Monthly Archives: May 2012

Debt parallels with Japan

In The Little Book of Sideways Markets, published 2010, Katsenelson wrote (page 199): The Japanese stimulative, low-interest policy landed the country in a debt trap. It cannot afford high interest rates, and low interest rates are not stimulative to the … Continue reading

Posted in Uncategorized | Leave a comment

IAE – Ithaca Energy – bid falls through

IAE (Ithaca Energy) announces: it has ceased discussions with all parties regarding the potential acquisition of all of the outstanding shares of the Company. As previously announced, the Company received, initially, a confidential, non-binding proposal to acquire all of the … Continue reading

Posted in Uncategorized | Leave a comment

MCRO – MicroFocus International – good value

MCRO looks good value. PER 10.2, Yld 6.5%, P/FCF 8.3 (which is absurd), EV/EBITDA 7.2, ROE 55.2%, 2013 forecast EPS up 9%. MCRO makes software products – mainly for use by other developers. It sells Micro Focus Visual COBOL, which … Continue reading

Posted in Uncategorized | Leave a comment

6-month checkup

Review of Nov 2011 blog. PIC up 106% over 6m. Finally. It was trading at a PER of 2.4 at the time. Quote by Tom Gayner: "If you want to beat the S&P 500, here’s what you do, you buy … Continue reading

Posted in Uncategorized | Leave a comment

Even the best can get it wrong

I was coincidentally looking through an article by Geoff Gannon dated 27-Jan-2011, where he looked at UK stocks. He identified "7 decent businesses selling at decent prices": CTO, FBDU, CC, GMG, BMY, FLK, ASY. A little later in the month, … Continue reading

Posted in Uncategorized | Leave a comment

Scribd docs

I’ve released some documents over to scribd: Clean Surplus Accounting – a new doc which summarises Farwell’s book Buffett and Beyond. Hackers Fuide to Investing – updated with new sections, corrections, and layout improvements. =-=-=-=-=Powered by Blogilo

Posted in Uncategorized | Leave a comment

Farm bets

Interesting snippets from a post on Motley Fool: I think it would behoove anyone thinking of making a farm bet, especially perhaps when the investment is another financial company, to take a read of those two company boards here on … Continue reading

Posted in Uncategorized | Leave a comment

Roundup

I am sooo busy at the moment, reading Farwell’s book "Buffett and Beyond", which looks at clean surplus accounting. So much to do, so little time. Like Greenblatt’s Little Book That Beats The Market, the author uses too many words … Continue reading

Posted in Uncategorized | Leave a comment

Putting the ass in asset managers

I was just reviewing Wexboy’s excellent recent article on asset managers. In the process, I uncovered a write-up on the asset manager EMG (Man Group) written by globalarbtrader on 03-Jan-2008. EMG has been "doing the rounds" lately, and is notable … Continue reading

Posted in Uncategorized | Leave a comment

ITE – nice little interim

ITE – ITE – is an exhibitions organiser. It doesn’t own the venues, but organises mostly trade exhibitions for every sector. It has a market cap of £510m, and is a constituent in the FT250. ITE trades on P/FCF less … Continue reading

Posted in Uncategorized | Leave a comment