personal investment blog

ICAP – a secret utility company?

ICAP – a secret utility company?

14 May 2013

ICAP released its 2012 results today. They were agreeably dull after a number of blows to the share price coming from stories about regulatory investigations including reports that it was being linked to the Libor scandal. At first sight, the statement from CEO Spencer suggests a pretty bad year: This has been an extraordinarily tough year in the wholesale...

Why I am buying ICAP plc

Why I am buying ICAP plc

10 Jan 2013

At first glance, ICAP looks like the kind of company that I don’t like to invest in. It is a financial service business whose employees are well rewarded for success. The normal problem with such companies is an implicit conflict of interest in that the shareholders find themselves in competition with the employees for a share of the added value....