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Hamm & Steve,
While there's room for speculation about the numbers we don't know because they remain in the future, it's generally helpful to use accurate numbers where we do have them.
Using the FT.com graphing tool, Persimmon's share price fell to a low point on 3rd December 2008 and that was 150.7p.
That equated to a price to book value of only 0.35 based on the tangible book value per share as at the end of December 2008 of 430p...
While obviously the market wouldn't have known the actual BVPS figure until a couple of months or so later when the accounts were issued, it was a time of fear & frenzied speculation back then and the market over-reacted…
As it does…!
Persimmon’s negative return on equity was minus 30.6% after eliminating goodwill & intangibles (because Persimmon have always liked a bit of that) at each end.
Thereafter, Persimmon steadily recovered their mojo, making an ROE of only 5.6% the following year but by 2015 they had increased this steadily to approaching 30% and were best in show for the sector.
This compares with the scribblers' forecasts this time round of an ROE of 22.4% for 2022 and 15.3% for 2023.
These are positive figures, not negative as in 2008.
The above ROEs are calculated using Yahoo Finance’s latest forecast EPS figures of 242.5p for 2022 & 144.4p for 2023, and then assuming a 50% of earnings div.
Persimmon therefore remains best in show for forecast as well as actual, ROE, and their PBV reflects this ~ currently 1.09 as against the other FTSE100 builders, Barratt on 0.88 & Taylor Wimps on 0.85.
Persimmon have a seemingly ridiculously low cost of land as a percentage of house sale price ~ around just 12%, which largely accounts for their superior ROE.
It seems to me that, of the major house builders, they have the most freeboard and therefore are best placed to weather whatever sh.tstorm may, or may not, be coming down the pike at us this year..?
This is why I hold Persimmon shares now, even though they are pricy in relative PBV terms.
I’m up for a sensible discussion about all this (as the name implies, I only invest in house builder shares and Persimmon is 35% of my holdings, the remainder mostly Bellway and with a smaller holding in Redrow so I very much have a vested interest here) but, please pretty please, at least base it on accurate numbers where these are available…!
Strictly
"Next year it will though, especially when house values have plummeted 50%"
..............................
Tomski ~ and assuming that you posted that as a serious comment and not just as a wind up? ~ you may be right about the 50% fall…?
I don’t know, as I don’t happen to drink with the Captain (as in Hindsight).
But, as ever, I reckon it’s helpful to wrap some numbers around this in order to hopefully more likely end up with a useful discussion rather than risk descending into toxicity ~ as these things can do ~ though, to be fair, the LSE chat isn’t as prone to that as the comments sections for investing articles in the Telegraph online.
I was born in 1952, and that year (all these numbers are from the Nationwide’s statistics, readily available on their website) the average price of a house was £1,891.
Fast forward to Q4 2022, and the average price of a house is £265,195.
That’s an increase of 13,240%
During all that time, there were only two significant periods of house price falls,
That was from Q3 1989, £62,782, down to £50,168 in Q1 1993, a fall of 20%.
And the second was from Q3 2007, £184,131, down to £149,709 in Q1 2009, a fall of 19%.
Unless Nationwide are either lying or mistaken, those are the numbers.
My point is that the house price falls during my life so far have been way less than what you are suggesting is coming down the pike at us and have only been relatively brief interludes that amounted to just a smidgen of the thousands of percent overall price increase for the past seventy years.
So, what exactly are you imagining might drive a 50% house price drop from here? (and I’m not saying it can’t happen, I’m only posing the question…..).
Especially now we have an ever-increasingly nanny state prepared to throw money at ever more problems that arise; rampant, out of control immigration and increasing family breakup all helping to drive demand; and, now, increasing inflation which brings real cost of housing down more quickly anyway.
And if you look at a 700 year graph of interest rates (and you can find such things on Google and somewhat surprising & eye-opening they are to see, too…), while their nature is to progress through time in a waveform, the overall direction of travel of interest rates over the long term has been downwards.
And I would say that 700 years is probably a long enough timescale to indicate a trend…!!
Strictly
Krusty,
Sorry for the tardy reply ~ I’ve only just come onto LSE BDEV chat and seen your comment…
Referring back to the numbers in my previous comment here, the big contrast in the differing fortunes of Bellway on the one part and Barratt on the other (and for Taylor Wimps it was even worse than for Barratt) due to the credit crunch is largely down to the big contrast in the relative amounts of balance sheet leverage of the different companies…
So that’s now been sorted in respect of all the above ~ none have excessive borrowings compared to last time ~ so one hopes that the lesson about not getting ahead of themselves financially has been learned..?
