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Isaac's Thread - High Yielding Shares & other stuff

Sunday, May 16 2010 by
13

Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy and the time of maximum optimisim is the best time to sell.

Sir John Templeton

 

Aviva (LON:AV.)
-Price 326.9
-Forecast Yield 7.71%
- Forward Cover 3.02
-Forward PE 4.3

BP (LON:BP.)
-Price 530.2
-Forecast Yield 7.04%
- Forward Cover 1.82
-Forward PE 7.6

United Utilities (LON:UU.)
-Price 521.5
-Forecast Yield 6.58%
- Forward Cover 1.7
-Forward PE 8.97

Scottish & Southern Energy (LON:SSE)
-Price 1082
-Forecast Yield 6.5%
- Forward Cover 1.49
-Forward PE 10.3

Severn Trent (LON:SVT)
-Price 1128
-Forecast Yield 6.29%
- Forward Cover 1.42
-Forward PE 11.21

Royal Dutch Shell (LON:RDSA)
-Price 1779.5
-Forecast Yield 6.25%
- Forward Cover 1.81
-Forward PE 8.86

National Grid (LON:NG.)
-Price 618
-Forecast Yield 6.23%
- Forward Cover 1.55
-Forward PE 10.38

Vodafone Group (LON:VOD)
Price 134.5
-Forecast Yield 6.01%
- Forward Cover 1.91
-Forward PE 8.73

British American Tobacco (LON:BATS)
Price 2033
-Forecast Yield 5.58%
- Forward Cover 1.54
-Forward PE 11.66

Glaxosmithkline (LON:GSK)
Price 1167
-Forecast Yield 5.53%
- Forward Cover 1.86
-Forward PE 9.69

Astrazeneca (LON:AZN)
Price 2879.5
-Forecast Yield 5.37%
- Forward Cover 2.58
-Forward PE 7.22

----------------------------------------------------------------------------------

 

http://www.bbc.co.uk/news/science-environment-11435522

 

Investment Greats: Ben Graham

 

Philosophy

Graham's approach is based on the principle that, while markets are not good at pricing investments, over the long term the true value of businesses will be revealed. "In the short run, the market is a voting machine but in the long run, it is a weighing machine".

'Mr Market', as he described the emotional and irrational marketplace, sets share prices that you may not agree with, based on your fundamental analysis of a share's value. When Mr Market's price is sufficiently below your assessment of the share's value, you have the opportunity to buy with what he referred to as a 'margin of safety'.

Allowing yourself this margin of safety is in stark contrast to the 'greater fool theory' (note the lowercase 'f'), whereby people buy shares regardless of valuation in the hope of finding someone to buy them later at an even higher price. It's all about risk and reward.

Risk can also be mitigated to an extent by buying a portfolio of shares, so that even if some companies go bust, the overall return may still beat the market.

Selection criteria

In the mid 1970s, Graham and his colleague, James B. Rea, refined his ideas into ten criteria for selecting a portfolio:

1) earnings yield at least twice the AAA bond yield;

2) price/earnings ratio below 40% of the highest P/E ratio the stock had over the previous five years;

3) dividend yield of at least two-thirds the AAA bond yield;

4) share price below two-thirds of tangible book value per share;

5) share price below two-thirds of net current asset value per share;

6) total debt less than tangible book value;

7) current ratio greater than two;

 Special Offer: Invest like Buffett, Slater and Greenblatt. Click here for details »

8) total debt less than twice net current asset value;

9) earnings growth over the previous ten years of at least 7% per annum; and

10) a maximum of two annual earnings falls of 5% or more over the previous ten years.

If you want to trawl for shares meeting these criteria, ADVFN has filters that facilitate this; you can see the results of a recent search I did in this article. Finding shares that tick all these boxes is quite difficult, but tests 1), 3), 5), and 6) were deemed to be the most important.

The following were considered sell signals:

1) share price up more than 50% since buying;

2) share held for more than two years;

3) company stopped paying dividends; or

4) profits fell enough to make it overpriced by 50% or more on the earnings yield criterion.

