3rd Dec


Occupation: Private Investor

Interests: Oil, Stocks

About Me:

I'm an active private investor specialising in the oil and gas sector. I decided to focus on this area after having a disastrous experience 10 years ago when I naively delegated investment to a "professional" who subsequently lost most of my life savings and my pension. That experience taught me that it was foolhardy to invest in industries/companies you don't understand properly and that many "professionals" are doing just that, often based on the most superficial analysis and the most inadequate understanding of the underlying business. I decided that I'd take my financial destiny into my own hands.


I chose oil as a specialist focus partly because it was the industry I'd spent most of my career in over many years in >25 countries all over the world. That prior experience gave me a good  understanding of E&P from an operational perspective and I've subsequently leveraged that into an appreciation of the sector from an investment perspective - quite a different thing. But the one really helps the other.


I find that my background and my specialist focus help me get access to management and help me talk to them when I get in.  I've been seriously astonished at the open-ness and responsiveness of many top managers in this industry. Sensible questions, asked in a sensible manner almost always receive a very full response. (I have to single out Tom Cross of Dana for his readiness to go the extra mile to help small PI's understand his business).


Of course the other reason I chose to specialise in oil was that ten years ago it was very easy to figure out that the price was going to rise in a sustained manner over a long period. I still find it hard to believe that everybody else didn't see that coming at that time. I certainly can't claim any credit for doing so. It was just too obvious to miss - provided that is you looked at things from the right perspective. (there's an article to be written on this topic when I can find time........)

Tournesol's Latest Blogs

Blancco fell from grace recently and its share price nosedived. The first obvious sign of trouble was the very sudden departure of its CFO after only 6 months in the job and only a few weeks after he had spoken very publically about his enthusiastic engagement and the once in a lifetime opportunity it represented. The company's subsequent explanations of this departure seemed somewhat thin…

Half year results out this morning - RNS is here.Not easy to disentangle the financial/accounting stuff (not when you are an accounting numpty like me anyway). But looks as if underlying business is doing well albeit with some hiccups around growth, acquisitions and misalignment between sales staff and markets. Long term growth potential is presented as still very viable.BUT and it's a pretty big BUT…

….for its near 10% rise today? If so, I can't find any mention of it anywhere obvious. Not complaining, but always prefer to know what's afoot. And please don't tell me it's 12 inches.

I am retired and my income comes from my SIPP which is in drawdown and my life savings which are in ISAs. For me the impact/importance of gains and losses is significantly asymmetric. For me it is much more important to avoid losses than it is to obtain gains. This was why I bailed out of oil last year or whenever it was, just before…

I have posted several fragmentary pieces about this company and hope to find time to do a more comprehensive write up in the near future. Until then my apologies for the fragmentary nature of related posts. Summary Breedon sells bulk materials to the construction industry. It has grown from a market cap of 2 million to a market cap of 800 million in a short…

Tournesol's Latest Comments

If you are thinking about ETP do make sure that you listen to the pod cast of the investor/analyst conference call that took place last week. there are slides that you need to look at in tandem to the pod cast. You just have to rootle about a bit to find them. Also some good material on Seeking Alpha including an interesting analysis of the…

Some of the holdings in my portfolio might be of interest in the context of this discussion: Burford bonds 2026 5% - bought mine at time of issue - current gross redemption yield = 4.48% - price = 102.55 so a few % up on my purchase price. Premier oil bonds 2021 6.5% - current GRY = 5.8% - price = 100.45 so 8% up…

Hi Carcosa don't wish to be overly pedantic but I think you've mis-spoken You said ".. I have on occasion owned bonds .... eg LLPC…" LLPC is an iredeemable preference share NOT a bond. Whilst irredeemable prefs share some behavioural characteristics with bonds, they also possess some significant differences.

There is of course no rule that says your entire portfolio has to be invested in individual equities. My own portfolio currently comprises holdings in:- cash = 26% of total portfolio 2 retail bonds = 17% 1 pref share = 3% 6 investment trusts = 20% 10 individual equities = 34% I have been living on my savings and investments for 17 years since early…

Greg Strongly agree that Investment Trusts are a good place to start You could do a lot worse than check out JB is an MP and ex fund manager who specialises in analysing IT's and constructing/managing portfolios of IT's You can get a trial membership for free which will give you enough time to read everything on the website. I think it's v useful.…

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