Professor Glen Arnold

In 1969 the Buffett Partnership was getting quite complex. The bulk of its money was invested in minority holdings of listed companies. But a substantial amount was invested in two major holdings. Diversified Retailing (Associated Retail Stores) was 80% owned by the Partnership with 10% owned by Charlie Munger’s California-based investment fund and 10% owned […]

There are many things that I like about this company. But there are two large negatives that make me hesitate. What it does When you are on an airplane and the stewardess serves you a drink the hand-held computer thingee that takes your credit card payment, or simply registers the sale, could have been supplied […]

Buffett, the proud controller of the Omaha Sun newspapers, with a small circulation and struggling to produce a target profit of $100,000, had an intimate knowledge of his home town. Into his possession came some information strongly indicating a scandal at one of the nation’s favourite charities, based in Omaha. Boys Town was established in […]

Warren Buffett, ever since his Washington Post delivery-round days, developed a keen interest in quality journalism. Indeed he relied on newspaper information to help develop his ideas. Anecdote: about six years ago I was in Omaha when a fellow shareholder asked how he and Charlie Munger spent their time. You might imagine that two people […]

I’ll continue the series on Buffett’s progress……We’re up to 1968…. Buffett started 1968 with Partnership net assets of $68,108,088, having made a 35.9% return in 1967. But he was in a far from exuberant mood. The more the market was driven by speculative fever and accounting tricks the more worried he became. These fevers, often […]

The beginning of a year is a good time to look at my share performances. When my shares have risen on average (17.1%) at a time when the market has fallen I can’t complain. But many of my shares have gone down. At least they have so far – but its early days for some […]

Caledonian Trust (LSE:CNN) was set up in 1972 by Douglas Lowe (now 78), joining Aim in 1995. He has seen many economic and property cycles, and learned patience and caution: patience in timing realisation of property value, and caution in not over-extending in property booms or panic-selling in downturns. While there are 200 shareholders, the […]

Caledonian Trust (LSE:CNN) owns substantial plots of land with planning permission to build houses (or offices). The true value of these plots is not reflected in the balance sheet because accounting rules dictate that property held for trading is valued at the lower of cost of net realisable value. Thus we need to estimate the […]

Caledonian Trust (LSE:CNN) has just reported its annual results to June, and very pleasing they are too. Profits are not the focus of attention. This is a Scottish property development company which held on to its properties for the past eight years or more. During this time it has added considerable value without selling anything […]

Fletcher King (LSE:FLK) has a market capitalisation of £4.5m on a share price of 49p. It has £4m of cash and no debt. Net current asset value is, however, below MCap. Net Current Asset Value £’000s 30 October 2015 Receivables 838 Cash 4,070 Less Total Liabilities (1,863) Totals to Crude NCAV 3,045 To be conservative […]