>Serial acquirers = often great companies<\/li>\n<li>Look at the track record<\/li>\n<li>Focus on secular trends<\/li>\n<li>Don&#8217;t just look at Belgian holdings<\/li>\n<li>Use Sum-Of-The-Parts as rating<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Source:<br \/>\nThe Quality Investor -The<a href=\"https:\/\/www.dekwaliteitsbelegger.be\/p\/2d3d0135-b1b8-4a90-9b0e-69fac08fbdd4?postPreview=paid&amp;updated=2025-01-31T14%3A28%3A45.032Z&amp;audience=everyone&amp;free_preview=false&amp;freemail=\">10 Holding Lessons of Michael Gielkens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, Michael Gielkens gave a lecture on holdings. He is a friendly man with tons of experience in the stock market. Today, let&#8217;s look at Michael Gielkens&#8217; ten holding lessons.  <\/p>\n","protected":false},"author":1,"featured_media":4135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[21],"tags":[],"class_list":["post-4334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media"],"acf":[],"_links":{"self":[{"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/posts\/4334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/comments?post=4334"}],"version-history":[{"count":1,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/posts\/4334\/revisions"}],"predecessor-version":[{"id":4335,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/posts\/4334\/revisions\/4335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/media\/4135"}],"wp:attachment":[{"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/media?parent=4334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/categories?post=4334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tresorcapital.nl\/en\/wp-json\/wp\/v2\/tags?post=4334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}