Professor Glen Arnold

I think I've found a company…

Oct 28 2015 @ 03:00
I think I have found a company for my Modified cyclically adjusted price earning ratio portfolio. If I fail to find a sufficient reason to reject I’ll buy some shares and write about it for you. In the mean time here is something to ponder. Doing the right thing can pay dividends both personally and […]
 

Thought for the day

Oct 27 2015 @ 10:20
Experience indicates that the best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago…. a business that constantly encounters major change also encounters many chances for major error. (Warren Buffett, BH 1987 letter) Comment: analysing companies is hard – you […]
 

First thoughts on Northamber's results

Oct 23 2015 @ 03:25
Are they throwing money at the phoenix-like attempt? Some food for thought (quick calculations – forgive mistakes): Sales up 4.1% – good. Gross profit up 7.7% – good Distribution and administration costs, same as last year – good, given the sales rise Loss for the year £888,000. Bad because it is not yet in profit, […]
 

Investment principles to follow

Oct 23 2015 @ 02:22
The only principle of timing that has ever worked well consistently is to buy common stocks at such times as they are cheap by analysis, and to sell them at such time as they are dear, or at least no longer cheap, by analysis….it requires no opinion as to the future of the market; because […]
 

Aphorisms for investors

Oct 21 2015 @ 02:33
I’m still searching for a company to go in my Modified cyclically adjusted price earnings ratio portfolio.  So far: no luck.  I’ll keep working on it. In the meantime here are a couple of principles for all value investors to keep in mind: Dreams do not come true by wishing, but if you internalise them […]
 

Warren’s verdict on the National Indemnity deal – a “blunder”

Oct 20 2015 @ 03:59
Warren calls the way in which he went about the National Indemnity deal as a more serious blunder than the purchase of Berkshire Hathaway: “becoming the most costly in my career.” This self-deprecation – written in his 2014 letter to BH shareholders – needs some explanation.  The key to understanding this logic is that his […]
 

Now that Warren has control of National Indemnity

Oct 19 2015 @ 02:43
Warren has a wonderful knack for holding onto very talented and experienced people. He doesn’t mind that they are getting on in years; their knowledge, judgement and contacts are often vital to the success of the enterprise. Besides, Warren has numerous investments to think about he simply cannot deal with the day to day detail […]
 

Warren Buffett's National Indemnity – the deal

Oct 16 2015 @ 05:28
The National Indemnity deal would probably never have happened if it wasn’t for another Omahan, Charles Heider. Charlie, who died only a two months ago (89), (leaving many tens of millions to Creighton University) was an Omaha stock broker competing with Warren in the early 1950s to persuade people to invest in shares. Warren says […]
 

Warren Buffett – the rebirth of Berkshire Hathaway, 1965-7

Oct 14 2015 @ 03:54
I’m continuing to search the whole UK market for companies to go into the Modified cyclically-adjusted PER portfolio. I only got as far as the letter ‘B’ when I was waylaid by BHP Billiton. So’ I’ll start from there and work my way through the alphabet. It may take some time before I find another […]
 

Haynes – Piotroski and worries

Oct 12 2015 @ 05:21
Haynes’ (LSE:HYNS) share is less than five times its earnings when eps is taken as the average over the last 9 years. For a company to have such a low price relative to its proven earnings must mean that Mr Market thinks that it will never again produce the 9-year average eps of 23.8p. This […]
 
 
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