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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

As a previous shareholder in Portmeirion (LON:PMP) it became a fact of life that sales orders in Asia were 'lumpy' & hence volatile.May 2015 : "I am pleased to report that our performance is in line with market expectations. Sales for the four months to the end of April, using a like for like US dollar exchange rate, were nearly 10% above the corresponding period…

Water Intelligence (LON:WATR) remains a puzzling company, for me. The excessive remuneration, Related Party transactions & absence of any corporate governance have been discussed on this board before. But looking at today's numbers, there are other issues:1. The company had net cash at year end & also at the interims, yet repeatedly pays a financing charge suggesting it has net debt, not net cash.2. The…

Odey was buying Plus500 (LON:PLUS) at £18 last August, so no suprise to see him still buying after a 70% drop in the share price.His investing mantra must be "when in trouble, double".But his medium-long term track record suggests he knows very little:To quote Paul Tudor Jones: “Losers Average Losers”

"Later (he) rather cheekily, stole a mini electric van thing used to ferry the large glass beer steins back to the bar for cleaning... (and) crashed it into an empty table"Were you in Germany with Prince Phillip?

Qualcomm broke out yesterday on significantly higher volume - I'd expect it to break $80 by the end of the week.

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