But another element to this ~ one which I have reflected upon ever since the credit crunch, but which I never seem to see discussed elsewhere other than in our crew’s investing blog is this:
Just imagine if we’d had a government at the time of the credit crunch that had had a bit of wisdom & foresight ~ sufficient to say to the house building industry “Don’t slow down the sausage machine, don’t send home the Polish plumbers, the Bulgarian brickies and the Czech chippies ~ we’ll guarantee to take your surplus production off your hands for social housing at cost plus x until the economy & the market turns around”.
If they’d done that, which would also have meant that the brick kilns wouldn’t have had to shut down (as you can’t just switch those on and off like a kettle), the industry could surely have just kept chuntering on with building at full steam ahead instead of more or less halving in the interests of survival and which has caused damage to production capacity that seems still not fully resolved..?
Whereas, by sharp contrast, look at the money thrown at the banking sector at the time ~ considering that, as Basil Fawlty might have put it, “Well, they started it..!”
So, if it does start looking like push is coming to shove next year for house builders’ travails, maybe, just maybe, there’s a lesson from the credit crunch in there for the government to learn too…?
Because it’s not just the nasty house builders that are harmed by this (by “nasty”, I mean that the companies we’re invested in seem to have something of a poor rep with the public at large).
Mind you, I’m definitely not holding my breath on that one…!
Strictly
Rogue,
To put some numbers to this for a comparative perspective against Taylor Wimp's peers ~ Barratt, Bellway and Redrow...
Taylor Wimp's is bottom of the pile in terms of profitability for the most recently reported full accounting year, with an ROE of 12.9% against Bellway 15.5%, Barratt 16.0% and Redrow 17.9%.
On that yardstick, therefore, Wimps should reasonably have the lowest PBV to be on par in terms of fair value.
However, at a PBV of 0.86, it is second only to Barratt on 0.90, with Redrow at 0.82 and Bellway at a much lower 0.70.
So, taking just the two ratios above, Taylor Wimps is currently more highly regarded by the market against the others.
This, of course, involves no prediction whatsoever about where the price may or may not go from here....?
Strictly
PS
It seems the moderating filter here means that I'm not allowed to name the north London rivals of the Spuds...?
Or their past manager's first name....?
Strictly
Krusty et al,
As I suspect there might just be a teensy element of wind-up going on here (well, lejjb certainly seems to have provoked some responses, at any rate…), I thought it might be useful to apply a bit of salve by way of a few numbers…?
To draw two different comparisons ~ Barratt against Bellway both back in the day, and Barratt back in the day against Barratt now ~ might be mollifying…?
In the housing slump of 1990 to 1991, Barratt’s book value per share dropped from 150p to 95p, whereas Bellway’s increased from 100p to 102p.
No cigar for Barratt, then…?
The team running Barratt back then was replaced/retired (I don’t have the details on that?), and the house-building equivalent of ****ne Wenger arriving at ****nal was brought in, and the new boys took Barratt’s book value per share up to 646p by 2006.
They then retired (as did Wenger) and Barratt brought in the house-builder equivalent of Unai Emery…
This was Mark Clare, who blundered in where angels feared to tread, and bought rival house builder Wilson Bowden using huge borrowings in 2006 (the financial equivalent of hiring a rowing boat just upstream of Niagara), leaving Barratt with balance sheet liabilities of 162% of tangible equity by 2007.
So, they duly went over the metaphorical falls and the upshot was that a combination of leverage, landbank write-downs and an ensuing serious rights issue took BVPS down from 646p in 2006 to 188p in 2011.
Existential doesn’t really describe it, does it..?
Like Unai Emery (or Dick to his friends at ****nal), Mark also left in a changing of the guard at Barratt.
And now, as of the 2022 accounts, Barratt’s BVPS is up to 447p, and liabilities are just 56% of tangible net balance sheet ~ which is less than a third of the percentage from previously and is now fully in keeping with that of the sector ~ which, having been burned by lack of government support through the credit crunch, are now, on the whole, playing it much safer….
So, lejjb may be right ~ though the numbers don’t imply that he is ~ or alternatively he may just be having a chuckle at the expense of some here..?
