personal investment blog

Report on Q4 2013

Report on Q4 2013

7 Jan 2014

The FTSE 100 rose by 4.4% in the quarter for a full year gain of 13.9%. The FTSE 250 (that’s companies from 101 to 350) performed twice as well in 2013, rising by 28.8%. There are never truly hard factual reasons why share prices move but it generally remains the case that smaller companies’ share prices are relative beneficiaries of improving confidence. Large...

Calmly seeking companies with long-term strategies

Calmly seeking companies with long-term strategies

6 Dec 2013

It may seem odd but it is harder than you might think to find companies with clear and measurable strategies. It is depressing how many listed companies offer nothing but a “mission” to be the “best of class”, to be “passionate about their customers” (yuk) and to pursue “value for all stakeholders”. In these challenging times when (thanks to QE) all assets are...

Report on Q3 2013

Report on Q3 2013

2 Oct 2013

The FTSE rose by 3.9% in the quarter (Q1 +8.7%, Q2 -3.0%) meaning that year-to-date it is +9.2%. I didn’t recommend a single new share in the quarter. This is partly because I was away in France, but is also because no compelling new ideas turned up. City analysts are expected to come up with recommendations (usually ‘Buy’s) regularly but real people don’t have...

Report on Q2 2013

Report on Q2 2013

5 Jul 2013

The FTSE fell by 3% in the quarter meaning, obviously, that the easy wins of Q1 (+8.7%) were unavailable. My Q1 recommendations of Enterprise Inns and Go-Ahead trod water. Home Retail Group fell after its last trading update, apparently on the basis that the rain kept people away from Homebase. Such absurdities provide buying opportunities for investors and...

Report on Q1 2013

Report on Q1 2013

26 Mar 2013

I will review the success of my own advice every quarter because it looks like a good discipline and it feels like the chance to brag or whine, both of which could be satisfying. First, the share tips. My first ever post in November suggested that Enterprise Inns was probably worth more than 67p and suggested 120p as a possibility. Today’s price of 109p...

Enterprise Inns

Enterprise Inns

20 Nov 2012

Enterprise Inns released its fiscal 2012 results today. It is a pub operator that expanded too enthusiastically and became dangerously indebted. Leasing pubs to landlords who want to run them is fundamentally a very profitable business. Enterprise makes operating margins of 47% which is about as good as it gets (Apple’s operating margin is 36.5%, for...