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Real Name: Mark Carter

Occupation: Private Investor

Interests: Asian Markets, Funds, Stocks

Location: Scotland

Twitter: mcturra2000

Fantasy Fund: Magic Hat

About Me:

I am a private investor living in Scotland. I am a computer programmer by trade.


Investment Strategy
I trade... monthly
I tend to buy... according to my system
I hold for... a year
Diversification is ... important, but not beyond 10 positions

I tend to follow the guiding principles of Ben Graham, although since 2011, I am becoming increasingly interested in GARP stocks.


Blog

Investment blog of an amateur private investor. The blog also contains non-investment related posts.

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Mark Carter's Latest Blogs

Shares in heavy construction firm BBY (Balfour Beatty) fell 15.3% to 190.50p on Monday after releasing a disappointing trading update. The Independent reports (http://is.gd/cXp4KD): “it warned of a new £75 million black hole in its UK profits and called on accountant KPMG to carry out a forensic review of its troubled UK construction arm.”Its z-score is in distressed territory, and is the lowest that I…

The stock market has been very interesting this year, and even large-cap shares have been vulnerable. There’s no such thing as a safe share.Tate & Lyle (LON:TATE) issued a profit warning, with supply chain issues, weather affecting corn plant production, an an industrial incident at its Singapore facility. Shares are down 17% to 607.5p in early trade.Tesco (LON:TSCO) shares are down another 2.4% as at…

I found this interesting PDF (http://is.gd/D93PHD[1]) about Buffett’s purchase of Coca Cola from The Odd Lot blog (http://is.gd/6jGWEc[2]).The idea is disarmingly simple: you want at least a 10% earnings yield (not actually defined by Buffett, but the reasonable presumption is EBIT/EV), AND you want to convince yourself that that the “coupon” will grow. The sustainability of the coupon will likely depend on a few key…

I’ve seen Polo Resources (LON:POL) mentioned on the Motley Fool in Pauly Pilot’s Pub. The simple value case is: shares 11.25p, NAV 31p, net cash 8p.It prompted me to do a search on Stockopedia for low P/B stocks strictly between the range 0 to 1. The thing that pops out at me are the number of banks and miners on the list. Parenthetically, MRW (Morrisons)…

Imperial Tobacco (LON:IMT) get ejected from my fantasy fund over on Stockopedia today. The portfolio is an attempt to see if I can beat the Greenblatt Magic Formula screen. There is some way to go before I fill up the portfolio with Magic Formula stocks, so it is too early to see how I am doing. So far, at any rate, machine is beating man.…



Mark Carter's Latest Comments

Dividend paid was £17.7m. Add it back: 13.5+17.7 = 31.2. We're not at £37.2m, but we're getting closer. Dividends are distributions to shareholders from company funds, so you exclude them from the calculations. "Free cash flow (FCF) is the amount of cash that a company has left over after it has paid all of its expenses, including net capital expenditures. Net capital expenditures are what…

Tesco has a QV rank of 98 (but a Magic Formula Score B-), making it "good and cheap". Some people are criticising the incoming CEO's lack of prior experience, but these things can cut both ways. They can often bring an "outsider's view". Look at what Harriet Green did for Thomas Cook, for example. Although she said "I don't know the travel industry well", she…

An interesting subject, because I've been boning up on Bayes' Theorem recently. My conclusion so far is that it's interesting, but it is going to be difficult to apply.One problem is that Taleb seems to be doing his best to undermine the use of statistics in finance. His basic argument is that the presence of fat tails can lead to his famous "black swan events"…

Ask yourself this question: "what do believe is priced in?". "If it ain't broke, don't buy it" -- Bruce Greenwald.

I've changed my mind. I think Buffett uses equity rather than firm valuations, so I should be using pretax earnings to market cap. In this case the earnings yield is 2259/23050 = 9.8%. So it is slightly below the 10% buy point. Alice Shroeder says that Buffett tends not to "project", but I think a decision would need to be down to whether or not…

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