But, speaking personally, while I do not currently hold any Barratt shares, I remain fully invested in the house-building sector (financially painful though that may have been so far this year…!)
Strictly
Londoner,
Okay ~ if you have a change of mind about the blog, just let me know.... probably best to do that on either the Persimmon or the Bellway share chats....
Hmmm, Galliford eh,...?
If you did join the blog, and read back, you'd no doubt find that I've been somewhat less than complimentary about that company & Bovis in the past....
But, as I mused before, has Greg Fitzgerald now turned water into wine there...?
I'm guessing I'd want at least a year or three of watching & waiting to see and, in the meantime, I'm definitely not holding my breath ~ but some say that miracles DO happen...!
With regards to metrics, our home grown one is our currency for house builder shares which is weighted book value…
It’s only really applicable where you’ve got house builders with similar dividend policies, so Persimmon doesn’t fit into that based on their past but if they now come more into line then not only does it bring them closer to being able to be easily included, it also makes them inherently better value from an investor’s perspective.
And, finally, while I’m on metrics, the other thing I do is to follow the progress of a single share for each company, i.e. how does the book value per share move over the years, once adjusted for dividends reinvested at the share price on the day paid…?
That really is the cold marble slab of truth of comparison over the long term…!
Gets tricky when there is a rights issue involved ~ and that’s another reason, apart from the Vicky Pollard aspect of their nature in the past, why I’m no fan of Galliford.
Though it is fair to say that they did have their time in the sun in the years coming out of the credit crunch when, as memory recalls, they kicked off with a shed-load of plots recently purchased at bargain basement prices….
But then, from 2013, it all went south ~ and Galliford morphed into Vicky…
Good luck with the timing, though ~ that's above my pay grade...
Well, I’m relieved you said Bond Street, rather than bandit country ~ I mean, south of the River….
Strictly
Londoner,
I've had a quick butcher's at your past posts here, and it seems to me that you like to take a serious look at companies in depth ~ and, in this, you seem interested in what other people have to bring to the discussion as well as being up for contributing in detail yourself...
Also, you are polite, friendly & respectful ~ something that can't be said for everyone who comments on the various house builder share chats here…!
You may have come across my making reference to a private blog ~ the name of which I use as my moniker here so, as you might imagine, it only concerns itself with the house builder sector.
This was originally set up, in 2016, to help my circle of family & friends who have joined me in this investing-in-house-builder-shares malarkey over the past couple of decades as they’ve followed the progress of myself along with those already in it…
In recent years, a few “outsiders” have joined, a number of whom I came across in LSE chat over time…
And I have kept that to just a few, as I don’t want to dilute the original basis of the blog too much, but it’s fair to say that the people who have joined have, mostly, brought something to the discussion ~ and I definitely have to be “on my game” these days with what I have to say there… though, now working with a 70 year old bit of kit (my aging brain) I am prone to more than the occasional senior moment ~ which keeps the more sharp-eyed amongst our crew on their toes…
This lengthy preamble is because my sense is that you want to dig into this ever deeper and I don’t want to be trying to reinvent the wheel here in these LSE share chats ~ which often seem to have something of a pre-occupation with short term price movements and which ain’t what it’s all about IMO…
But nor is the Hokey Cokey…!
So, anyway, if you are interested to do so and are happy to put up an email address here (even if only a temporary one to use just to make initial contact), I’d be happy to send you an invite to the blog and we could carry all this on there, probably with others chipping in there ~ though, if you give it some reading time, you’ll no doubt find that we’ve explored the ins & outs of a duck’s a.se on much of it over the years…
You’d probably be familiar with several of the others who have been contributors both here and in the Telegraph investing comments.
Incidentally, given your name, I live on Dartmoor these days (that’s “on” it, not “in” it, mind ~ which would be something altogether different) ~ but I hail from Ealing originally…
Strictly
Londoner,
I have tangible BVPS 31/12/21 of 771.61p, less further cladding reserve 22.49p per share = BVPS 749.12p, plus 60p div paid = 809.12p, less BVPS b/f on 1/1/21 of 659.38p
= EPS 149.74p = ROE on BVPS 659.38p = 22.7%.
My apologies in advance if there are any schoolboy errors or senior moments unintentionally incorporated within that..!
The low ROE for Bellway for 2020, which was 6.5%, was down to covid.
