The Alternative Investment Market (AIM) of the London Stock Exchange (LSE) is a great place for investors to find bargains and mispriced securities. A lot of the companies have market caps too small for brokers or institutions to care about, which means small investors like us are left to competed with only each other. But it doesn’t come without its risks: stocks are illiquid with large bid/ask spreads, regulation is more relaxed than the main market and the stock prices are very volatile.
For those that aren’t aware, Craven House Capital is far and away my largest holding, and sat at 22% of my portfolio yesterday. I have no other holdings above 10% which should give you an idea of how much I like this stock.
In my previous post I spoke of how management issuing new shares at 1.25p (a premium to today’s share price) was beneficial for existing shareholders and that I expected management to drastically increase the size of the balance sheet. Well today has confirmed that assumption was correct, as they have just announced a new deal which I calculate has increased my adjusted book value from £2.6m to £3.8m, a 45% increase.
Markel Corporation is an insurance company, and a well run one at that. I have talk about insurance previously in my Amlin article so this article just goes straight into the facts. Markel has increased book value by a compounded 11.6% annually for the last 10 years, and sells at a price to book ratio of just 1.2
I read a really interesting piece on oil prices, it was contained within a fund report, but I recommend people…
There have been some changes to my portfolio in the last couple of weeks, one position is now 30% of portfolio and others have been or are being sold.
It has been another week of no luck finding a suitable investment, but I’ve also been quite busy this week. I’ve been reflecting a bit on just how much time and effort investing takes and whether you are getting good value for the effort put in.
A couple of years ago I read up on Halfords business and was on the fence about whether to invest. I decided to pass in the end and a recent news release has made me reflect on the thoughts I had at the time. Many of those are still relevant to Halfords today.
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