Professor Glen Arnold

Buffett’s perplexity with the market’s behaviour

28 Jan 2016 @ 15:46
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

25 Jan 2016 @ 14:44
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

21 Jan 2016 @ 14:13
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 […]
 

Berkshire Hathaway: controlled companies and the rare skill of capital allocation

20 Jan 2016 @ 12:15
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 […]
 

Belgravium Technologies

19 Jan 2016 @ 11:20
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 Pulitzer Prize winner

15 Jan 2016 @ 10:39
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 […]
 

Buffett and the purchase of the Omaha Sun newspaper

14 Jan 2016 @ 12:26
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 […]
 

Buffett on accounting tricks fooling the gullible and supporting share prices

12 Jan 2016 @ 12:24
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 […]
 

How are my shares doing?

08 Jan 2016 @ 10:23
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 – Management, net current asset value and prospects

06 Jan 2016 @ 10:30
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 […]
 
 
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