By comparison, the figure I have for Redrow for that period is 7.0%, Barratt is 8.6%, and Crest is a loss of (2.8%).
Re buying Countryside, I’m afraid I don’t really have anything to offer on this other than to say that I am both a simple soul and an investing wuss…
And I am already struggling with the notion that Bovis seemed to have turned water into wine when they bought Galliford ~ seeing that, as far as I and my investing fraternity are concerned, those two were the woofers of the sector.
So my intention is to stand well clear in case of any delayed booby traps there and also, maybe, now with Countryside…
I think this is a good example of one of Warren Buffett’s sayings about waiting for the perfect baseball pitch and ignoring everyone shouting “swing, you bum”
After all, with splendid companies like Bellway, Redrow and now, more recently, Persimmon, in the frame, why chance it…?
After twenty two years in this game, and being very happy with my annualised return over that time, I’m really not tempted by situations with any sort of question mark over them.
If you’ve read much of my other stuff here and can remember elements of that, you’re probably aware that the only time I’ve called a downturn during the twenty two years was for covid in February 2020 and that, beyond that, I remain firmly in my bunker, helmet on, remaining invested come rain or shine and as prepared as I reasonably can be to brass things out when it’s peeing down.
Strictly
"can’t believe this board is so quiet"
Giraffe,
The share chat does seem to move around between the different house builder pages to some degree from time to time, so you may need to click around for that ~ to PSN, TW., BDEV, VTY & BWY....?
For me, Redrow is a top share, along with Bellway and now also, more recently, Persimmon...
I was substantially in Redrow until a recent move earlier this year into Bellway and, from there, I'm also now partially in Persimmon.
But there's only a few percent in it in terms of best perceived value so ~ like you it seems? ~ I am certainly intending to pay attention to tomorrow's update...!
Strictly
Within our investing group, our not-so-affectionate name for Vistry/Bovis has been Battersea...
The reason for this is, since 1998, Bovis (because, when it comes to names, you can run but you just can't hide, I reckon….?) has made an average return on equity of just 11.6% against that of Bellway ~ our benchmark share ~ having been 16.4%.
This has translated into Bellway having grown its book value per share over the period more than threefold that of Bovis, along with having paid out nearly twice as much in dividend
The only shiny spot in Bovis’s comparative history is for 2021, when they declared profit such that this gave rise to an ROE of 22.7% against Bellway’s 6.7%.
Never mind that the previous year, Bovis achieved a negative return on equity of 16.6%.
So, the most recent set of figures for Bovis suggests their performance, after nearly a quarter of a century, has finally leapt ahead of Bellway…?
This was after having absorbed Galliford’s building division.
And our not-so-affectionate name for Galliford was Vicky Pollard given that there was always a “Yeah, but” story alongside the bad performances.
So, Bovis may have finally come good…?
Really….?
On the basis of just a single year’s performance it seems like a Harry Callahan job to me…?
I mean, as in the question to be asked: “Do I feel lucky…? Well, do ya, punk?”
Me ~ I DON’T feel lucky when it comes to Bovis, so I think I’m going to just wait a couple of years or so before re-evaluating them as a potential serious prospect for investing….
Having said all this, Persimmon came good after surviving the reign of King Jeff, despite my doubt & concern there, just that they remained too expensive for the likes of me until now.
So I DO live in hope ~ but well tinged with doubt & cynicism.
But the fact that Vistry seem to have now swerved this latest trading update hasn’t helped.
Strictly
AngerSharkZ & johndean,
No, and as johndean had also referenced today as being the day, I feel reassured that it wasn't just a senior moment on my part that I had then down for the update today...
Especially as this was the time for one last year and also the same time is scheduled for next year...
So, does the plot thicken, or are they just a bit delayed...?
I'm imagining that, if the pundits & press pick up on this & make an issue of it, Mr Market might award Vistry a black mark..?
Strictly
PS
Potential senior moment there, on my part ~ I've just re-checked my notes and it was down as due tomorrow.
Still, it's no longer mentioned in Vistry's diary as far as I can see..?
Strictly
What happened to the trading update that was due from Vistry at 7am this morning...?
It was scheduled for today ~ certainly until recently, when I last looked ~ last year's was issued 9th November and next year's is now in the diary for 9/11/23....
Does anyone know about this..?
Strictly
Crossley,
I am currently about 60% Bellway 40% Persimmon...
