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Investment Strategy
I trade... weekly
I tend to buy... after much research
Diversification is ... essential to reduce risk
I know what I don't like: incompetent management - my maternal grandfather taught me that along with a few other things including: Don't buy the funds: buy the Fund Managers! Acquisitions usually destroy shareholder value - mergers are even worse. Don't gamble: buy the companies that cater to those who do. Don't borrow money: buy the companies that lend to those who do. Avoid: low margin businesses. Never forget: leverage works against you on the downside. I try to avoid overpaying, the P/E ratio is important, anything over 20 is speculative in my opinion. My income is now the "natural" yield from my investments so I have some American "junk bond" funds - which do not necessarily have the risk profile you might expect. Patience has proven to be my ally, procrastination my enemy.

Bonitabeach's Latest Blogs

The half-year results statement Sports Direct - Half Year Results was poorly received by the market. I still think the problems inherent in this company are underestimated and the company is uninvestable for the private individual. I could find little positive in the results other than the rise in group revenue on a currency neutral basis and excluding the Heatons acquisition of 4.2%. This is…

Sports Direct looks a tempting buy on a lot of metrics, trading 43% below its 200 day moving average, a forward PE of 8.2, minimal net debt and yet something doesn't smell right about this business and I am not talking about Mike Ashley.The phrase that didn't sit right with me from the preliminary results announcement was "continued investment in inventory". Isn't inventory something you…

Today the Board of   TESCO PLC   announced their decision to appoint Dave Lewis as chief executive had been, in their judgement, a resounding success and Mr Lewis has been suitably rewarded. Base salary rises from £570,000 to £1,250,000, pension contribution up from £130,000 to £313,000, and a £3,000,000 bonus for being Dave, not Phil. IndependentMeanwhile, back on planet Earth:xThe share price closed at 225p on…

Telit Communications TCM has drpped heavily again today - the market seems very nervous about this once favoured stock despite being bombarded with good news stories. I lost enough on GLOBO, where I was a nervous holder but was comforted by whay I hade made on Telit when it was at £3.50.I did quite a bit of comparison between GLOBO and Telit and held on…

Monday brings the half year results for Globo (LON:GBO) and we may expect the usual expressions of "fool's gold" or "diamond in the rough". Only time will tell, but meanwhile it is interesting to view the different expectations allocated to Globo and one of its most comparable competitors: MobileIron Inc (MOBL). MobileIron Inc Software & IT Services Globo Software & IT Services  Market Cap £M…

Bonitabeach's Latest Comments

I have read all of this thread and a lot of "research" has been put in by interested parties. Opinion is divided. If I may summarize; the business model appears to be - "pull in the totty and sell expensive drink to the resulting punters" This is being touted as a growth story but I struggle to see the growth. 2% like-for-like isn't even inflation…

From the Sunday Times:CEO of Carpetright, Wilf Walsh, said he had "read about a matress company that floated on AIM this week, raised £35M, is now valued at £140M but last year made a loss of £11M". "I don't know if Diane Abbott is the CFO there."BonitabeachNo position.

Hi Mr Doom,I have always admired those that plough their own furrow rather than follow the herd, but Norcros? I could never call that a "safety cushion". Neither could I find the inclination to follow the fortunes of the South African economy and its currency or any desire to be exposed to its vagaries. I limit my interests to the UK/USA and find that hard…

Hello Mr Doom,The Bulls*** CaseFrom the "Trading Update" issued 12 April:Nick Kelsall, Group Chief Executive, commented"The Group expects to deliver its eighth consecutive year of revenue and underlying operating profit growth during a period of variable trading conditions. This demonstrates the success and resilience of the Group's business portfolio and operating model."The Bear CaseAll figures £M31 March 201130 September 2016Total Assets£175.1£235.3Intangible Assets(£23.9)(£45.0)Total Tangible Assets£151.2£190.3Total Liabilities£95.7£212.8Shareholders'…

Dear Ed,Terry Smith is very right and also very wrong.The investor in NEXT who purchased shares in say August 2015 is likely to end up as an extremely long term investor indeed; just to see his money back.Compared to the investor who purchased in 2011 "investment performance" could not be more different.Can you overpay for a "good" business?  Yes you can.Bonitabeach 

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