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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

$BABA (Alibaba) shares traded up 3.25% to $103.29. It has a market cap of $249bn. It's annual revenues for 12 m/e 31 march 2014 was 52.504bm CNY (8.45b USD). That gives it a PSR of around 30. Doesn't it occur to investors that a $249nb company cannot legitimately grow at rates which justify a price to sales ratio of 30?Revenues were 11.9bn CNY for 12m/e…

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)…



Mark Carter's Latest Comments

The problem with Flybe (LON:FLYB) is that it seems to be constitutionally incapable of generating profits. Comapre and contast: easyJet (LON:EZJ): operating profits from £49m to £581m over the last decade. Dart (LON:DTG) 14m to 31m, Ryanair Holdings (LON:RYA) 227m to £540m. International Consolidated Airlines SA (LON:IAG), not so good, from £540m to £631m, but at least it's making a profit. Maybe short haul domestic…

Ah, there's so many things that could be said about BABA. Like ... * it's Chinese - seriously - has the market not learned its lessons about Chinese companies by now? * legal structure - you're owning a part of a shell, not the assets themselves * excessive pontiifications by Jack Ma * claims that it may still be undervalued (at a PSR of 30…

I'm worried about the housebuilders. Momentum is certainly strong, but their operating margins seem to be edging towards their decade highs. The high yields also make me suspicious, too. TW has a PBV of 1.70, which is the highest in the last decade. I think there's a danger that we're approaching a cyclical high. I'm sure they'll be plenty of others who disagree strongly, though.

As far as I'm concerned, all weather is good weather for chocolate.

I am far from understanding this paper. It's quite a long one. Equation (1) seems to be key to whole thing. I think figure 1 on page 56 is particularly striking; and perhaps proves the opposite of what the authors intended. Total return momentum was actually superior in the period 1940 to 2000. So a lot has to do with the starting point! Note also…

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