Yesterday was quite a dramatic day for Craven House Capital ($CRV.L), the company announced it would delist from AIM and join the Specialist Fund Segment of the London Stock Exchange, along with securing funding for $150m of new capital priced at 1.25p per share. The stock exploded from around 1p to a high of 1.8p and has now stabilised at 1.4p.
I haven’t look at CRV for a while, and it was recently covered by another blogger, Expecting Value, which takes the count now to two bloggers that have been skeptical of CRV. I thought I would write a post setting out my thesis again and particularly addressing the issue raised that CRV could be inflating the valuation of its balance sheet.
Still cleaning up my portfolio after a year of not paying much attention to it. I sold HOS:US and BXP:LN last week, and opened a new position in Cambria Automobiles ($CAMB:LN) which brings my portfolio cash up to 46%. A full post on CAMB:LN will follow later next week.
H1 2016 has been a strong half for my portfolio, it returned +31.7% vs the FTSE All-share tracker return of…
It’s that time of year again, doesn’t time fly. I haven’t made many trades during the second half of the year, perhaps that is why it has been a good half year for my portfolio! It returned 7.5% in H2 2015 versus -3.4% for the FTSE All share tracker and -1.0% for the S&P tracker. Performance was driven mainly by my 34% holding in Craven House Capital (LSE:CRV), which was 16% up in the half year on good news that it has signed a deal to raise £30m in equity at a price of 1.25p per share. That is significant for a £6m market cap company. Excluding CRV my portfolio was up 3.6%, so still outerperformed.
Time sure flies, it’s time again for a half year review. I don’t put much weight on my half year results but it’s useful to keep track of what is going on. In many ways H1 2015 was a pretty dire 6 months for my portfolio, yet I managed a respectable 8.8% return compared to 4.5% for the FTSE All share tracker and 0.2% for the S&P 500 tracker.
I’m sure by now most have heard that Buffett’s latest letter to shareholders has been released. If you haven’t read it, you have probably already read articles on it. So I wanted to post here some quotes from which I drew some subtle implications that others may not have picked up on when reading.
It’s that time of year again, and hard to believe it’s been 2 years since I started this blog. Time sure does fly. The second half of 2014 in the markets has been very interesting, unfortunately for my portfolio that wasn’t a good thing. Overall my portfolio was down 10% in H2 2014 compared to -0.7%% for the FTSE All share tracker and +5% for the S&P 500 tracker. My portfolio is 75% in the UK so the FTSE is the closest benchmark, but given how easy it is to invest in the S&P and hedge currency I aim to beat both benchmarks.
An update on my portfolio: I have bought a new position in a GDR listed in London, as well as anticipating an exit in a couple of positions, share prices permitting. I’ve also been reflecting on some of my investment decisions and where I am getting into bad habits.
I like to think of myself as open-minded, I try to not to let my pre-existing biases get in the way of learning new things and new ideas. But I also like to think of myself as a skeptic – unless someone can show evidence or proof that an idea is correct, I’ll have a hard time accepting it.
So when it comes to Technical Analysis you can see why I am of two conflicting minds. Like most value investors, I have a tendency to dismiss TA and just focus on valuation, but after attending some friendly get togethers with other investors in London I discovered there are people out there that have been using TA to make money for decades – maybe there is something to this TA after all?
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