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Graeme's

Meandering analysis

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Shares

Shares (mostly UK), stock-picking and strategies.

A quick look at Enterprise Inns

February 26, 2013 ~ Graeme

This is a company I have not looked at for a very long time. My interest was raised by a post on Expecting Value. The price to book value of 0.5 and reasonable PE (5× pre-exceptional earnings) it looks like a bargain, and sales of assets paying off its debt, but with some worries about low returns and constant downward revaluations of fixed assets. Continue reading →

The death of equity growth

February 10, 2013February 10, 2013 ~ Graeme

Future returns on investments in shares will come less from growth in the underlying businesses and more from income. This means that ratings should be lower, and, in particular, we should expect higher yields. Continue reading →

The Huffington Post and AOL

February 8, 2011 ~ Graeme ~ 1 Comment

The Huffington Post may not be a bad buy at the price AOL is paying, but that does not mean that AOL is right to buy it. Continue reading →

Demand Media IPO

August 15, 2010October 22, 2010 ~ Graeme ~ 1 Comment

I usually comment only on British companies (as investments, that is), but I also like to keep an eye on tech and internet companies, and on anything that illustrates a point. Demand Media falls in to both categories. Continue reading →

Blog split

January 26, 2008 ~ Graeme

I have effectively split this blog into two. I will stop posting on investment and finance related topics here, and instead post on my new blog on my Moneyterms site. Continue reading →

Wogen not irrationally priced

August 10, 2007 ~ Graeme ~ 1 Comment

Richard Beddard appears to be willing to agree with me that most active investors will under-perform. We still disagree about how investors’ chances of out-performing are. Richard has focused on a particular company , Wogen, as an example of irrational underpricing. Naturally, it is now essential that I poke a few holes in his bullish analysis. Continue reading →

The end of academic publishing

July 26, 2007July 27, 2007 ~ Graeme ~ 2 Comments

It has been clear to many analysts (including myself) for years that publishers of academic journals were facing the slow death of their business. Despite the view of publishers and the more optimistic analysts that peer reviews journals were irreplaceable, the evidence continues to emerge for a slow, but certain, decline. Continue reading →

Will equity returns stay high?

July 21, 2007November 7, 2008 ~ Graeme ~ 3 Comments

The fascinating information on the drivers of returns on equities between the fifties and the nineties dug up by Richard Beddard, has a worrying aspect. Much of the gain came from one-off changes, so returns may not be as good in the future. Continue reading →

Emerging markets, inflation and currency risk

April 12, 2007 ~ Graeme

A post at Interactive Investor Blog on the nominal good performance of Zimbabwe’s stock exchange, is a useful reminder of the importance of real returns. This works both ways, and is why equity investors should not worry too much about currency risk. Continue reading →

Can Woolworths recover?

April 12, 2007April 14, 2007 ~ Graeme ~ 1 Comment

I have never liked Woolworths, with its weak brand, unfocused retail format, and uncertain wholesale business. Now, at a time when things could not look worse, I am changing my mind. Continue reading →

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