Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
Strictly,
That sounds like a great day out - enjoy! I'm currently sporting a broken leg, so am confined to the house. I've been told I can begin to walk without my boot from Monday - I cannot wait!
I've set up a temporary email address so you can invite me to the blog. It's deni13x45y@gmail.com
Yes - I'm familiar with Bogdan from the Telegraph. Mostly I just go there for ideas. Before that, I used to follow John Lee's FT column closely.
Thanks for adding me to the blog - hopefully, I can add some worthwhile commentary.
Looks like none of us are "out on the weekend". Sorry!
How can I get access to the blog?
By double signing off, I thought you were just trying to highlight how very serious you were about brick builders :-)
I'm 47 and have been investing since 2006. My biggest win to date was Fenner, which went up 12x in about 18 months after the GFC.
In all of that time, I've run a portfolio with about 20 individual shares in it, but decided last year to concentrate my portfolio - I feel like I've learned through experience who the good companies are and who to avoid.
My portfolio as of this morning looks like this:
Admiral (11%)
Bellway (31%)
Forterra (6%)
Inland (6%)
Legal & General (26%)
Redrow (20%)
Admiral & Forterra I've been selling down after good runs.
I joined this forum because it looked like somewhere I could have a sensible chat about investing. All too often, when I've looked at forums in the past, they're just full of people commenting nonsense, whereas I'm interested in underlying business performance. Investing up until now has been a very solitary experience. I talk to my wife about my thinking but I think she's just humoring me!!
Outside of investing I run a business. That runs itself these days so doesn't require much of my time. Hence I've got more time to pay attention to and enjoy investing.
Anyway! Enough of my entire life backstory - I'm off to trawl through the threads to see what I can learn!
"But, for what it's worth, my holdings are currently 78% Bellway, 22% Inland."
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Whoa, that's conviction. - but to be fair, I don't think you can go wrong with Bellway.
I'll plough through the thread over the weekend to see what nuggets I can pick up. Thanks!
As the title says, I picked up some inland today.
For housebuilders, I now own Bellway, Redrow, and Inland in the ratios of 5,4,1.
All three look like quality to me when looking at p/bv and book value growth over the last five years. Inland looks the cheapest, but I'm only comfortable with a small slice for now because of the large spread and lack of liquidity.
The half-yearly results were a bit meh, but the management seems to be optimistic for the year-end. If what they promise comes to pass, then my thinking is it won't be too long before they get re-rated. If/when they get their EPS to 10 or 11p then the current price looks way too cheap.
Am I missing anything? Anyone else got any thoughts?
Hi Vlad,
I've been following your writing here and elsewhere and wanted to say thank you as you've really improved the way I understand the investments I make.
I've used your methodology of taking tangible equity growth as a percentage of market cap and adding yield and can see that L&G, Bellway, and Redrow are hitting your target of approximately 10%. Based on this, I've made sizable investments in these companies.
If you have the time, would you mind answering a couple of questions...
Today, I used your methodology to analyse Unilever and Diageo, which I previously considered a core part of my portfolio. What I found was a bit of a surprise. Unilever has a surplus of approx 3.7% and Diageo approx 1%. I've always considered these "safe" investments, but now I think I should immediately ditch these based on these values. Would that be your assessment based on these numbers?
I'm also invested in Admiral, and can see a surplus of approx. 7% for that. So not a terrible investment, but not hitting the target 10% either. However, the year-on-year growth in tangible equity is high. Does this factor into your thinking at all, or do you express things as a percentage of market cap so that you understand your return based on the current price?
Thanks again for all you've written, I've enjoyed getting under the bonnet and into the numbers with a spreadsheet.
denid