Good morning!

A deluge of 30 June interim results has appeared today, so I'll spend the whole afternoon working my way through them. Might have to switch into bullet points mode if it becomes too onerous.

It's particularly interesting that some beaten down stocks are only reacting gently to fresh profit warnings. This suggests to me that, in some sectors anyway, maybe the potential bad news from economic slowdown is already baked into the price? That could present opportunities perhaps, because if a share doesn't fall much on bad news, then after a while the most likely direction from that point on is probably upwards.

Once shares start going upwards, as we all know, that often sucks in more buyers. People love buying shares that are going up, and quite often with small caps the moves can be very rapid.

Even Indigovision (LON:IND) (in which I hold a long position) has been going up. I don't know why - but presumably the company should benefit from having its overheads in sterling, whilst buying & selling product mainly in dollars.

Staffline (LON:STAF)

Share price: 950p (up 1.6% today)
No. shares: 27.7m
Market cap: £263.2m

(at the time of writing, I hold a long position in this share)

Meeting with management - I attended the private investor meeting yesterday laid on by this outsourced staffing group at Buchanan Communications, and it was a terrific success. About 30 investors came along, as well as a few city types (broker/analysts I think). Good quality sandwiches/wraps were provided, with crisps & cakes, etc, and soft drinks (so clear heads all round, which was probably a good thing!)

Management gave a detailed presentation, with slides, and there was also plenty of time for Q&A. So the session over-ran, ending up being not far off 2 hours. Despite having come down with a cold, the CEO was excellent I thought. I'm hoping to interview him over the phone for my interviews website at some point.

I last met management of STAF almost 4 years ago, and my article from that meeting is still on the internet, on my (no longer updated) old blog. It makes interesting reading, and a lot of it is still very relevant today. What is striking is that, in the last 4 years, management has done exactly what they said they would do. Plus the share…

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