 

http://www.fool.co.uk/news/investing/investing-strategy/2009/04/17/investment-greats-ben-graham.aspx

 

Books to Read

Investment Strategy:
Security Analysis - Benjamin Graham (HEAVY READING This is the old testament from the 'Dean of Wallstreet')

The Intelligent Investor - Benjamin Graham (HEAVY READING The New Testament)

Value Investing Made Easy - Janet Lowe (Easy read to see if you agree with the strategy)

The Rediscovered Benjamin Graham - Janet Lowe (Easy read with some late interviews that were interesting. I like this book.)

The Warren Buffett Way - Robert G. Hagstrom (Easy read and interesting examples of some of WB's great investments)

Buffettology - Mary Buffett and David Clark (An interesting slant on things. Easy Read)

The Essays of Warren Buffett - Warren E. Buffett (From the annual reports of his company Berkshire Hatherway. Fascinating).

Common Stocks and Uncommon Profits - Phillip A. Fisher (Regarded as an investment classic. Fisher was one of the greatest growth stock investors. Buffett says he's 85 % Graham and 15 % Fisher, which is a real compliment).

One Up On Wall Street - Peter Lynch (Peter has a gift for making it all sound simple. I think this book extols the benefits of understanding brands).


Management:
The Real Warren Buffett - James O'Loughlin
(Buffett is so much more than an investor. What he has created in the management structure and culture of Berkshire Hathaway is truly unique).


Fraud:
The Smartest Guys In The Room - Bethany McLean and Peter Elkind
(How it can all go wrong. The ENRON scandle. (A riveting read. You couldn't make this up).


Accounts: Interpreting Company Reports and Accounts - Geoffrey Holmes and Alan Sugden


History:
The Great Crash 1929 - John Kenneth Galbraith
(Easy read. I think it's important to understand bubbles, crashes and investment history statistics. It may stop you being panicked out of a sound investment one day or help you avoid investing during the later stages of a bubble cycle).

The BZW Equity-Gilt Study (Facts and figures going back to 1918 on Equities, Gilts and the Cost of Living Index. Great for looking at corelations).

The Death of Inflation - Roger Bootle (Bootle saw the change coming 10 years ago, while inflation was still raging. He's a genius economist imo).

A Very English Deceit - Malcolm Balen (The South Sea Bubble and an excellent account of how London's financial power house started in the early 1700's. Insurance companies and share traders in coffee shops, no less).

 

20 years of dividends and still going strong

Here's its pick of 20 UK companies that have at least held their annual dividends since 1990, together with their forecast payouts for financial years 2010, 2011 and 2012:

NameSectorPrice
(p)
Dividend
2010
Dividend
2011
Dividend
2012
Vodafone Group Mobile Telecoms 180 8.3 8.9 9.5
Royal Dutch Shell Oil & Gas Producers 2,145 107.2 111.2 118.0
Tesco Food Retailers 403 13.1 14.9 16.0
Schroders General Financials 1,851 34.0 37.0 40.0
Serco Group Support Services 553 7.2 8.0 8.8
Meggitt Aerospace & Def. 349 8.6 9.2 10.0
Cobham Aerospace & Def. 209 6.0 6.6 7.3
Derwent London REITs 1,552 29.4 32.1 35.0
PZ Cussons Personal Goods 360 5.9 6.4 6.9
Spirax Sarco Engineering 1,843 41.2 45.3 49.8
Halma Electronics 340 8.5 9.1 9.8
Close Brothers Group General Financials 858 39.0 39.0 39.0
Brown N Group General Retailers 280 10.8 12.3 13.5
Rathbone Brothers General Financials 1,150 42.0 42.0 42.0
Greggs Food Retailers 480 17.5 18.6 19.9
Daejan Holdings Real Estate 2,781 74.0 74.0 74.0
AG Barr Beverages 1,150 23.1 24.5 25.7
Cranswick Food Producers 850 25.0 27.5 30.2
Oxford Instruments Electronics 617 8.4 8.8 9.3

 

http://www.fool.co.uk/news/investing/2011/02/08/dividend-heroes-that-keep-on-delivering.aspx?source=ufwflwlnk0000001


Disclaimer:  

As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. The author may own shares in any companies discussed, all opinions are his/her own & are general/impersonal. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.


