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Today's mildly positive update, including a share buyback, has generated a wildly over-enthusiastic reception by the market.. I have, accordingly, cashed out a substantial profit on 25% of my holding, fully expecting a retracement in the SP in the short to medium term. I am still bullish on the company's prospects and will retain the bulk of my investment , BUT a profit is a profit and that's why I invest.

GLA

Https://www.londonstockexchange.com/news-article/AAL/anglo-american-production-report-q1-2025/17002736

Broadly positive, production volumes mostly down, prices mostly up.Confirmation that the asset stripping of various activities is proceeding, with as known, only De beers being a very hard sell. hold on the basis Having thought about it, the market seems untroubled. I hold , happy that the short-term lows have passed, absent another Trump shock or other untoward events. I will wait for price rises based on a rerate when the dust settles on disposals and/or a renewed takeover interest

I have a preference for shares in boring, relatively stable businesses, and Bunzl has been, up till Thursday, just that. I have never held but bought in as the SP collapsed by 25%, and will hold for the inevitable recovery.I listened in to the conference call and while the CEO didn't impress me , I was reassured that the recent troubles are far from terminal.Operating margins falling (hopefully temporasrily) from 8 to 7% is a pity but not a crisis.The remedial actions smack of being a little over zealous and in , particular, the suspension of the share buyback. i'm not a fan of buybacks and IMV the evidence of their benefit is vanishingly small, but to suspend a buyback when your shares are at a four year low , having been buying at an all-time high is borderline lunacy.Nevertheless, the company is in a stable business area and the usual market over reaction will correct in time . I'll hold for a minimum 20% uplift and I don't expect to have to wait more than a few months.

At first glance, this seems a ludicrous decision. The bonds they are buying back have an IR of 1.874% and are not due until 2080, while the bonds quoted as funding this purchase, which were issued last April, carry an IR of 5.125% and are due to be repaid by 2054. I would be interested to see a logical explanation, if one exists, for what, on the face of it seems incomprehensible.

The figures suggest that AAP is worth ~6.6% of AAL, and, as pointed out, that's the value of AAP shares you will hold post-split. Of course, this reduces the value of the rest of AAL by that much (all else equal). If, as suggested recently, BHP is still a potential predator, then it reduces the value of their bid by at least that pro rata. Further disposals will have a similar effect on any bid price.

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As a result of the recent FTSE melt down my deeply optimistic limit buys at 1800 and 1850 were hit and I am now the optimistic owner of shares in a company with issues, but with a ( copied ) plan to simplify its structure, exit its less promising areas of business and streamline itself. I firmly believe that the extractive industries will be with us for many years and that AAl will be profitable, despite the ineptitude of its management. Additionally, as all holders know, there is the ever-present shadow (rainbow?) of a potential takeover> I hold for at least the medium term recovery into the twenties, the probability of asset sales and the possibility of a takeover.

If anyone's wondering why BT is floundering currently, it's basically about a "flight to risk", ie big players are selling stable stocks to invest in bombed-out higher-risk plays in expectation of a bounce. BT's qualities of stability are, in the present climate, a hindrance, not a help. I could be wrong (it's bound to happen one day), but IMV BT will drift for a while until the current market turmoil settles.

If anyone's wondering why BT is floundering currently, it's basically about a "flight to risk", ie big players are selling stable stocks to invest in bombed-out higher-risk plays in expectation of a bounce. BT's qualities of stability are , in the present climate , a hindrance, not a help. I could be wrong (it's bound to happen one day), but IMV BT will drift for a while until the current market turmoil settles.

If anyone's wondering why BT is floundering currently, it's basically about a "flight to risk", ie big players are selling stable stocks to invest in bombed-out higher-risk plays in expectation of a bounce. BT's qualities of stability are , in the present climate , a hindrance, not a help. I could be wrong (it's bound to happen one day), but IMV BT will drift for a while until the current market turmoil settles

Bought back slightly more shares than I sold a few weeks ago, at just a smidge over £14. Most of the benefit is down to luck rather than magic timing, though, as stated, I did feel the shares at £16+ had had a good run. The recent market falls are, as usual, IMV, a wild overreaction to an admittedly controversial move by Trump. Markets WILL recover, maybe today or tomorrow, maybe next week, maybe not for months, BUT I KNOW that at some time in the not-too-distant future, they will be higher than now. I have bought market bellweathers like LNG, BHP, SHEL today and am happy to take advantage of misplaced market gyrations......

GL to all with a commonsense mindset.

The previous post was truncated somehow, I was saying I'm buying here and in oils, insurance, builders... and that holding cash for extreme market overreactions is a key part of intelligent investing.

