Agonising about Aga again
In practice:
Trust no-one
First, a quick recap. Aga (AGA). Cult product. Cheap price. Strong finances. BIG pension.
Since I concluded that wild swings in the value of Aga Rangemaster’s pension fund relative to the present value of its obligations made an otherwise sound company too speculative for a safety-first portfolio, it’s published an annual report for the [...]
Aga’s blimmin’ pension fund
Despite its monumental cookers, I think the investment case for Aga (AGA) depends on something even more monumental, its defined benefit pension scheme.
Last June Aga’s pension liability was £682m, and although the scheme was in surplus, which means actuaries reckon it has more than enough assets (shares, bonds and property) to pay the pensions of [...]
Are you a speculator who thinks he’s an investor?
Apologies for this chart, a sketch from my notebook, but I’ve never seen it drawn by anyone with the patience to use a ruler, so this will have to do*1.
I imagine many of us thought we were investors in the bull market and, having, seen our profits evaporate, we’re now coming to terms with the [...]
Ten growth stocks at a reasonable price
I promised myself I wouldn’t use this quote until I reviewed The Complete Turtle Trader, the book it’s from, next week. However, it’s the perfect introduction for today’s blog and I cannot resist.
Good traders apply every ounce of intelligence they have into the creation of their systems, but then they’re dumbbells in following them. You’ve [...]
