Professor Glen Arnold

I've raised some cash, in readiness

@ 08:28
The virus’ impact on psychology and social interaction (the diminishing of it) encouraged me sell a couple of companies which were already looking quite high. I’ve sold my Dewhurst “A” shares (non-voting) at about £7.20p. I first bought at just over £3. I’ve also sold my TClarke shares at 112p (bought at 79.16p). I’ll write up why […]
 

Daejan – sold in 16 days for a 50% profit

@ 06:38
I bought Daejan (LSE:DJAN) on 5th February at £52.90 per share. My expectation was that this property company would continue to increase net asset value over the next five years. I would hold during that time, while the share price discount to net asset value would fall from an exceptional level of 56% when I bought […]
 

Charlie Munger on sanity and rationality - and inversion

@ 05:03
Speaking at last week’s annual meeting of the Daily Journal Charlie Munger invited  shareholders to remain sane and rational, and not only with regard to share selection, but in all aspects of life.           I’ve transcribed his words: Part of the reason that some of the companies I’ve been affiliated with […]
 

Charlie Munger on value investing, horses, hunting grounds, fishing and gratification

@ 04:02
Charlie Munger, the billionaire investor, friend and colleague of Warren Buffett, gave sage advice to help investors, and more normal folk, last week at the 2020 AGM of the Daily Journal Annual Meeting. Here is a some of it: Value investing and fishing Question: In investing, I’m curious to know how you weigh the quality of […]
 

Charlie Munger’s wisdom

@ 05:09
Charlie Munger, Warren Buffett’s business partner, now aged 96, gave some brilliant advice to investors when speaking last week at the 2020 AGM of the Daily Journal Annual Meeting (he is the chairman).         Don’t play in game where you are stupid Q. How do you research companies? A: Of course, if […]
 

Daejan – the managers

@ 05:22
Daejan (LSE:DJAN) is completely controlled by the Freshwater family who hold 79.5% of the shares. We small shareholders are at their mercy. It is therefore important we consider whether the dominant shareholders tend to treat other shareholders badly. The directors Benzion S E Freshwater, 71, Chairman and Chief Executive Joined the Board in December 1971 […]
 

Daejan – financial distress risk

@ 04:18
Piotroski factors provide some insight into the likelihood of financial distress by examining trends in key accounting metrics over two years. If all nine are in a positive direction then a very low level of distress is indicated. Any score under five out of nine should make us wary. The first factor is profits. Daejan was […]
 

Daejan – Shareholders’ equity versus share price

@ 06:36
In the past, when Daejan’s (LSE:DJAN) share price to shareholders’ equity (NAV) ratio fell below 0.6 the subsequent five years gave shareholders a return averaging over 100%. Today Daejan’s shares stand on a ratio of merely £52.90/£120 = 0.44. The make-up of shareholders’ equity Daejan’s balance sheet is really simple: it holds about £2.6bn of […]
 

Daejan – a look at the business

@ 06:17
Daejan (LSE:DJAN) was originally a plantation company with estates in the Dutch East Indies.  It was badly damaged by insurgency in the late 1940s/early 1950s. By 1959 it was a dormant shell company into which Osias Freshwater reversed his property empire. Osias was born in Poland in 1897.  In 1939, leaving his wife and children […]
 

Daejan – bought for both earnings and assets

@ 09:18
I’ve bought Daejan (LSE:DJAN) for my modified price earnings ratio portfolio. It has two outstanding virtues. First its shares, at my buying price of £52.90, are merely seven times earnings per share when EPS is averaged over the last decade. Second, its net assets are worth £120 per share, thus it stands on a discount […]
 
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