Professor Glen Arnold

Aphorisms for investors

21 Oct 2015 @ 08:33
I’m still searching for a company to go in my Modified cyclically adjusted price earnings ratio portfolio.  So far: no luck.  I’ll keep working on it. In the meantime here are a couple of principles for all value investors to keep in mind: Dreams do not come true by wishing, but if you internalise them […]
 

Warren’s verdict on the National Indemnity deal – a “blunder”

20 Oct 2015 @ 09:59
Warren calls the way in which he went about the National Indemnity deal as a more serious blunder than the purchase of Berkshire Hathaway: “becoming the most costly in my career.” This self-deprecation – written in his 2014 letter to BH shareholders – needs some explanation.  The key to understanding this logic is that his […]
 

Now that Warren has control of National Indemnity

19 Oct 2015 @ 08:43
Warren has a wonderful knack for holding onto very talented and experienced people. He doesn’t mind that they are getting on in years; their knowledge, judgement and contacts are often vital to the success of the enterprise. Besides, Warren has numerous investments to think about he simply cannot deal with the day to day detail […]
 

Warren Buffett's National Indemnity – the deal

16 Oct 2015 @ 11:28
The National Indemnity deal would probably never have happened if it wasn’t for another Omahan, Charles Heider. Charlie, who died only a two months ago (89), (leaving many tens of millions to Creighton University) was an Omaha stock broker competing with Warren in the early 1950s to persuade people to invest in shares. Warren says […]
 

Warren Buffett – the rebirth of Berkshire Hathaway, 1965-7

14 Oct 2015 @ 09:54
I’m continuing to search the whole UK market for companies to go into the Modified cyclically-adjusted PER portfolio. I only got as far as the letter ‘B’ when I was waylaid by BHP Billiton. So’ I’ll start from there and work my way through the alphabet. It may take some time before I find another […]
 

Haynes – Piotroski and worries

12 Oct 2015 @ 11:21
Haynes’ (LSE:HYNS) share is less than five times its earnings when eps is taken as the average over the last 9 years. For a company to have such a low price relative to its proven earnings must mean that Mr Market thinks that it will never again produce the 9-year average eps of 23.8p. This […]
 

Haynes Publishing – some positive things are happening

09 Oct 2015 @ 10:18
Haynes (LSE:HYNS) has an illustrious past (150 million manuals sold), but what we need to consider now is whether it has a future that will allow for profits of at least £2m and dividend payments of at least £1m per year. If it can stabilise at that level the share price will rise modestly. If […]
 

Haynes Publishing – I’m considering buying some more

08 Oct 2015 @ 10:10
I bought Haynes (LSE:HYNS) at 115.9p for my Modified-PER portfolio in February. If I now wanted to sell them I could get only 107p (£1.10 to buy). But I’m not thinking about selling them – quite the opposite. (I posted a fairly full analysis 11th-19th February, so I’ll mostly concentrate here on the news coming […]
 

PV Crystalox - A strong balance sheet, but is there significant dissipation of cash? (Snippet)

19 Jan 2015 @ 08:15
If you wish to discover what my views are on PV Crystalox on its’ long term prosperity, please sign up to my premium blog on the ADVFN premium newsletter service. Here is a small sample that is found in today’s article: “It has a net current asset value of £40m, with no bank or bond debt, compared […]
 

PV Crystalox - Analysing their Balance Sheet (Snippet)

16 Jan 2015 @ 15:32
If you wish to discover what my views are on PV Crystalox on its’ long term prosperity, please sign up to my premium blog on the ADVFN premium newsletter service. Here is a small sample that is found in today’s article: “PV Crystalox’s (LSE:PVCS) balance sheet took quite a lot of work to understand what is going on.  I […]
 
 
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