Well that was an exciting month after the relative calm of January and 2017 as a whole. For a few days there I was a worried at just how fast the market was falling but for the life of me I couldn't believe that we were on the cusp of a recession - the actual economy, of which the market is a forward-looking reflection, is just performing too well at the moment. In fact I believe that globally we're on the cusp of some excellent growth although we've opted out of this bonanza by miring ourselves in the Brexit swamp. Anyway a moderate amount of trading action took place this month as I reacted to various trading updates and result announcements.

Purchases

Keywords Studios Bought 1620p - Feb 18

As mentioned in last month's update I took a position here on the basis that the share price seemed to be in a holding pattern in lieu of any news. Well the trading update came out, as mentioned below, and a decent volume of buying pushed the price up by almost 9%. While in some ways it's annoying to buy more shares after the price has gone up I prefer to look on this as valuable confirmation that the company is trading well. From a technical perspective I can see that a break-out above the all-time high of 1661p might be a trigger to buy and, as it happens, the price looked to be heading through this "barrier" on the day after the update. It didn't quite make it, as the market in general tanked, but I'm happy enough to top-up at this level.

Games Workshop Bought 2180p - Feb 18

Given the gyrations of the stock market recently I thought that I'd take a look at which of my holdings had fallen the hardest and appeared good value. While Games Workshop is only my 6th worst performer it is, also, down by 24% from its 52 week high despite being on a ridiculous forward P/E of 12.5. I understand that the good times won't last forever but with a very recent trading update raising expectations yet again, and another dividend in the pipeline, I can't see much to dislike here. I also believe that the 2019 forecast of a 20% drop in profits just doesn't stack up although it would be interesting to see a broker note covering the reasons…

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