Phil asks whether AG Barr’s recent acquisitions can turn it into a growing business again. Soft drinks companies are a long-term favourite with investors. Their products are affordable, small and regular consumer purchases which can produce a nice blend of steady growth and resilience which can make them all-weather investments. The giants of the industry […]
With inflation peaking in the UK (at least for now), Bruce looks at some larger cap stocks that have broken through their 200-day moving averages on the upside. Companies covered: ONT, DARK, HL., AJB The FTSE 100 enjoyed a strong week up 3.4% to 7,658 as last week the UK’s inflation data was better than […]
Bruce looks at the prospects for the UK Buy-to-Let market in the BoE’s Financial Stability Review, and wonders if rising interest rates are driving higher rents, which could be causing an inflationary feedback loop. Companies covered SHOE, MEGP and ZOO. The FTSE 100 enjoyed a positive week up +1.9% to 7,415, while the Nasdaq100 was […]
Devoted company bosses do not always create great returns for outside shareholders. Maynard Paton studies chocolate retailer Hotel Chocolat and the board’s decisions and composition. I love ‘owner managers’ — company bosses with significant shareholdings who live and breathe their business and want to build wealth for the long haul. Typically, entrepreneurs, and owner-managers who […]
Recent attempts to turn Hornby into a consistently profitable and growing business have failed. Phil looks to see if last week’s purchase of a minority stake in Warlord Games provides the catalyst for a profit revival and a higher share price. Hornby is in a mess Whatever way you look at Hornby the company is […]
While the dividend yield on the FTSE and AIM indices is not high relative to history, it does seem remarkable that >8% yields are available on companies in so many different sectors. Stocks covered KOO, SUP and SMV. The FTSE 100 fell -3.5% in the last 5 days, with the Nasdaq 100 up +0.7% and […]
Bruce looks at the idea of tail risk hedging but thinks that the strategy might be too difficult for private investors to implement. Instead, companies significant cash could be an interesting theme for H2. Companies covered WISE, TBLD and DPP. The FTSE 100 rose +1.4% last week to 7556, while the Nasdaq10 and S&P 500 […]
Phil looks at the issue of management in light of the turmoil and changes at JD Sports and asks whether the shares are too cheap despite a tough economic outlook. Business Overview JD Sports is one of the leading retailers of sports fashion wear. It has built on its UK roots to become a global […]
Bruce suggests that unemployment, rather than interest rates, will be the driver of banks’ bad debts. Companies covered MANO, and profit warnings from SOM and HOTC, plus Teddy Sagi’s bid for BOTB. After an entertaining weekend in Russia, one observation from a military friend who was in the Donbass, now in Libya, is that a […]
Bruce looks at recent trends in the IPO market and questions whether attracting new listings at any price really is good news for investors in London’s equity capital markets. Companies covered W7L, FDEV and VNET. The FTSE 100 was up +0.5% to 7,618 over the last 5 days. The Nasdaq100 and S&P500 were up +3.8% […]
Buying shares when they are unpopular can be a profitable investing strategy. Phil takes a look at one of the UK’s leading brickmakers, Forterra, to see if now could be a good time to buy its shares. A good business underpinned by strong long-term demand for new homes The long-term bull case for buying shares […]
Bruce looks at the divergent performance of the Nasdaq100 +22% since its October lows, versus AIM which is flat over the same time period. Companies covered OMG, GHH, OCN and ADB. The FTSE 100 fell -0.3% to 7,573 last week. The Nasdaq100 and S&P500 were both flat over the last 5 trading days. A week […]
Screening for consistently high margins and ROE leads to property franchisor Belvoir. Maynard Paton weighs up the small-cap’s acquisitive history, super cash flow, visible management and immediate prospects. Today I have revisited a SharePad screen that applies two ratios favoured by ‘quality’ investors — operating margin and return on equity (ROE). The exact criteria I […]
Bruce looks at 3 companies on low teens PERs that reported last week: BOWL, BMY and DOCS. But he wonders if copper is suggesting negative macroeconomic news that is not yet priced in. The FTSE 100 was flat at 7646 last week. In the last 5 days, the Nasdaq100 was very strong, up +4.4% and […]
