Buy and hold, hopefully forever…
The Lindsell Train Investment Trust (LTI) has just released its Anuual Report for the year to March 2014 (available from their website here). The NAV increased by a healthy 13.1%, which brings the total return for the last five years to 133.8%. March 2009 was approximately the time that markets began to turn after the Financial Panic […]
Would you buy it? I recently read a comment attributed to Joel Greenblatt (although I can’t find the exact quotation anywhere) suggesting that the most sensible way to value a house is by using its rental yield. If you do this, by considering rental income as the property’s equivalent of a share’s earnings, then I think you should be able to […]
A few weeks ago, I looked at P/E ratios but, as with the baseball bat, a P/E ratio has a surreptitious and more powerful use for which it was probably not intended–inverting it gives you the share’s earnings yield. This earnings yield can, in turn, be directly compared with other investments, such as government bond yields. When I first started […]
Robin Angus, Executive Director at Personal Assets Trust, has released the trust’s latest Quarterly Report. As always, this is an enjoyable read and is available on the Personal Assets Website. He starts off with an anecdote about a friend of his who suffers from chronic comparisonitis–a common condition, which causes investors to perpetually seek out and expunge the worst performers in their […]
There is a lot of chatter on the Web at the moment about the markets and the air beneath them. I can see in my own holdings that prices have risen but price to earnings multiples are also higher, which sadly means that they are not as safe as they were. At times like this it is […]
… for half-time in the football or rain delays in the tennis. The Independents What to do in this market II: Gotham Funds Brooklyn Investor looks at Joel Greenblatt’s new offerings. Warren Buffett’s $12 Billion Disney Mistake Nobody’s perfect. Selling the Crown Jewels DIY Income Investor takes action on shrinking dividend yield The Professionals Turn, […]
In the last year of his life, Ben Graham gave an interview to a trade journal–Medical Economics–in which he outlined a very simple quantitative method for selecting stocks. In fact, the method was simple to the point of simplistic and quite provocative in its total disregard for growth prospects. Graham, in his crustier years, seemed to […]
We took a lovely trip down memory lane yesterday by vising the Museum of Brands, Packaging, and Advertising, which is buried in leafy Notting Hill, West London. It is a treasure trove of known and loved packets, tins, and boxes of everything from chocolates and cigarettes to washing powder and patriotic fodder from the various […]
Something to fill in the time before the French Open final on Sunday. The Amateurs Personal Assets DIY Investor (UK) gives PAT the bullet Baxter International A look at this American healthcare giant The Professionals Bill Gross The bond king muses on mobiles and debuts his new use of new Personal Assets Trust (.pdf annual […]
We believe that the crisis is over in Europe and that the direction of travel from here is definitely for an improvement. — Fund Manager A If I have this right, in the autumn we will see an upturn in earnings, sterling weaken, and gilts weaken. — Fund Manager B Which of these fund managers […]