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National Grid Plc is an electricity and gas utility company. The Company operates in three segments: UK Transmission, UK Gas Distribution and US Regulated. UK Transmission includes high voltage electricity transmission networks, the gas transmission network in Great Britain, UK liquefied natural gas (LNG) storage activities and the French electricity interconnector. Its UK Gas Distribution includes four of the eight regional networks of Great Britain’s gas distribution system. US Regulated includes gas distribution networks, electricity distribution networks and high voltage electricity transmission networks in New York and New England and electricity generation facilities in New York and Massachusetts. Other activities primarily relate to non-regulated businesses and other commercial operations, including United Kingdom based gas and electricity metering activities; UK property management; a UK LNG import terminal; other LNG operations, and US unregulated transmission pipelines. more »

Share Price (Full)
877.5p
Change
-3.0  -0.3%
P/E (fwd)
15.7
Yield (fwd)
5.0
Mkt Cap (£m)
32,879

Severn Trent Plc provides clean water and waste water services in the United Kingdom and internationally. The Company operates in two segments: Severn Trent Water and Severn Trent Services. Severn Trent Water is a regulated water and sewerage companies in England and Wales. Severn Trent Services is a commercial supplier of water and waste water treatment services and products, with customers in the United Kingdom, the Americas, Europe, Middle East and Asia. The Company’s subsidiaries include Derwent Insurance Limited, Severn Trent Costain Limited, Severn Trent Costain Water Limited, Severn Trent Environmental Services Inc., Severn Trent Select Limited, Severn Trent Services Limited, Severn Trent Water Limited and Severn Trent Water Purification Inc. more »

Share Price (Full)
1953p
Change
16.0  0.8%
P/E (fwd)
23.0
Yield (fwd)
4.3
Mkt Cap (£m)
4,640

Aviva plc (Aviva) is an insurance group. Aviva is engaged in the provision of products and services, such as long-term insurance and savings, fund management and general insurance. Aviva provides over 43 million customers with long-term insurance and savings, general and health insurance, and fund management products and services. Its business is managed on four geographic regions: United Kingdom, Europe, North America and Asia Pacific. The four regions, together with Aviva Investors, function as six operating segments. The UK region is split into the UK Life and UK General Insurance segments, which undertake long-term insurance and savings business and general insurance, respectively. more »

Share Price (Full)
505p
Change
-1.0  -0.2%
P/E (fwd)
10.2
Yield (fwd)
3.6
Mkt Cap (£m)
14,915



  Is National Grid fundamentally strong or weak? Find out More »


334 Posts on this Thread show/hide all

Isaac 27th Jan '11 255 of 334
1

 

An interest rate hike would hurt, but can we afford the alternative?

 

With food and fuel driving the price rises, this is the kind of entrenched and painful inflation that should be worrying homeowners just as much as small, theoretical increases in interest rates.

The average remortgage is about £150,000. An extra 0.25% on a £150,000 loan translates into around £31 extra a month, or around £7 a week. According to the Office for National Statistics, the average household spent (a surprisingly large) £455 a week (with the largest two spends on transport, and recreation & culture) in 2009 (the latest figures available).

The cost of a weekly shop, of filling a car with petrol, insuring the home… none of these are independent from the ability to pay the mortgage or decide a house move or purchase is affordable.

We might think we can’t afford rate rises, but can we afford the alternative?

http://www.citywire.co.uk/money/an-interest-rate-hike-would-hurt-but-can-we-afford-the-alternative/a466254/2
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Isaac 27th Jan '11 256 of 334
1

http://www.telegraph.co.uk/finance/economics/8282109/MPC-mor...

Mr King warned that inflation is likely to rise by between 4pc and 5pc over the next few months, before falling back next year. He said that inflation has risen to its current level of 3.7pc because of rising import and energy prices and taxes, and that these factors have squeezed real take-home pay by around 12pc.

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djpreston 28th Jan '11 257 of 334
1

Just wondering Isaac:

1. Mortgage rates are already much higher on an SVR basis than some might think.

2. How would a rate hike pull commodity inflation back? Its an embedded inflation that is set by economic activity in China/India and elsewhere more than back at home. Putting up rates won't help. In fact, raising rates would lead to higher RPI and more screams from the populace as well as pressure for pay rises. If pay awards start to get out of hand then we've got problems. Thankfully we have excess capacity at the moment.

Interesting times.

Fund Management: European Wealth
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Isaac 28th Jan '11 258 of 334

Mortgage rates are already much higher on an SVR basis than some might think.