A business that aims to save its customers money should be doing well during a cost of living crisis. Phil looks at Moneysupermarket.com and asks if the recent rally in its shares has further to go. The business Moneysupermarket (MSM) is the UK’s largest price comparison website. It aims to save people money on household […]
Bruce looks at trends in core inflation, plus observes first-hand that the UK economy has been stronger than many predicted. Companies covered AJB, ETP and HEAD. The FTSE 100 was down -1.7% in the last 5 days to 7,627. The Nasdaq100 was up +2.5% and the S&P 500 was flat. The price of gold was […]
FDM is the top-scoring company in Richard’s watchlist. Still doggedly trying to find things wrong with the business, he examines what has made it so successful, and what, if anything, could stop it in its tracks. The presence of FDM at the top of my first tranche of Five Stocks and You’re Out Shares, has […]
Bruce uses Sharepad to graph UK house prices and mortgage approvals data back to the 1980s. Companies covered BLV, SHOE and OTB. The FTSE 100 was flat in the last 5 days, at 7,774. The Nasdaq100 was up strongly +3.4%, as was the KBW US regional banks index (KRE) up +7.7% while the S&P500 was […]
Bruce uses Sharepad to analyse the performance of MANU shares, listed on the NYSE. The football team presents some interesting challenges for valuing debt-funded intangible assets. Plus SDI’s profit warning, and CGEO’s Q1 results. The Bank of England raised interest rates to 4.5% last week, as the FTSE 100 rose +0.7% to 7,754. Since last […]
Newspaper publisher Reach trades on a P/E of 3. Maynard Paton believes the rock-bottom rating reflects a pension scheme ‘black hole’. Let me start by confessing this article covers pension deficits. What follows is therefore not thrilling and does require some concentration. But please stick with me, especially if you have ever fallen victim to […]
Bruce looks at Prof Altman’s credit analysis, going back 4 decades, suggesting US corporate default rates might rise above average, so understanding Sharepad’s Altman Z score could prove valuable. Stocks covered HEIQ, SDRY, LLOY, HL. and KITW. The FTSE 100 fell -1.2% to 7,737 in the last 5 days. The S&P 500 and Nasdaq100 were […]
Phil Oakley takes a look SSE (formerly known as Scottish & Southern Energy), which despite its history of unsustainable growth highlighting the dangers of investing solely on the basis of dividend yield may still be undervalued given long-term potential of its renewable energy portfolio. The dangers of investing for high dividend yields For years SSE […]
UK banks BARC and NWG reported Q1 results, with contrasting trends in customer deposits. Also covered: bid approaches for MGP, NUM and SMV, plus a look at AOM. Last week the FTSE 100 was down -1.3% to 7,812. The Nasdaq100 was up +1.3% while the S&P 500 was broadly flat in the last 5 days. […]
Bruce looks at the influence double-digit inflation is having on bank deposits. Companies covered MONY, KMK and THRU. The FTSE 100 was up +0.4% to 7,907 over the last 5 days, while the Nasdaq 100 fell -0.6% and the S&P500 was flat. The Natural Gas contract (NG-MT) was up +31% in the last 5 days […]
Watches of Switzerland shares have been stellar performers since listing on the London market nearly four years ago. However, since peaking at over £15 at the end of 2021, they have more than halved in value. This is despite profits continuing to grow and forecast guidance being maintained. The sales of luxury watches boomed during […]
Bruce shares some thoughts on averaging down when a share price falls versus supporting a company that needs to raise capital. Companies covered AGFX, JTC, SIS, and SDRY. The FTSE 100 was up +2.0% in the last five days to 7,902. The Nasdaq100 was up +0.1% and S&P500 +0.8% over the same time period. The […]
Screening for a growing dividend, lowly valuation, net cash and decent director ownership leads to 40-bagger James Latham. Maynard Paton studies the timber distributor’s history, financials, management and prospects. I have embarked on further ‘back to basics‘ filtering to unearth a potential long-term winner for my portfolio. This new screen identifies companies that offer rising […]
We have seen a disconnect between the performance of Nasdaq 100 (+19% YTD) versus US regional banks (-28% YTD). Companies covered: two large acquisitions by RAT, FRAN plus G4M’s profit warning. The FTSE 100 was up +2% over the last 5 trading days to 7,788. The S&P500 was flat, while the Nasdaq100 was down -1% […]
Not so long ago, Domino’s Pizza was seen as an attractive growth stock with a lot going for it. Investors viewed the company as a classic retail “roll out” situation where strong growth from existing stores could be turbocharged by opening lots of new ones. This was then rounded off with an asset-light business model […]
