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Professor Glen Arnold

Haynes – financial distress analysis and conclusion

Feb 09 2016 @ 05:51
Haynes’ (LSE:HYNS) has fallen from £4 to £1.20 because Mr Market judges that there is a high probability that demand for technical information through paper or online manuals is declining and will soon be dead. Mr Market also seems to believe that the professional business of selling digital access to technical information on 19,000 vehicles […]
 

Haynes’ decline in the USA and Australia

Feb 08 2016 @ 09:25
Haynes’ (LSE:HYNS) shareholders have some reasons for thinking that a return to satisfactory profits in print and digital consumer manuals in the UK and Europe is possible – see last Friday’s Newsletter. But the task ahead of the directors is far from easy. Another group of subsidiaries which on their own might justify the current […]
 

Is the Haynes manual dying?

Feb 05 2016 @ 09:51
From yesterday’s Newsletter we can conclude that Haynes (LSE:HYNS) is firing on one cylinder at least – it has an excellent business supplying mechanics with 1,000,000 pieces of information per day across Europe, where it is a market leader (HaynesPro). But we need at least one more cylinder firing well to justify holding on to […]
 

Titon – the Korean business and the mechanical ventilation business

Feb 05 2016 @ 08:27
Two years ago most investors had written-off Titon (LSE:TON) because it went through a half-decade of only breaking even. Since then the share has risen 150% on the back of an amazing profit recovery in Korea and some exciting growth in mechanical ventilation with heat recovery sales. But how sustainable are these recoveries? Korean hardware […]
 

Haynes – an updated analysis

Feb 04 2016 @ 09:28
Haynes has reported results for the six months to 30th November. I thought this a good time to review the business. I’ve done this by breaking the Group into its component parts. Thus I’ve separated the digital business (HaynesPro together with some digital income from selling to consumers rather than professional mechanics) from: 1.the UK […]
 

Caledonian Trust's AGM: A report

Feb 01 2016 @ 08:58
I’m pleased that Caledonian Trust’s (LSE:CNN) shares have fallen this morning because I’m interested in buying another portion of this company following a very encouraging AGM on Friday. It was no problem that I missed the formal meeting (trees on East Coast Line caused delay) – apparently not much happened – because the directors had […]
 

Warren Buffett decides to retire

Jan 29 2016 @ 02:00
In 1969 Buffett finally got so fed up with the investment environment that he announced his retirement, aged 38. At the end of May he sent out the letter that stunned his partners, many of whom had become millionaires as a result of Buffett’s investment skills. They wanted the Partnership to continue so that they […]
 

Buffett’s perplexity with the market’s behaviour

Jan 28 2016 @ 09:46
Tomorrow I’m going to Caledonian Trust’s AGM in Edinburgh – I’ll report back next week. Haynes have just reported improved half year results and Arden Partners have reported annual results, so there is plenty for me to write about next week – do I want to buy more I wonder? In the meantime, here is […]
 

Stanley Gibbons

Jan 25 2016 @ 08:44
I’ve searched the entire market for a possible new net current asset value, NCAV, investment. Rather disappointingly I found nothing that meets my criteria. When the market has fallen by 20% you might expect more bargains to be around. Perhaps it needs to fall further before there will be real bargains created through neglect and […]
 

Berkshire Hathaway morphs into a holding company powerhouse

Jan 21 2016 @ 08:13
Over the two years 1968 and 1969 Berkshire Hathaway liquidated its entire holdings of marketable securities. Happily, Chace was able to report that the company had made a profit on these of more than $5m after tax. Now remember that it was only in 1965 that BH had a market capitalisation of under $20m, net […]
 
 
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