Yep & a 0.25% increase will add £31 to a £150k mortgage.

How would a rate hike pull commodity inflation back?

Well for starters it will reduce the speculative money out of the commodtiies market. If the interest rates in the US increased then you would get a stronger $ which in turn means weaker commodities. The main reason Gold is at around $1300+ is because people have lost confidence in fiat currency and think that they can protect their wealth by buying real assets such as Gold.

If interest rates went to 5% in the US do you think gold will be at $1300? I don't.

I also don't think Oil would be close to $100/bbl, perhaps much closer to the marginal cost of production on a stronger $. Although high prices are needed to encourage drilling & researching alternative energy. On a day like today with the protests in Egypt it causes a decent rally in Oil because  a lot of Oil passes through the Suez. So could potentially tighten supply & the reason this has such an impact is because the spare capacity is tight. Fix the spare capacity & these events won't have such an impact.

I think the Inflation genie is out of the bottle & there will be more calls for wage increases. This recession has left 20% of grads unemployed, when the eventual economic recovery comes there will be a skills shortage. This will drive  wage inflation.

 

I bought a few GSK today, looking to pick up the final dividend on 9th Feb & ride it back to £13. There is a possibility that it could go lower I know, but still wanted to hold some of these. GSK is one of those businesses the world needs, you can't do without medication & people will pay for medicaition to improve their health & the baby boomers will live longer in some cases via the use of medication which in turn helps the pharmas in general.

Markets have underperformed the last decade. I think it makes sense to build decent holdings in key stocks & be patient especially if they have been amongst the underperformers the past decade :

 

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Isaac 29th Jan '11 259 of 334

Did you know that a HYP is almost like having your own money printing press?

Stephen Blands video :

http://www.fsponline-recommends.co.uk/page.aspx?u=dvlvid1&tc=LDVLM101&PromotionID=2147067369&

Interesting. For me though capital preservation is important.

My preference is to buy value shares that pay you to wait, but once those shares are back to more reasonable valuations I tend to sell.

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kenobi 29th Jan '11 260 of 334
1

The advantages of a rate hike now, even a small one, is that it would set down a marker that this party isn't going to go on for ever and that the point is to stop people loosing their homes and make the recession less bad. The recession is over now, we're not having permenant virtually zero rates.

The other point is that the pound would start to recover, directly reducing the pound price of comodities and imports in general.

We've had over 3 decades where the fight against inflation has been put ahead of everything else,
Suddenly it seems to be entirely unimportant,

At the same time lets get some perspective on this, the last 2 years have had a 2.5 % vat hike in them, I don't know exactly how that effects the rate of inflation as not everything is vatable, but say 1 % plus of the rate of inflation is a tax rise as opposed to people/companies inflating their prices.

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Isaac 2nd Feb '11 261 of 334
1

Time to be careful?

 

Private investors pile into shares at highest rate in decade

Private investors bought shares at the greatest level in over a decade at the end of last year, as savings rates fell to near record levels.

During December £1.72 billion was spent by retail investors on shares, the highest amount in a single month since April 2000 at the height of the dotcom boom.

The figures were published by the Investment Management Association, a trade body, which also showed that more money was invested in shares during last year that at any stage during the last decade, as hopes were raised that the long-running slump in share prices was coming to an end.

In 2010 there was £7.5 billion of net retail sales of equities, up from £7.3 billion the year before.

Sales of tax-free ISAs also enjoyed a strong year, with net investments of £3.9 billion, the highest level since 2001.

http://uk.finance.yahoo.com/news/Private-investors-pile-shares-tele-1535465470.html?x=0

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djpreston 2nd Feb '11 262 of 334
2

Yep, its an interesting statistic but perhaps not surprising that people have started to accept the threat of meltdown has passed and their cash is just not providing any income. On the income front - good comments from NG. and SSE, especially re their div increase plans.

What's more interesting is that the instos have almost record lows in terms of equity weights. If they start to move that in then things start to look really interesting, especially when you can expect to see lots of cash being returned via buybacks and M&A.

As an aside, I was at a conference today and the Blackrock Fund Manager was saying how he was very very bullish.

UK market -

Cheap ratings
Exceptionally high overseas earnings component
Very good divs
Strong balance sheets.