Platforms have made it easier for retail shareholders to vote at company AGMs, remuneration committees should take note. Plus a look at the computer games sector: TM17, TBLD, KWS and a couple of financials AQX and BUR. The FTSE 100 rose to 7,685 last week, an increase of +2.9%. The Nasdaq100 and the S&P500 were […]
The Swiss Central Bank’s balance sheet in 2022 shows signs that Credit Suisse’s problems were well understood, but harder for the authorities to resolve. Companies covered KAPE, SDRY, ALPH and EQLS. The FTSE rose +1% to 7476 in the last five days, most of which was on Monday morning. The Nasdaq100 was up +2% and […]
Shares in kitchen supplier Howden Joinery have rewarded long-term investors handsomely. For me, it is one of the highest quality UK businesses in the FTSE 250 index. It is very shareholder friendly, whilst its annual report is one of the best I have read when it comes to explaining how a business works. Howden has […]
With the ‘rescue’ of Credit Suisse over the weekend, Bruce ponders what might happen next and which indicators to focus on. Companies covered BUR and TCAP. The FTSE 100 fell -2.5% to 7,358 over the last 5 days. The Nasdaq100 and S&P500 were up +1.4% and 5.8% respectively, indicating that the sell-off in markets has […]
WANdisco has owned up to ‘significant accounting irregularities’ and the prospects for shareholders now look grim. Maynard Paton revisits the software developer to identify the warning signs Small-Cap Spotlight Report Revisited: WANdisco (LSE: WAND) You can become a better investor by occasionally visiting the stock-market graveyard. One company that now seems destined for the cemetery […]
Although Arm will list in the USA, there should be nothing to stop us buying shares in Britain’s top tech company after it floats. This idea leads Richard to a potentially rich seam of investments he has not previously explored: UK firms listed in the USA. Judging by the headlines, news that Arm is to […]
Following the rescue of Silicon Valley Bank, Bruce looks at possible read across to recent IPOs and IP Group. Companies covered IPO, FRAN and Georgian Banks BGEO / TBCG. I suggested last week that the rally was running out of steam. I was not expecting a bank run in Silicon Valley though (SIVB total assets […]
With the rally running out of steam, Bruce looks at long-run equity returns. The two banks which compete to publish this data have performed much worse than the average equity. Companies covered SHC, RMV and RCDO. The rally seems to be running out of steam. The FTSE 100 was down -0.2% to 7,917. The Nasdaq […]
Richard looks at the good and the ugly in Hollywood Bowl’s alternative performance measures and concludes that the company has put a positive gloss on adjusted profit. In Getting to grips with Alternative Performance Measures (APMs), I explained that exceptional items are costs or gains that obscure the underlying performance of a business. This does […]
Bruce looks at the Berkshire Hathaway 2022 shareholder letter, which Buffett published over the weekend. Stocks covered AVAP, SLP and GBG. The FTSE 100 remained just below 8,000, and was down less than -1%, recovering from a sell-off early last week. The Nasdaq100 and S&P500 sold off more heavily, down -3.9% and -3.0% respectively. The […]
Investors are often intrigued with companies where the share price has fallen a long way. If it can recover, then there could be potential for big gains, especially if the company’s business can improve. Premium soft drinks company Fevertree was loved by the stock market five years ago, but has experienced a dramatic fall from […]
Cross-border liquidity could be driving the market rally, so it’s worth keeping an eye on Central Banks in China and Japan. Companies covered KAPE, HL. and BGEO. The FTSE traded above 8,000 last week, up +0.7%. The Nasdaq 100 was up +0.4% while the S&P 500 was down -0.3%. The US 10Y bond yield has […]
Companies publish alternative performance measures (APMs) that remove one-off costs and gains from profit to give us a better understanding of how they have performed. Like all financial statistics, though, APMs can be abused. Investors should always check how they are calculated. Since making profit is the reason for being in business, many Alternative Performance […]
IPO activity on AIM has hit a 20-year low, which Maynard speculates could be a buy signal for shares on the junior market. Plus coverage of ULVR, RDW, EKF and RNO. Another weekly commentary from me while Bruce is away. I had hoped the FTSE 100 would add just 1.2% to surpass the 8,000 milestone […]
