Good morning, it's Paul & Graham here again today!

We'll leave it there for today.

As I expected, Richard Staveley of Rockwood Strategic (LON:RKW) (part of the Harwood Capital stable) was absolutely brilliant on the Mello Funds & Trusts show yesterday afternoon. I took detailed notes, it really was a masterclass in how to create & manage a small caps portfolio. It's a tiny fund, only £46m, but it's established a fantastic performance track record, no.1 in small caps funds.  You can see why when Staveley explains Rockwood's approach. He'll be appearing in person at Mello Chiswick too, along with loads of other superb speakers, so I'm looking forward to that. 

Multibagger webinar is tonight at 18:00 - all subscribers should have been sent emails about this event, but you can register here if not. The boffins at Stocko HQ have come up with a data-driven way to spot multibaggers - that is certainly more than enough to grab my attention! I've set an alarm on my phone so I don't miss it.

Big drop in UK consumer inflation - this is as expected, but the ONS report today confirms that there has been a huge drop in CPI inflation from 6.7% in Sept, to 4.6% in Oct 2023, mainly due to a big jump in Oct 2022 inflation dropping out of the numbers as it annualises. What it describes as "core" inflation (which excludes volatile food/drink/energy prices) dropped from 5.9% in Sept, to 5.6% in Oct 2023.

Still some way to go before things have normalised, but it's clearly moving in the right direction. How long before investors start anticipating lower interest rates, and all that cash on the sidelines starts surging back into small caps?! Your guess is as good as mine!

Explanatory notes -

A quick reminder that we don’t recommend any stocks. We aim to review trading updates & results of the day and offer our opinions on them as possible candidates for further research if they interest you. Our opinions will sometimes turn out to be right, and sometimes wrong, because it's anybody's guess what direction market sentiment will take & nobody can predict the future with certainty. We are analysing the company fundamentals, not trying to predict market sentiment.

We stick to companies that have issued news on the day, with market caps…

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