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Fantasy Fund: Jesse Livermore's Fund

About Me:

The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor. (J.Livermore)

Investment Strategy
I trade... constantly
I tend to buy... according to my system
I hold for... days or less
I invest with... >£1m
Diversification is ... important, but not beyond 10 positions

Howard Marx's Latest Blogs

I've been thinking about different approaches to valuation. Customer bases for example have wildly different values. Three UK companies: ********************************************************* ASOS (y/e Aug 2017) Sales £1.9bnPBT £80mActive customers 16.5mASOS annual PBT/customer £5 ********************************************************* Tesco (y/e Feb 2018) Sales £51bnPBT £1.3bnActive customers 40m (based on 79m shopping trips/week - I've assumed that customers visit twice/week on average)TSCO annual PBT/customer £33*********************************************************CMC Markets (y/e Mar 2018(e)) Sales £185mPBT…

Howard Marx's Latest Comments

Simoan Can I suggest that you DM Mojo? Your bickering is of no interest to me nor likely anyone else on this forum.

Investors behave differently in bull markets than they do in bear markets. That’s a rare heuristic that tends to hold true across markets, and across time. Regime changes are infrequent, and among the most challenging aspects of being involved in markets, since what worked recently simply stops. 2017 saw a remarkable rise in UK investor risk appetite for high sales growth companies such as Sosandar…

"Marks is keen to sell, he is 73 (IIRC) and suspect Mike Ashley who has a large holding is waiting on the sidelines with an opportunistic offer"Mike Ashley was interviewed by Sky six months ago & suggested that he wouldn't be keen to have  (higher) ownership of French Connection (LON:FCCN) unless Stephen Marks was still involved with the business.Comment 10 minutes into the interview:

I'd be keen to know the performance of the 133 companies that 'de-listed' This could radically change or reverse your conclusions, especially where the reason for delisting was a takeover.

"At present we are at peak negativity"Investors clearly recognise that the £2700 million of debt within AA (LON:AA.) leaves the Equity as just a 'slither of hope'. However, I fear that the spectre of Pension Liabilities will return to haunt the company.  The word "pension" appears 133 times in the latest Accounts. Gross Liabilities are £2500 million. With the European Central Bank preparing itself to…

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