Throwing the net wide open
It’s performance, Jim, but not as we know it
I’ve updated the Thrifty 30 performance table and as usual have nothing to say about the portfolio’s performance in terms of share price movements. But I’m still thinking hard about my my own performance.
Pensions: peril or profit?
Milking the company
Investors abhor companies servicing large defined benefit pension schemes for employees and ex-employees, but therein may lie an opportunity.
Towards the perfect PE
Exposing Johnson’s beating heart
If you scrape away the nasties, the pension fund, the debt and the operating leases, there’s a perfectly viable business at the heart of Johnson Service on sale at a reasonable price. I reckon it earns a 12% return on capital, also promising investors an earnings yield of about 12%, perhaps more, at the current share price.
Momentum: the value investor’s best friend
Quantitave Value Investing in Europe: What Works for Achieving Alpha
There is a growing literature on statistical methods to beat the market inspired by the original classics, Dremen‘s Contrarian Investment Strategies and Greenblatt‘s Little Book, but a new report uniquely focuses on Europe and adds momentum to the mix of factors tested. Like other studies, it shows simple value measures beat the market, but with a surprising twist.
Thinking defensively
On taking your finger off the trigger and greasing the barrel instead
In response to my blog on holding cash because the alternatives are even less attractive, a reader recommended an article by John Hussman, who agrees now is a dismal time to invest, and includes a very good quote.
Comments
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- Richard Beddard on Games Workshop in two minutes
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- The cyclically-adjusted P/E ratio (PE10 or Shiller PE) on State of the market
- Philip O'Sullivan on Churchill China in 1 minute 53 seconds
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- Market Musings 1/5/2012 « Philip O'Sullivan's Market Musings on Churchill China in 1 minute 53 seconds
- Philip O'Sullivan on Churchill China in 1 minute 53 seconds
- Brad on Million Dollar Traders
- Stefan | Simple Value Investing on Pensions: peril or profit?
- Richard Beddard on PV Crystalox Solar in 1 minute 56 seconds
RB on Twitter
- @pdosullivan Thanks Philip. Ditto.
- Interesting thoughts from @mcturra2000 on magic formula investing http://t.co/JEq0Ak1j my reply: http://t.co/UHRnYZKR
- Just discovered there are two Mervyn Kings. This one hits the bullseye https://t.co/JmPZPIIp This one moves the target https://t.co/JmPZPIIp
- @smarkus Thanks
- Thinking of tackling Next L:NXT next. It scares me witless. @spbaines and @GeoffGannon wld have me rely on earning power. Soooo hard...
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