Registered:
19/01/11
Seen:
14th Apr
Followers:
2

Comments
109

Occupation: Private Investor

Interests: Property, Stocks

Location: Kent

Twitter: @kalkanite62

About Me:

Retired from engineering aged 53 to take up full time private investing. Hold a concentrated portfolio. Value & GARP investor. My preferred invetments are companies with very good downside protection whilst having great upside potential, or as Mohnish Pabrai would put it - "Heads I win, tails I don't lose much" investments.


Investment Strategy
I trade... a few times per year
I tend to buy... after much research
I hold for... a year
Diversification is ... a hedge for ignorance
I invest in companies that are undervalued and have very good downside protection, invest companies that are in my circle of competence and have understandable set of accounts, if it's too hard to understand, it's because the CEO doesn't want you to understand so is a bargepole. Invest only in management that you can trust. Keep it simple and avoid complex investments, the psychological side of investing is hard enough. I keep my hurdle rate high and therefore only invest in a few companies each year. When in doubt, don't - Benjamin Franklin. I do not invest in any of the following.... Oil & gas Mining - Hole in the ground with a liar at the top Financials - Too difficult to value Blue sky shares - Too often fail to get off the ground Low margin, especially large scale contractors - always an accident away from bankruptcy Consultancy firms - where staff can upsticks and take contracts/clients with them IPOs – The most knowledgeable person of an IPO company is the current CEO, so why is he selling? Most foreign listed companies on AIM Companies carrying more than 25% of market cap in debt - can quickly go to 50% in a bear market


Kalkanite's Latest Blogs

The Gym Group #GYM was floated on the AIM market in November 2015 at a price of 195p / share. I've had this company on my watch list since early last year, I thought I had missed the opportunity to invest as the share price moved up to a high of 343p in September of last year before succumbing to the overall market sell off…

I've become increasingly worried about the size of and attitude towards corporate debt over the last couple of years. I think that the recent collapse of Carillion is just the canary in the mine.BOND PROXIES With such low yields from bonds and a potential collapse in bond prices should inflation rear its ugly head, many (especially FTSE 100) companies have become increasingly more popular as…

This value investor breaking his rule and going for growth”If 3/4 of your Gin & Tonic is the tonic, make sure you use the best”“Proudly served in 7 of the 10 top restaurants in the world”I’m a bit late to the Fever Tree party but I think there is still a great deal more to come from this British growth company that is priced at…

I sold out of JDG this morning (20/7/2016) after a profit warning in their interim results to end of June. It seems that despite several “quality looking” acquisitions over the last 18 months, JDG will be heading for lower EPS than it had 2 years ago. I first bought JDG in January 2011 at a price of £4.35 and have held the shares since, buying…

HOME - Interesting times Next week is a crucial time for HOME the owners of Argos and Homebase, after the RNS announcement from Sainsbury on Tuesday that their offer in November for Home was rejected by the board of directors. First up on Wed 13th is the third quarter trading statement from Sainsbury’s followed the next day by Homes Q3 statement. It seems very clear…



Kalkanite's Latest Comments

Re Spaceandpeople (LON:SAL) and Aeorema Communications (LON:AEO), the only way that I can see these and other similar very small market cap companies surviving is to amalgamate them into one larger company sharing cost of listing, administration and logistics etc. The problem with this of course is that while it is investor friendly, many board members will lose their livelyhoods so very unlikely to happen.

Hi jonesjI thought your example at Milton Keynes seemed a little worrying so I contacted investor relations to try and get a feel for their strategy in this instance. They replied back to me today as follows...."Thank you for your recent email We have got a scientific and robust approach to our site selection looking amongst other factors at access, visibility, building, competition, population numbers…

Very odd that PureGym should open 200m away from GYM (LON:GYM). That's either dumb or there is enough research to suggest both gyms can be supported with membership. As you say it's bound to happen on the odd occasion and clearly there is very little chance of hiking prices there.I agree also brand loyalty means very little in the low cost arena but think that…

I have to disagree on condition that the CEO of these companies know their business. For example GYM wouldn't open up a new premises next door to PureGym and vice versa, that would end up with as you say a price war, lower ROCE and profits. Any half decent CEO knows that trying to muscle in on other low cost competition would be a race…

Some good points in the two comments above. Regarding the bear case I agree with the worry of an impending recession which is why I still hold a large percentage of cash in my portfolio. Like Adrian I believe that much of the resulting loss in current membership will be mitigated by people shifting from higher cost gyms to the low cost model. The only…

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