Higher energy bills are supporting significant dividend advances at Telecom Plus. Maynard Paton weighs up the group’s illustrious growth and ambitious targets against a leadership change and unusual marketing. Difficult market conditions have prompted many investors to find safety through attractive dividend shares. Hence a new screen to pinpoint companies that boast a dependable payout, […]
As the FTSE 100 reaches a new peak, Maynard looks at another blue-chip measure setting record highs. Plus coverage of GSK, DARK, SOM and TPX. Bruce asked me to compile these commentaries while he is away on holiday. Many private investors swear their portfolios perform better when they’re not watching the markets, and a record […]
Richard deploys ChatGPT, an artificial intelligence program, to help him understand two software platforms we can invest in that incorporate artificial intelligence. His conclusion: this is not a dystopia, it is the start of a partnership. Unless you have been living under a rock, you have surely heard of ChatGPT. It is an artificial intelligence […]
With equity markets and industrial metals like copper rallying at the start of this year, Bruce looks at some companies geared into the recovery. SDRY, NFC, SAA, BOTB and CWR. The FTSE 100 was flat at 7,774 in the last 5 trading days. In the US the S&P was up +2.5% and the Nasdaq 100 […]
Bruce looks at the government’s misguided attempt to defend the pound with capital controls in the 1970s. Companies covered are forex traders ALPH and EQLS, plus CAPD. The FTSE 100 was down 0.9% in the last 5 days to 7,791. The S&P500 was down -0.3% while Nasdaq100 was up +1.39% over the same time period. […]
Quartix’s vehicle-tracking services have delivered consistently attractive financial ratios. Maynard Paton spotlights how new customers and a good-value workforce are counterbalancing pricing pressures and rising costs. Today I have revisited a SharePad screen that applies two ratios favoured by ‘quality’ investors — operating margin and return on equity (ROE). The exact criteria I re-used were: […]
Bruce looks at Terry Smith’s 13th annual shareholder letter and compares what he’s now saying about his META investment to his commentary a couple of years ago. Companies covered GAW, TMG, FRAN, QTX The strong start to the year continues, with the FTSE 100 +1.64% to 7,851 in the last 5 days, approaching an all-time […]
Bruce looks at how the warm weather in Europe has been affecting financial markets. Companies covered NXT and CNC, plus profit warnings from HEIQ and FDEV. The FTSE 100 has enjoyed a strong early January, up +3.4% to 7,705. OCDO was up +20%, while IAG (the old British Airways) and BT were up +17% and […]
Bruce asks the FinTwit community for some share ideas for 2023. Also looks at one retailer, SDRY, which could benefit from the recovery. The Santa Rally failed to materialise with the FTSE 100 was down -1.4% in December (and flat for the whole year). The S&P500 was down -19% in 2022, and down -5.7% last […]
Regular readers will be aware that I have areas of interest when it comes to research and investing. The past few years these areas have been in the human microbiome, greener energy, including more recently in the transition to electric vehicles and the manufacturers of powertrains, electric batteries inside these motor vehicles, and pharmaceuticals. Today’s […]
Richard puts one last company through his process in 2022. It gives him a chance to reflect on how he has changed the way he uses SharePad this year. Towards the end of every year, I reflect on the year gone by, what has gone right and what has gone wrong, and how I can […]
Bruce looks at the BoE Financial Stability Report and ponders whether the rising cost of mortgages will cause forced selling in equity markets. Companies covered FCAP, GAW and ZTF The FTSE 100 was down -1% in the last 5 days to 7,373, with the Nasdaq100 -2.8% and S&P500 -2.1%. The FTSE 100 was also flat […]
Bruce thinks that net outflows from professional fund managers could eventually create an opportunity for amateur investors because we’re not forced to sell when markets fall. Companies covered K3C, SOLI, MSI, and SDI. The FTSE 100 was down -1.6% in the last five days to 7,446. The S&P500 -3.4% and Nasdaq100 -3.6% were even weaker. […]
Strix is the world’s leading developer of kettle safety controls, but a recent profit warning has sent the shares tumbling. Maynard Paton wonders whether the group’s competitive advantage can support an eventual recovery. A profit warning and 32% share-price crash brought Strix to my attention the other week: This small-cap dominates the market for kettle […]