That was referring relative to other markets.

Makes you think.

Fund Management: European Wealth
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Isaac 3rd Feb '11 263 of 334
2

Decent results from GSK just out, big spike up.

Enhancing returns to shareholders:
- 2010 dividend up 7% to 65p; priority is to deliver
further growth
- Long-term share buy-back programme initiated (GBP1-2
billion expected in 2011)

http://www.advfn.com/p.php?pid=nmona&article=46287213

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Isaac 4th Feb '11 264 of 334
1

No idea how long I intend to hold Glaxo .... But the following is interesting :

 

Equally hard to predict is the success of Glaxo's drug development pipeline, which must replace current blockbusters like Advair, Ventolin, and Avodart as they expire.

Advair alone contributes over £5 billion to Glaxo's £23.4 billion drug sales!

Glaxo has 30 potential new opportunities in late stage development, and Phase III data on 15 of its molecules and vaccines is due by the end of 2012.

 

Glaxo has already slimmed down its own research arm; it's on track to make £2.2 billion in annual savings by 2012. Investment has instead gone into emerging markets, vaccines, and Glaxo's consumer division, the home of Ribena, Horlicks, and Lucozade.

Consumer sales grew by 5% last year to £5 billion -- 19% of Glaxo's turnover, and ameliorating a 2% decline in drug sales -- and such brands offer a different kind of moat to a patent. Together with vaccines and higher overseas sales, they've reduced Glaxo's exposure to 'white pills and Western markets' from 40% of sales in 2007 to 25% in 2010, dampening the impact of expiring patents.

Glaxo is also spending money acquiring bolt-on products instead of conjuring them up in-house -- £354 million in 2010, on top of £2.8 billion in 2009. This effective outsourcing of R&D may be the future of big pharma, though I wonder how acquisition prices will escalate if it becomes standard practice.

In terms of the immediate outlook, Glaxo admits 2011 will be difficult. Even assuming no more legal surprises, margins will fall due to fading Avandia and Valtrex sales (worth £2 billion), and the US healthcare reform levy.

 

The market has steadily de-rated GlaxoSmithKline's prospects, and given today's poor results it looks a good call.

But on a P/E of roughly 10 for 2011 earnings -- assuming no surprises -- and boasting a dividend yield in excess of 5.5%, there's little growth priced into Glaxo's shares now.

If management can hold earnings steady while replacing expiring revenue streams -- which analysts in aggregate expect -- then like renowned fund manager Neil Woodford, you can buy Glaxo for its inflation-busting income and take any growth as a bonus

http://www.fool.co.uk/news/investing/company-comment/2011/02/03/glaxo-sweetens-a-bitter-pill.aspx?source=ufwflwlnk0000001

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Isaac 5th Feb '11 265 of 334

Petrol price

     
 

 

 

http://www.dailymail.co.uk/news/article-1353712/George-Osborne-refuses-responsibility-petrol-price-rises-despite-drop-oil-price.html

I think that should go on every front page of the mainstream newspaper to educate  the public. When Oil prices were 50% more expensive then today the cost of petrol was no where near as high it is now...

 

 

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Isaac 5th Feb '11 266 of 334
1

There is a one-in-three chance that the Bank of England will raise interest rates next week, economists warned last night.


Read more: http://www.dailymail.co.uk/money/article-1353854/Economists-warn-close-rates.html#ixzz1D2RmGHHh

 

Mervyn King should resign.....As Andrew Sentance said earlier this week these record low rates were put in place as an emergency measure when the banks were imploding etc. The outlook looks much healthier with the banks which appear to be in a much better state. It does'nt make sense to hold rates at 0.5%, they should gradually increase it 0.25 % once every 3-4 months to bring the rates back to more normal levels.

 

 Tax rise? The middle class won't notice it, says Clegg: Deputy PM's contempt for 3m families forced to pay higher rate

Read more: http://www.dailymail.co.uk/news/article-1353858/Clegg-Middle-classes-wont-NOTICE-tax-rise-3million-families-dragged-paying-higher-rate.html#ixzz1D2SkyaR9

It really does concern me when I read such drivel, it makes me think the country is being run by Idiots? Is he honestly as stupid as he makes out in that article?

