Good morning! Yes it's Thursday, and true to form, I've overslept - I literally did not hear the alarm, so my apologies for that. What an interesting evening though - we saw three companies present at Mello Central last night, the most interesting of which was Seeing Machines (LON:SEE) - an Australian blue sky company which has developed remarkable technology that tracks the human eyes and face, in order to allow special computer boxes (with cameras) to prevent accidents for drivers & pilots by raising an alarm when they nod off - perhaps they could allow me to borrow a box every Wednesday evening, to ensure I get up on time the next morning?
It is the market leader in the mining sector, where 12 hour shifts, driving short, repetetive journies, in massive trucks (that cost $5m each, and where even a tyre costs $100k!), creates a big problem.
Most importantly, SEE is commercialising its technology through partnerships with major companies in various sectors, that's the key I think (e.g. Caterpillar & various other thinly disguised major companies like Bo-cough, splutter, and Sam-herrumph!). The story is so good, that in a bull market I can foresee investors collectively picking up this ball & running with it, so the figures don't actually matter that much - just look at the valuations of things like WANdisco (LON:WAND) and Ocado (LON:OCDO), where crazy valuations are already in the rear view mirror, and the market has gone directly to Bonkers Street, without even stopping to Pass Go and collect £200! So the £20m market cap at SEE is akin to paying a fine or taking a Chance - we always do the latter, as it's more exciting! Yes I'm a value investor, but everyone has to have a little fun, so I have a small long position in SEE within my personal portfolio, DYOR as usual of course.
We also heard from Bioventix (OFEX:BVXP), an ISDX Listed (the new name for Plus Market) research company that develops antibodies from sheep. The figures there are astonishing, and even after big recent rises, the shares still don't look expensive on forecast earnings. However, I have two reservations. Firstly that the business is not really scaleable - they have found…