Market researcher YouGov is known for its predictions, but it may not be the accuracy of those predictions as much as their speed, quantity, and low cost that distinguishes the business. We have surely all heard of market researcher YouGov. A day barely goes by without the media disseminating the results of its polling. If […]
Bruce looks at the bounce in markets over the last 2 months and suggests some ideas that could benefit from a recovery in risk appetite. C4XD, CRL, PEEL, FCAP We’ve had a strong rally in markets since the lows at the beginning of October, the pound is up +15% against the dollar and AIM is […]
Bruce looks at a key aspect of long-term returns, holding on to your gains in down markets. Company covered CML. The FTSE 100 is up +1.8% in the last 5 days. Meanwhile, the S&P 500 is up +1.8% and Nasdaq100 was up +1.2%. China is worth keeping an eye on at the moment, as the […]
Richard says finding a great business is only the first stage of finding a great investment. The second stage, establishing that what makes a company special is sustainable, is all about fairness. When buy and hold investors own a share of a business, we expect that share to grow in value as the business proves […]
Bruce ponders if any large corporates are exposed as social proof in crypto disappear. Companies covered HVO and BMS The FTSE has been flat at just below 7,400 for the last 5 days. The S&P500 and Nasdaq 100 are both down around -1%. The China FTSE 50, has enjoyed a +22% bounce from its […]
Bruce questions why globalisation has been so bad for the FTSE All Share index versus the S&P500. Plus a look at CMC Markets H1 results. The FTSE 100 was down -0.9% in the last 5 days, at just above 7,300 with some of the selling coming as the new Chancellor announced his plans for tax […]
Many quoted companies trumpet their TrustPilot ratings. But is Trustpilot itself a 5-star investment? Maynard Paton evaluates the review website’s financial progress and business model. Read a set of company results, and chances are you will spot a reference to Trustpilot. Examples of quoted businesses mentioning the popular review website include: AJ Bell: “Our operational […]
Bruce looks at a couple of stocks that have benefited from the US dollar strength / weak pound. HLN and BGEO. The FTSE 100 was up +0.65% to 7343 in the last 5 days. The Nasdaq100 and S&P500 were much stronger, +7.7% and 4.9%. Nasdaq has been strong despite the collapse of Sam Bankman-Fried’s FTX […]
Bruce suggests that company managements who are reluctant to physically meet investors could be facing a more uncertain outlook. Companies covered ABF and AGFX The FTSE 100 was up +1.4% in the last 5 days to 7296, while the Nasdaq100 and S&P500 were up +0.8% and +1.0% respectively. The pound weakened slightly versus to 1.138 […]
As Richard trawls the stock market for high-quality businesses that are less pricey than they used to be, he takes a first look at Auto Trader, a company that is growing from a position of financial and competitive strength. Following on from Dechra Pharmaceuticals and Halma, Auto Trader is another high-quality business that has experienced […]
Bruce looks at the FT30 index, which Sharepad has going back to 1935. Plus a couple of hydrogen stocks, that are currently too speculative for him: ATOM and AFC The FTSE 100 has recovered well in the last 5 days up +2.9%. By contrast, the Nasdaq100 and S&P500 were down -4.7% and 2.3% respectively in […]
Bruce looks at two financial businesses that recently reported Q3 results, both delivering around 7% RoCE. Yet one trades on 5x sales, and the other 0.7x. LSEG and TCAP. The FTSE 100 is up +0.7% in the last 5 days. Nasdaq100 is down -3.4% and the S&P500 was down -2.2%. Much of that sell-off came […]
Bruce looks at the history of Brompton’s growth, and the trade-offs required to fund expansion. Plus a look at UK banks margin trends and James Cropper CRPR profit warning. The FTSE 100 rose +0.65% in the last 5 days and managed to consolidate above 7,000. Despite US tech stocks reporting a difficult quarter last week, […]
Bruce comments on Superdry’s auditor resignation and summarises Q3 trends at UK banks. The FTSE 100 rose above 7000 to 7,057. Nasdaq and the S&P 500 were around +3.0% and +4.5% over the last 5 days. Brent crude remains at mid $94 per barrel. The UK 10Y bond yield fell to 3.62% and the US […]
Digging deep into stock market sensation Halma’s history, Richard gains clues about the kind of businesses long-term investors should think about owning in an economic blizzard. I have never owned shares in Halma, in fact, I have never considered owning them even though the business has performed extraordinarily well. Halma: Proof that roll-ups can grow […]
