A quick look at Enterprise Inns

Posted by Graeme in Shares at 5:47 am on Tuesday, 26 February 2013

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. (more…)

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The death of equity growth

Posted by Graeme in Economics,Shares at 1:36 pm on Sunday, 10 February 2013

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. (more…)

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The Huffington Post and AOL

Posted by Graeme in Internet,Media,Shares at 9:14 am on Tuesday, 8 February 2011

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. (more…)

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Demand Media IPO

Posted by Graeme in Internet,Shares at 7:37 am on Sunday, 15 August 2010

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. (more…)

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Blog split

Posted by Graeme in Business & Investment,Internet,Shares at 9:57 am on Saturday, 26 January 2008

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. (more…)

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Wogen not irrationally priced

Posted by Graeme in Shares at 12:56 pm on Friday, 10 August 2007

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. (more…)

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The end of academic publishing

Posted by Graeme in Business & Investment,Economics,Media,Shares at 7:20 am on Thursday, 26 July 2007

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. (more…)

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Will equity returns stay high?

Posted by Graeme in Shares at 9:44 am on Saturday, 21 July 2007

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. (more…)

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Emerging markets, inflation and currency risk

Posted by Graeme in Shares at 1:12 pm on Thursday, 12 April 2007

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. (more…)

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Can Woolworths recover?

Posted by Graeme in Shares at 9:04 am on Thursday, 12 April 2007

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. (more…)

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