In an ideal world, Captain Hindsight would have had a word in my shell-like and suggested that I held off buying the Persimmon until after the trading update this morning ~but there you go, I can't odds that...
I am happy that they intend moving to a more normal dividend policy rather than carrying on with 235p a year come hell or high water…
So that is a plus for me…
As are their superior margins… to use a boating metaphor, they have more freeboard than the other house builders ~ which implies they can cope with bigger waves…
Not all of my investing crew, on our blog, are convinced about Persimmon…
But then they are all over 18, and old enough to fight & die for their country, and they necessarily have to make their own minds up and then, like everyone else, take responsibility for their decisions.
Anyway, having listened to the recording of the Persimmon & scribblers telephone love-in this morning, I thought the presentation was pretty frank and, okay, they are no doubt going to take a kicking on next year’s earnings.
But the current sh.tstorm might develop into a hurricane and, much as I dislike paying the still relatively high price in PBV terms for Persimmon as compared to Bellway or Redrow, they have such high margins and such a low priced product they’re like the Ryanair of the house building business…
And look how well Ryanair have done in recent times as compared to some of the other airlines…?
Strictly
Crossley,
Well, at current prices, it will be interesting to see if Persimmon do carry on with a full fat div payout ~ though they've obviously already paid out both of the two parts of the dividend mentioned in the company comment you've pasted there below...
When Persimmon were priced at 3 x book, as they have been for much of the past few years, their big dividends were a nightmare for any investor seeking best value ~ but this is something I've referred to before here so I'm not intending to bore on about that again now...
But, at a PBV of around 1.2, it's a whole different story....!
And this is particularly in vogue for me and my investing circle at the moment because I've just spent a good few hours putting together a spreadsheet ~ in the process of also being road-tested by the others ~ to evaluate the changing relationship in terms of best perceived value between Persimmon on the one hand and Bellway & Redrow on the other as the share prices of both move up or down...
The thing is, if Bellway and Redrow's share prices doubled, the value relationship between them would remain pretty constant (though now shifting slightly as Bellway up their div payout ratio a bit over the next couple of years…) but the value relationship between Persimmon and either Bellway or Redrow would alter radically if both share prices doubled.
And, even though I’ve now made a substantial investment into Persimmon shares from Bellway (where I was previously invested 100%), it’s fair to say that it does make for a more complicated value relationship ~ and one that a wussy investor like me finds a tad unnerving…
Strictly
Crossley,
In their previous November and January trading updates, Persimmon made no mention of dividends ~ so I suggest that you don't hold your breath on that for this time....
However, on both occasions, they did update their current cash position, so we could reasonably anticipate for that this time too, I’m guessing…?
And, from that figure, Mr Market may make an inference about what that means for 2023 dividends…?
What do I know about this, of course…?
But we only have what we only have to go on…
And a full fat Persimmon dividend would be about an 18% yield at current prices ~ and the market doesn’t tend to do FTSE100 companies having yields that high, does it..?
Helmets on, then, maybe…?
Strictly
Gary,
Firstly ~ don't get too carried away with this...!
Especially as although I moved recently from 100% Bellway to a split of 70% Bellway and 30% Persimmon, there is a part of me that feels I overdid that slightly and would probably be more comfortable with an 80%/20% split, so I may retreat back to that split...?
So I'll now have to wait and see what Mr Market does on that, and perhaps with next Tuesday's trading update in mind too...?
But it does seem to me that Persimmon's best in class ROE could be helpful for whatever sh.tstorm we are currently heading into ~ in that, if house prices suddenly dropped 10% and remained down for an ongoing period, then this would likely wipe out the greater part of most house builders’ profit for a while but only the lesser part of Persimmon’s? ~ and I can see that this largely comes from their impressively low plot cost as a percentage of sale price, which I hadn’t previously been particularly focused on.
The huge shortcoming of Persimmon in recent years, IMO, has been that they largely spaff this superior ROE in paying out very big dividends (88% of earnings over the past five years, compared to typically just a third of earnings paid out by Bellway & Redrow) against a high PBV of typically 3.0 ~ so they don’t, IMO, represent good value for a buy & hold value investor as such ~ but right now that doesn't apply particularly as the PBV is around only 1.2 and, from a personal point of view, I'm currently happy to take the extra div at that level.
Also, while I consider myself to be a seeker of best perceived value, I seem to have had a bit of day trader mindset creep into this ~ which is probably what is making me feel a tad uncertain….?
