Professor Glen Arnold

Buffett has more advice – on life, investing and business schools

12 Jul 2019 @ 10:35
Warren Buffett’s interview with Andy Serwer of Yahoo Finance contains some nuggets we should all keep in mind (“Warren Buffett shares advice on becoming successful”): Q: What about life advice? Buffett: Well my advice is that the most important thing, aside from things I’ve already talked about [see yesterday’s newsletter] is really who you associate […]
 

Wisdom of Warren Buffett

11 Jul 2019 @ 12:31
I’m constantly having to learn new things.  For example, it’s only recently that I thought about the difference between being smart and possessing wisdom. It was brought to the fore again when, on holiday, I tested the power of the wifi by going to Youtube to play something – anything.  Youtube’s  algorithm suggested I watch […]
 

How are my shares doing?

03 Jul 2019 @ 11:59
Half-way through 2019 is a good time to check on how my share selections have performed.  I resigned my university chair almost 6 years ago to concentrate on investment.  Perhaps the timing wasn’t so great in that the stock market as a whole hasn’t moved very much since.  But I’m reasonably content with how things […]
 

Tandem AGM – How well are the businesses doing?

02 Jul 2019 @ 12:10
Tandem’s (LSE:TND) AGM Statement last week contained great news: “We are pleased to announce that it has continued to be an encouraging year for the Group with revenue for the 25 week period to 23 June approximately 26% ahead of the same period in the previous year.” Following that the share plunged over 10%.  The […]
 

Tandem Group – The Annual General Meeting: dividends

01 Jul 2019 @ 09:17
On Thursday I, along with five other shareholders, attended the AGM of Tandem Group (LSE:TND). The directors were very gracious and generous in allowing us to ask questions and make our points for two hours. At times the discussion was, to put it politely, robust.  But the end result was that we shareholders understood the […]
 

MS International - Owner earnings and intrinsic value estimation

28 Jun 2019 @ 11:48
With owner earnings we are trying to obtain the earnings that, in future, would be left for shareholders after the managers’ use of the cash generated to pay for items of expenditure to maintain the strength of the economic franchise (e.g. additional capital items, additional working capital, marketing spend, R&D and staff training) and to […]
 

MS International - A valuation using return on net tangible assets

26 Jun 2019 @ 10:16
MS International (LSE:MSI) is trading at 214p putting it on a market capitalisation of £35.3m.  We’ve already seen that its shares are at a low price relative to average earnings over the past decade, that it has four good businesses and it is very financially stable. Today I attempt a valuation using historical return on […]
 

MS International – Financial stability

25 Jun 2019 @ 09:06
MS International (LSE:MSI) is trading on a low price relative to earnings over the last eleven years.  It is a diversified engineering company with four strong divisions, each of which has been run by the same team of skilled managers for many years. These are attractive features.  So why is the share at a low […]
 

MS International – Superstructures and Branding

24 Jun 2019 @ 09:07
MS International (LSE:MSI) has been a good share for me, returning over 30% so far.  I recently judged that its shares were still good value relative to earnings prospects and other factors, and so bought some more.  Today we’ll look at its business making money from supplying petrol station forecourts and in branding petrol stations […]
 

MS International – Guns and Forks

21 Jun 2019 @ 08:40
MS International (LSE:MSI) is comprised of four business.  Today we look at the first two, manufacturing defence equipment and the forgings business, which concentrates on making forks for fork-lift trucks. Defence The Defence division mostly makes naval guns and sells to 16 countries, with 250 systems in place. It also services those guns. Defence division […]
 
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