An innocent among investment bankers
Beddard in the City On Wednesday I attended a conference hosted by Soc Gen’s much quoted Analysts Albert Edwards and Dylan Grice. It’s a New Year ritual for many investment [...]
Cash flow check on accounting
Cash flow from operations or free cash flow? Pardon the technical post and the prosaic title, but I hope it will explain why I rejected Smith & Nephew but retain [...]
Keeping it simple is harder than you think
The heart of my investing process My New Year’s resolution was to write two minute monologues to ensure I have thought through an investment and have a means to track [...]
Games Workshop in two minutes
A two minute monologue What it does: model soldiers Games Workshop designs, manufactures, wholesales and retails war gaming miniatures, scenarios, craft materials, books and magazines for its Warhammer, Warhammer 40,000 [...]
A pleasant St Ives
And a bad memory Just on a whim really, I calculated the median values for some of my favourite financial statistics and then screened the entire market for for companies [...]
The Thrifty 30 enters its third year
Performance issue needs addressing Although it’s January, and I feel compelled to review the Thrifty 30’s annual performance, I’ll refrain because I just don’t think it’s productive. There’s another way [...]
New year, more resolution
Follow the script Last year ended introspectively, with a failed trade in Armour that was both expensive and misguided, but before then I felt I was losing my grip on [...]
Best wishes
‘tis the season A happy Christmas, or simple good wishes, to everyone who reads and comments on this blog, and especially those investors who’ve inspired, helped, and criticised me, including… [...]
Too late…
Armour post-mortem I don’t enjoy picking over the bones of a failed trade, but it’s important to learn lessons. A 70% loss on consumer electronics company Armour goes back to [...]
Too little…
Armour exits the Thrifty 30 Armour was a company I should never have added to the Thrifty 30 but before the recriminations start, I need to do the deed: Eject [...]
Confessing to the original sin
Maybe simple statistics do trump judgement Every time I read a review of ‘Thinking Fast and Slow’ by Daniel Kahnemann, a psychologist who won the Nobel prize for economics, I [...]
The future of the Thrifty 30
In which I moot a foreign adventure and then get cold feet As the end of the year approaches, I’m having some end of year thoughts. How can I improve [...]
