Professor Glen Arnold

J Smart (LSE:SMJ) has loads of assets, including piles of cash, and has produced satisfactory profits in recent years relative to its market capitalisation.  On quantitative criteria, and on grounds of having a reasonably sound business, it is a NCAV investment. However, before making the final decision we need to check the ability of the […]

As well as £65m tied up in industrial and commercial property (with no debt) producing an income of around £3.5m J Smart (LSE:SMJ) has over £23m in net cash, land and shares.  It also has a construction business that only uses £1.4m, and occasionally produces a profit, but this is rare. (Market capitalisation is £49m […]

The directors of J Smart (LSE:SMJ), when reporting results, split the Group into two: (1) Investment activities, consisting of a portfolio of industrial units and offices, available for sale financial assets (LSE quoted shares) and joint ventures. (2) Construction activities, consisting of building for social housing, public works, shopping centres, offices, factories, houses and warehouses...

J Smart (LSE:SMJ) is a family-run (4th generation) company in the property game, based in Edinburgh but extending its activities across the Central Belt and Kirkcaldy.   I see the company as having three divisions (the directors and other analysts probably do not see things the same way): Investment property holding division. This owns industrial property worth […]

I enjoyed a sunny day in Edinburgh on Friday, and a very pleasant AGM and post-AGM discussion with Caledonian Trust’s (LSE:CNN) directors. I’m pleased to report that as a result of the discussions I feel content that the net current asset value I estimated a couple of weeks ago at £44.2m or £3.75 per share […]

The period after a crash is a great time to buy pieces of businesses at low prices. Here are some things I’ll try to keep in mind in the months and years ahead. If we can buy small pieces with satisfactory underlying economics at a fraction of the per-share value of the entire business,  something […]

We need help to remain steadfast if markets are falling all around us, and to keep investing, or at least analysing.  There are some timeless ideas that might help: Abnormally good or abnormally bad conditions do not last forever.  This is true not only of general business but of particular industries as well.  Corrective forces […]

I’m currently analysing a company that is looking a good prospect for my Net current asset value portfolio (share price less than the total of net current assets minus all liabilities).  I’ll write it up, and post later this week or next week. In the meantime, here are some more ideas to guide our thoughts […]

What do investors do following a shock?  First get into the right frame of mind.  Great investor ideas can help us: The market is fond of making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks Benjamin Graham If you can’t convince yourself “when I’m down 25%, I’m a buyer” and banish forever […]

If we are going to cope with market declines we need to understand them.  Great investors have been through many wild markets.  They offer us their insights: Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience a handicap.  But the typical experience of a […]