Bruce looks at WISE and AFX, currency traders that are benefiting from the market volatility and rising interest rates. He compares their investment case to the UK banks reporting this week. Despite all the volatility of the last week, the FTSE 100 was actually flat at 6,937 over the last 5 days. The Nasdaq100 and […]
Difficult markets prompt Maynard Paton to search for asset-rich shares with depressed ratings. Screening for low price to books and net cash positions leads to house builder Redrow. Difficult market conditions have led to depressed ratings for many asset-flush shares. Hence a new screen to pinpoint companies offering cash-rich balance sheets and market caps below […]
Two very different US financial personalities believe that US interest rates are rising too fast. No doubt bankers and fund managers are talking their own book, but that doesn’t mean they’re wrong. Stocks covered AT., BDEV, DARK The FTSE 100 failed to consolidate above 7,000 and was down -3.8% last week. The Nasdaq100 was down […]
Richard takes a first look at Dechra Pharmaceuticals, a company that has grown profit at a compound annual growth rate of 19% since 2013, yet its share price has halved this year. The financial year ending in June 2022, was Dechra Pharmaceuticals’ 25th anniversary. It was also the year the company joined the FTSE-100 index, […]
Bruce updates a chart Terry Smith first published in the FT in 2014, looking at Tesco EPS progress versus declining Return on Capital. Other companies featured IPX, SDRY, GRG and AGFX. The FTSE 100 recovered to just above 7000 last week and the pound recovered to 1.12 to the dollar. The Nasdaq100 and S&P500 […]
Bruce looks at the performance of large cap sectors YTD, and suggests rules of thumb for trying to time the turn in different sectors. Companies covered NFC, ASY, SMV, BGO and BOKU. The FTSE 100 was down -3.3% last week, falling below the 7,000 level. The S&P and Nasdaq100 were both down -1.3%. The UK […]
Richard takes a look at the segmental report of Cohort to gather insights into the company’s costs as it grows in complexity. The segmental report of another business shows how difficult it can be for companies to decide what they can and cannot tell us. I am a fan of some versions of the buy […]
Bruce suggests that political leaders need a risk manager, to prevent them from increasing risk as a position moves against them. Companies covered MOON, and computer games companies FDEV and KWS. The FTSE 100 was down -3.1% last week to 7,012. US markets were also weak, with the Nasdaq 100 and S&P500 both down -3.0%. […]
Top of the shops this year is Shoe Zone with a 46% share-price gain. Maynard Paton explores the discount retailer’s post-Covid progress and wonders whether the 10x P/E offers re-rating potential. Top of the shops among this year’s market carnage has been Shoe Zone. The discount shoe retailer has enjoyed an amazing 46% share-price gain […]
Bruce suggests that the rate of change of investors’ expectations is more important than expectations themselves. Companies covered SRC, and expensive but becoming more reasonably priced FEVR and ITM. The FTSE 100 was down -1% to 7280 last week. The Nasdaq100 and S&P500 sold off more steeply down -5.25% and -4.1% respectively. The UK 10Y Govt […]
Prompted by a SharePad user, Richard scares himself silly when he examines how sensitive the pension fund of one of his shareholdings is to changes in the rate of inflation. Other people notice things that we do not, which is one of the many reasons I value the emails from people who read my articles. […]
With the pound falling by -14% so far this year against the dollar, Bruce looks at two companies that help SME businesses manage currency risk: AFX and EQLS. Plus payments company PCIP. The FTSE was up +1.3% at 7373 last week, with power and commodity companies leading the way Centrica, Glencore, Antofagasta and Anglo American […]
Looking at the sectors that have been worst hit by the cost of living crisis, Bruce suggests a sector filter could be used to ‘read across’ where problems are yet to emerge. Companies covered BMS, CBOX and BGO. The FTSE 100 was down -3.5% last week to 7,210. The S&P500 was down -2.2% and the Nasdaq 100 […]
Richard writes an obituary for RM, his investment, rather than RM the business. It surprised him when it updated its risk report mid-term last week, despite what he had already learned. Perhaps it is because I do not scrutinise interim (half-year) results very often, or perhaps it is because I generally avoid heavily indebted companies, […]