By which I mean, if Persimmon do stay up at a 235p dividend ~ which I am doubting, given their current level of cash (they like to keep about £700m in their skyrocket) and also they’ve now upped their game on land buying so there’s more cash going into that ~ then it seems likely that the market would soon reward the share price handsomely, such that a value tart like me could move on.
Alternatively, if they have had a shift whereby they now intend to retain more of their earnings over the longer term in order to grow the business faster then, providing they can maintain their existing high level of ROE, this to my mind makes them inherently better value than previously…
Obviously though I don’t possess a crystal ball here…
But at least, to paraphrase Led Zeppelin, “Yes there are two paths they can go by”.
Strictly
"I have no idea what you mean by "However, I use a book value weighting against Bellway (a home-baked yardstick) and Crest is on minus 30%"."
.......
Slownsteady
By the above, I mean that 100p of Crest book value is only worth the equivalent of 70p of Bellway book value to me...
These weighting percentages do shift from time to time ~ it's a judgment call ~ so at the end of the day it's about aiming to get it more right than wrong....
The thing is, like Lindisfarne, house builder share prices do all tend to swing together...
But not absolutely so, and therein lies opportunity if you can get it reasonably right in terms of assessing best perceived value in a way which requires zero ability to call the market... (because I have zero ability to do that)
We have had less relative volatility between the companies in recent times but, over the longer term, doing this has given an average extra 6% a year gain above Bellway's ~ a reasonable recompense for being something of an anorak with this, I would say, as compounding means you would double on the capital you would otherwise have had over twelve years.
Re Bogdan, he and I have had a fair bit of off-piste discussion by email and also via a private blog as we very much see eye-to-eye on this investing malarkey, though not necessarily 100% so ~ and especially when it comes to Henry Boot where he reckons there's a pot of gold buried in the balance sheet and about which I've given him a fair bit of friendly stick....!
He has written on here, LSE I mean, under the moniker Vladimir something or other (I can't remember the second part of the name ~ but it's not Putin…).
He did comment recently in the Telegraph that, apart from being still heavily into Bellway, he's much more otherwise invested in the USA now, hence the reason for keeping rather schtum lately, I would say..?
And yes, I imagine that, like me, he’s taken a share price kicking this year…?
But it’s not about that, is it…?
I mean, if that’s going to freak someone out and make them a flaky investor, they probably shouldn’t be in this game in the first place…?
It’s surely about always seeking best perceived value ~ bumpy though the ride may be…
Unless, of course, you happen to be drinking buddies with Captain Hindsight…
Strictly
"Any thoughts on Crest Nicholson (CRST)?"
…………………..
Slownsteady,
Yes, I do ~ but let me first caveat this by saying that this is just how I see things as opposed to trying to give any investment advice here to anyone (I don't do that for family & friends let alone on open discussion boards like this).
As of November, by my calculations (and mostly these work out to be within plus or minus 2%, come the actual results, which is good enough for the trading gaps I look for), Crest is currently on a PBV of 0.59 as against Bellway (my benchmark share, and which is where I currently have two thirds of my investing capital ~ so I can tell you that I've taken a right kicking this year thus far..!) which is on 0.66 PBV.
So, judged just by the metric of PBV, Crest is cheaper.
However, I use a book value weighting against Bellway (a home-baked yardstick) and Crest is on minus 30%, which, in turn, takes Crest out of the frame for me on current prices.
I’m very largely a rear view mirror investor… far less fog to be seen in that direction than through the front windscreen.
So, while I do take some notice of the scribblers’ forecasts, I don’t factor them in too much with regards to taking a view on a company.
For example, Crest’s book value per share went absolutely nowhere for four years from 2017 to 2021, starting & finishing at 307p.
By contrast, Bellway increased their BVPS by 38% over the same period, from 1,786p to 2,471p.
And that included taking covid, cladding & Gove all on the chin during the period, as I adjusted for writing all those off by the 2021 figures so they move forward cleanly.
As the name implies, I only invest in house builder shares.
Furthermore, if you’ve also read back on some of my stuff, you’d no doubt have seen that I don’t consider myself clever enough to call the market, so my investing strategy remains putting on a tin helmet, gritting my teeth, and remaining invested throughout.
But this game has been my sole income (apart from an OAP in more recent years) for more than two decades and I’m still here…!
Strictly