 

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Isaac 6th Feb '11 267 of 334

Jim Rogers Tells CNBC To Change Its Name To CommoditesNBC, Sees Oil At $150, Is Short Nasdaq ETFs, Expects More Governments To Collapse

 

http://www.zerohedge.com/article/jim-rogers-tells-cnbc-change-its-name-commoditesnbc-sees-oil-150-short-nasdaq-etfs

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buttlaneboy 6th Feb '11 268 of 334

'Jim Rogers Tells CNBC To Change Its Name To CommoditesNBC'

Where has he been hiding for the past two years....?

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Isaac 10th Feb '11 269 of 334
1

20 years of dividends and still going strong
Here's its pick of 20 UK companies that have at least held their annual dividends since 1990, together with their forecast payouts for financial years 2010, 2011 and 2012:

NameSectorPrice
(p)
Dividend
2010
Dividend
2011
Dividend
2012
Vodafone Group Mobile Telecoms 180 8.3 8.9 9.5
Royal Dutch Shell Oil & Gas Producers 2,145 107.2 111.2 118.0
Tesco Food Retailers 403 13.1 14.9 16.0
Schroders General Financials 1,851 34.0 37.0 40.0
Serco Group Support Services 553 7.2 8.0 8.8
Meggitt Aerospace & Def. 349 8.6 9.2 10.0
Cobham Aerospace & Def. 209 6.0 6.6 7.3
Derwent London REITs 1,552 29.4 32.1 35.0
PZ Cussons Personal Goods 360 5.9 6.4 6.9
Spirax Sarco Engineering 1,843 41.2 45.3 49.8
Halma Electronics 340 8.5 9.1 9.8
Close Brothers Group General Financials 858 39.0 39.0 39.0
Brown N Group General Retailers 280 10.8 12.3 13.5
Rathbone Brothers General Financials 1,150 42.0 42.0 42.0
Greggs Food Retailers 480 17.5 18.6 19.9
Daejan Holdings Real Estate 2,781 74.0 74.0 74.0
AG Barr Beverages 1,150 23.1 24.5 25.7
Cranswick Food Producers 850 25.0 27.5 30.2
Oxford Instruments Electronics 617 8.4 8.8 9.3



http://www.fool.co.uk/news/investing/2011/02/08/dividend-heroes-that-keep-on-delivering.aspx?source=ufwflwlnk0000001

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Isaac 12th Feb '11 270 of 334

The evidence for so-called value stocks outperforming growth shares is even more compelling at first glance. A study of the top 100 shares in the UK market going all the way back to 1900 shows that £1 invested in the 50 with the lowest dividend yields (a proxy for growth shares) would have grown to £5,122 by the end of 2010. Again, you might think that was pretty good, but only until you realise that an investment in the market as a whole would have grown to £23,335 over the same period and an investment in the 50 shares with the highest yield (the value stocks) to a mighty £100,160.

Again, there is a good reason to expect value stocks to outperform. It's compensation for the fact that, almost by definition, they have inferior prospects to growth shares. But what is not so clear is whether the higher expected returns adequately compensate for the higher risk involved. My hunch is that it does, which explains why the best investors seem to share a contrarian, value-seeking temperament.

The outperformance of value shares is a reflection of our gullibility when it comes to appealing growth stories and our willingness to overpay for them.

http://uk.finance.yahoo.com/news/Sorry-investors-no-thing-free-tele-231613121.html?x=0

For me Value Investing with a dividend + LOADS of patience is the best way to make money from the stock market.

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Fangorn 13th Feb '11 271 of 334

I'm struck with how this statement

"For me Value Investing with a dividend + LOADS of patience is the best way to make money from the stock market."

of yours seemingly contrasts with your investment in Interserve for one, where your patience, or lack thereof, for a rerating was very noticeable.

I'm confused. Are you pursuing a value approach? Or a mix and match approach because you seem to lack consistency.

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Isaac 13th Feb '11 272 of 334

I got out of Interserve because I initially overlooked the intangibles on the balance sheet. I'm prepared to get out of something that I no longer like.

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nigelpm 15th Feb '11 274 of 334
3

Took a position in GSK today for the first time in a while - not just for the dividend but the capital growth I'd expect to see from current levels. I wouldn't be surprised to see 10% in a couple of months.

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