Professor Glen Arnold

Dewhurst – one that I think Warren would like

Dec 14 2015 @ 05:43
So I can buy a share in this company at 8.5 times last year’s earnings. Surely, you might ask, there must be something seriously wrong with it? Perhaps earnings and dividends have been volatile? No. Earnings per share have steadily risen from 11.82p in 2002 to 51.99p in 2015 (with a bit of a dip […]

Buffett’s Illinois National Bank has to go

Dec 11 2015 @ 07:26
In 1978 the banking regulators told Warren that he will have to separate the Rockford Bank from the rest of his businesses by the end of 1980. They were tightening up on allowing banks to be part of a non-banking organisations. He announced that the most likely solution would be to spin it off to […]

Buffett’s Illinois National Bank Experience

Dec 10 2015 @ 04:18
Dewhurst, a Buffett-style share in my portfolio, has reported a very pleasing steady improvement in its businesses in this week’s preliminary results – I’ll post a report putting that in context next week. Also Titon, already my best performer, reported a terrific 48% rise in earnings per share in its prelims published today. I’ll write […]

Buffett – Buying Illinois National Bank & Trust

Dec 09 2015 @ 05:41
Warren Buffett may have been wary of buying minority stakes in the Go-Go stock market of 1968-9 but he was excited by the prospect of picking up majority shareholdings in brilliantly organised businesses. After all, he had already experienced very pleasing outcomes from the purchases of National Indemnity (Newsletters 15th – 20th Oct) and Associated […]

Buffett denies he will cease the Partnership

Dec 07 2015 @ 08:38
Warren had already told his investors (October 1967) that he could not go on living the way he was, obsessing over achieving returns through share picking. The market had gone nuts, and besides, he wanted to switch emphasis to working on a day-to-day basis alongside people he liked, trusted and admired in companies that he […]

Buffett’s Autumn 1967 statement that he wants to ease back on his commitment to the Partnership

Dec 03 2015 @ 04:22
Warren was so fed up with the new-era investing approach adopted by others in the market and the scarcity of bargains in 1967 that he penned a few sentences which came as a bombshell to his partners: “When the game is no longer being played your way, it is only human to say the new […]

MS International – Steady progress in the half year to October

Dec 01 2015 @ 10:57
MS International (LSE:MSI) operates in three distinct markets, 1.Defence – selling naval guns, etc. around the world; 2.Forgings – making forks for fork-lift trucks; 3.Petrol Station Superstructures – making petrol station forecourts, etc. (See my Newsletters dated 18.7.15 – 15.7.15 for background) Since my July purchase at 186p the shares rose to 220p, but the […]

Buffett’s distaste for speculation

Nov 30 2015 @ 04:01
In the late 1960s Warren was searching for both quantitative bargains and companies with excellent qualitative features. But, in 1967, he was having great difficulty finding them. He was stymied by the weight of speculative actors moving the market. He is fed up with the fashion for speculation. There were millions of people now punting […]

TClarke – Confirmation of good prospects in an interview

Nov 26 2015 @ 06:08
If you are interested in TClarke you really ought to listen to an interview with the CEO and CFO. Paul Scott, a regular contributor to ADVFN bulletin boards (PaulyPilot), with a particular focus on value investments, conducted the half hour interview yesterday, and kindly made it available to us all The main points that […]

Buffett’s shift to embrace the qualitative (while not abandoning the quantitative)

Nov 25 2015 @ 05:33
I’m sorry to report this, but there are no net current asset value shares meeting the criteria – now I’ll search the market for cyclically-adjusted price earning ratio bargains. Until such time as I find one I’ll discuss more of the Warren Buffett story. We are still in 1967-8. Growing from the Graham root The […]
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