Sun 7:03pm


Interests: Asian Markets, Derivatives, Economics, Emerging Markets, European Markets, International Stocks, Property, Stocks, US Market

Fantasy Fund: Pension Zombies

About Me:

I'm just another amateur investor.

Investment Strategy
I trade... monthly
I tend to buy... after much research
I hold for... years
Diversification is ... essential to reduce risk

I invest in what I think are solid and boring businesses, preferably when they are out of fashion. I expect returns to come more from what I exclude than what I include -- the idea being that "index less crap" should outperform the full index. My current holdings are published on my blog.

Cig's Latest Comments

Like with fund managers, it is difficult to distinguish skill from luck (where outside factors explain success). Crooks are maybe easier to distinguish from bad luck (Rob Terry clearly wasn’t unlucky).

Well as a company there’s dilution of your future revenues, and presumably covenants preventing any business restructuring that would negatively affect revenue... It looks a bit strange that their portfolio companies took these deals at these prices when conventional solutions, if the companies are as healthy as described, should be considerably cheaper.

Well what we know is that Chris Gilbert told us they have long licenses, whatever they're worth in such an interesting jurisdiction.

I suspect the apparent easy trackability of online ads might be an illusion and they may lose something not keeping a few loss-making sites in major airports for marketing purposes... In the fight between Google/FB and random small businesses, I wouldn't bet on the latter winning...

It's one of the most brutal RNS I ever remember reading, I wonder how the market will react. Objectively it seems pretty positive to me, declining businesses using the legacy cash flow for mistaken transformation projects is a classic error, and they seem to be on the ball here. Couldn't help put a limit order (at 14p) in case of opening chaos.

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