Central Bankers are having their annual shindig in Jackson Hole, so Bruce looks at the long-term history of interest rates and questions how much policy rates control activity and inflation. Companies covered SMV, KBT and SPE. The FTSE 100 was down -0.7% last week. The S&P500 and Nasdaq100 were also down less than -1% over […]
Our second feature in this mini-series on the human microbiome explores skin health, which is far more complex as well as exciting in terms of addressing important skin health opportunities. In this feature Elric Langton looks at two very different British Companies, both leading the world in skin care products, and science. You can read […]
Cerillion’s shares have five-bagged since their pandemic low and remain near their all-time high. Maynard Paton studies the software group’s revenue profile, cash conversion and current valuation. Another month and another round of ‘back to basics’ filtering. Introduced earlier this year to identify James Halstead, this screen shortlists companies that offer cash-flush balance sheets, robust […]
Looking at the returns from investing in football clubs, Bruce suggests the key is to identify well managed teams that have developed an effective way of operating. Stocks covered DARK, and profit warnings from TET and GHH. The FTSE 100 was up +0.9% last week to 7,571. The S&P500 was down -0.5%, and the Nasdaq100 […]
A fellow investor is in a dilemma about one of her holdings: “Not sure what to do with the shares…” she writes. XP Power Ltd faces unanticipated challenges and the share price has more than halved. What should she do? An email from a reader has prompted me to think hard about XP Power. She […]
Bruce discusses how long term compounders capitalise on trust. When applied shrewdly, this can be very rewarding. Companies covered HAT, TCAP and OCN The FTSE 100 was up less than 1% last week to 7,492. The Nasdaq 100 was up +0.7%, while the S&P500 was stronger up +1.5%. The US 10Y government bond yield continued […]
Bruce suggests that if you’re looking for uncorrelated investment returns, you are better to invest your own money, rather than give it to a poker-playing long-short hedge fund manager. Stocks covered BGO, KWS and DUKE. The FTSE 100 was flat last week at 7,438. The Nasdaq100 continued to show good momentum +2.9%, but the […]
Finding good investment ideas among companies that have floated on the stockmarket recently can be like looking for a needle in a haystack. Richard thinks he knows what to look for, maybe it is Moonpig. Some of my favourite new investment ideas in recent months have been recent flotations, companies like Marks Electrical and Dr. […]
Bruce suggests that government debt to GDP ratios should include unfunded pension liabilities, and some of the issues from the Eurozone crisis a decade ago remain unresolved. Companies covered JDG, GAW and BOKU. The FTSE 100 finished the week at 7,423 up +2.0%. The Nasdaq 100 was up +4.5% and the S&P500 +4.3% with July […]
During the three decades of investing, I have always tried to adapt to the changing landscape of the equity markets. This has included the use of investment funds, tip sheets as well as following economic commentators, but I have a passion for doing my own research – not to pit myself against anyone, but myself. […]
Poor fund performances, sizeable client withdrawals and generally rough markets have left the shares of Liontrust Asset Management yielding 8%. Maynard Paton weighs up the fund manager’s pros and cons. Difficult market conditions have prompted yet another bout of ‘back to basics’ filtering. Introduced the other month to identify James Halstead, this screen short-lists companies […]
Bruce considers whether profit warnings in the insurance and adtech signal that too much capital has been chasing too few opportunities. Sophisticated data models are no replacement for management turning cautious at the top of the cycle. Stocks covered SDI, RBGP and HOTC profit warning. The FTSE 100 recovered +1.6% last week to 7,276. Markets […]
The fabric and wallpaper business is cheap and has a profitable past. Richard considers whether recovery will lead to sustainable growth… I am looking into Sanderson Design because an investor I know rates it and because as a former investor in Colefax, a customer and a competitor of Sanderson, I know (a little) about the […]
Following the profit warnings from Fevertree and Creightons, Bruce questions the conventional wisdom that companies with strong brands do well in an inflationary environment. Companies covered CKN, CRL, and TM17. The FTSE 100 was down -1.6% last week to 7,082. The Nasdaq100 and S&P500 were down -2.95% and -2.8% respectively. The 2yr – 10yr yield […]