IF you can keep your head......

I'm buying today , said i'd invest here at

I'm a five-time holder here , having made good profits on three previous occasions (very good once) and a loss when selling in 2023. My faith in the long-term success of home delivery for groceries and robotic automation of warehousing for ALL GOODS is unchanged, despite the slowness with which such change is arriving.I have been accumulating steadily over the last year or so and bought a reasonable tranche in the low 200's , though my average is a little above the current SP.

I am convinced of the significance of OCDO's technology and, though I suspect they are close to reaching market saturation in terms of installing CFC's. (My view is that it can only work in high-density urban areas and developed countries).

Nonetheless, I expect the current rollout and the extension of robotic picking into ALL warehousing to be a catalyst for the ultimate, very significant growth here. I have said on a number of occasions that the real revenue stream here is solutions. Is this the start of the final climb to a high value company? I don't know . BUT I do expect to see the SP higher in the medium term and much higher in the longer term . Again, if/when I'm in reasonable profit, I will sell. I expect that to be within a year or two at worst.

Https://www.grocerygazette.co.uk/2025/04/01/aldi-market-share-sales-2/

I said only a few days ago that I'd sold half of my holding here, as part of my wimpish tendency to exit profitable positions before they had fully run their course (or sometimes before they fall back). I also said I'd keep a watching brief. I'm not sure that my timing was good, rather it was lucky, the SP has fallen back a few per cent from my sale price, I assume in the hopes of a settlement in Ukraine. BUT, even if such a settlement occurs I don't think the build-up in military procurement is likely to be halted. Fears of conflict in Europe and elsewhere are being raised and given the inordinate length of military procurement cycles, I expect significant spending to be the pattern for some years.

It is also true that Macron is making his usual France first, noises, but IMV(and having lived in France for some years)his output is more bluster than strategy, BAE's range of military production is such that an EU serious about re-armament cannot avoid buying , at least part, British. I haven't re-entered and at a guess, I think the economic instability of the moment might cause markets to drift for a while, so I'll keep some cash at the ready.

In my experience UK's regulators are universally inept. So, I read OFCOMs latest announcement with no great hopes , sadly my doubts are likely to prove well-founded. Here are a couple of quotes.

"Under our plans, competitors will continue to have access to Openreach's ducts and poles, so they can roll out their new full-fibre networks and connect customers quickly and at a lower cost than digging themselves. We also propose to strengthen our rules around Openreach's wholesale deals and discounts, so that it cannot unfairly stifle competition."

"While network competition develops, we will protect consumers by capping the nominal price that Openreach can charge retail providers - such as Sky or TalkTalk - for download speeds up to 80Mbit/s, rather than 40Mbit/s at present."

We'll see how the SP here responds. For those who want to read OFCOM'S whole announcement, it's here.

https://www.londonstockexchange.com/news-article/market-news/ofcom-propels-full-fibre-rollout-into-final-phase/16949199

Half of my holding, which began in 2022 and averaged well under £10, I have taken a profit of 70%. BUT as those who have noticed some of my previous posts will know, I am a serial"exiter too soon". I wouldn't be surprised to see the SP continue to rise, BUT, given the perhaps temporary, optimism about progress in bringing the Ukraine war to an end, there may be some short term downward pressure here. If so, I will buy back as it is clear that defence spending in Europe is on an upward trajectory.

As a continued holder, I would be happy to see further upward progress, but half of my profit is now in the bank.

GLA

See RNS of 19 Sep 24, the conversion price (reflecting divis paid) is currently £17.68 and as I suggested earlier almost all holders have taken up the offer to surrender, the rest will be cleaned up under the terms of the original issue. the market clearly sees this as sensible bit of housekeeping, tho' TBH it is only the failure of the SP to rise substantially which has meant the original deal turned out to be much better for JET2 than the lenders. Nonetheless, I think the decision to call in the offer is rational. Jet2 have consistently run with a substantial cash float and seem set on doing so for the foreseeable.

To be clear, I think your contributions here are useful, setting out both sides of the debate, as we have done is part of the purpose of these boards and , if I was slightly less polite than I might have been, I apologise.

I disagree with your first sentence but agree with your last.

The Bonds are CONVERTIBLE in to shares and the reason they were issued at such a low rate of interest was that the prospect of exercising the conversiona higher price than when issued was the Carrot that kept the interest rate down. For the lenders it was essentially a loan with an implicit buy option.I understand some of, and approve of most of Jet2 's financial logic , but unlike you, I do not claim to know the company's finances better than their FD.