9th Dec '12


Occupation: Blogger

Interests: Stocks

Fantasy Fund: 10 Value 10's Fund

About Me:

I am a private investor, who happens to be a Chartered Accountant with experience in corporate finance, venture capital and banking.

Living in Yorkshire has driven my desire to find value in all things even further!

Investment Strategy
I trade... monthly
I tend to buy... after much research
I hold for... years
Diversification is ... important, but not beyond 10 positions

It's evolving. As an avid reader of value-based authors and research, I decided to condense my thoughts into 10 rules to help me appraise new and existing investments; these rules are detailed on my blog. 

Early days, but I feel that I am getting value out of the objectivity and consistency which the application of these rules bring, both to buying and selling.

My target return is an IRR of 15% after fees across my whole portfolio.

To me "under-valued" encompasses: low PERs, discount to net assets and special situation opportunities.


10 Value 10 is a blog written by a private investor, who happens to be a Chartered Accountant with experience in corporate finance, venture capital and banking, to identify and comment on market-beating investments through a value-based approach.

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10 Value 10's Latest Blogs

Having been on an extended holiday and had a change of personal circumstances, I am no longer able to publish blog posts as frequently as I have done previously. To combat this, I have decided to be more selective in the quality of the opportunities that I look at.  I am therefore re-working my rules to screen the population (via Sharelockholmes) and spend time looking…

I had indicated a while ago that I would discuss my portfolio and subsequent performance in more detail. This article starts that journey, but first I want to discuss my investing context (if such a thing exists). To surmise conventional investment "wisdom", one can conclude that 99% of expected return from the stock market is down to asset allocation, dividends and (possibly) timing.  If that…

PV Crystalox (LON:PVCS) announced its results for the year to 31 December 2010 on 24 March and what a comprehensive read they are.  I first bought into the Company in April 2009 (way before my blog started) and reviewed it on the blog in December 2010.      Headlines Volumes of wafers have increased, more than offsetting the continued price fall = revenue + 6%. Gross margins…

UK Mail (LON:UKM) claims to be one of the leading independent parcel, mail and logistics services companies within the UK and the main alternative to Royal Mail for business requirements. Why Am I Interested?It pops up on my new prototype screen (one of the '19' identified in Financial Ratios); Reasonable valuation/yield - PER of 13x and yield of 6%; and Cash generative and net cash…

Up until his death at the end of January 2011, I had not come across Peter Cundill, the Canadian value-based investor in the ilk of Benjamin Graham. Cundill set up and ran the Cundill Value Fund, which sought out under-valued global opportunities, and generated an IRR of 15% over a 33 year-period to 2007. This has a nice resonance with my target objective of a…

10 Value 10's Latest Comments

Hi Mark Just getting back into the swing of things after an enjoyable break! Good idea re the follow up, although I think I've already learned the lesson, as you allude to: quality first, price second. It reinforces my desire to follow the directors, particularly in small caps. HMV will be a classic case study in how not to do it as, in hindsight, the…

Hi Blippy It's all in the timing! As "profit warnings" go, I've seen worse and profits coming in 10% or so below prior year shouldn't cause the end of the world, particularly given the strong balalnce sheet. It's reassuring to see that dividend is being maintained, which gives some reassurance that profits are still turning to cash (unless they are raiding the piggy bank). It…

Hi StockHound I am coming round to the view that the 10 year period is aspirational rather than mandatory. The logic of looking at a ten-year time-frame is that it theoretically encompasses a full business cycle, and thus you can see how a business performs in the bad times as well as the good. As you point out, the danger is that you miss interesting,…

Hi Fourayes Well spotted - yes, there was a typo in the first draft, which got corrected but didn't seem to pull through to this article properly Condition 6 should be 'less than'; Gearing Thanks

Hi Mark It's going to be interesting to see what the full year results bring and I agree that the focus needs to be on cash, cash, cash. It all looks cheap by most measures, but I'm nervous about the revenue recognition/profit generation on construction contracts (have been bitten by a contractor before), particularly with new management in place. Strong free cashflow should give some…

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