April - June 2003 articles archive home
It’s a loser’s game, from any perspective.
Someone took exception to my calling the market “a loser’s game” last week, thinking that I had meant that it was a game played by losers. Of course, that wasn’t the case. The concept “of the loser’s game” first appeared in a 1975 paper by Charles Ellis, a consultant to institutional investors
Monday, June 30, 2003 ... more
How did Jigsaw get into such trouble?
One of the problems with investing in someone else’s business is that, usually, by the time you find out it is in serious trouble, it’s too late to do much about it. Take Jigsaw ... Kelgran reported revenue of R212m and profit before tax of R2.6m for the six months to 31 December 2002...
Friday, June 27, 2003 ... more
It’s hard not to be disappointed with Gandalf
Talk about stuff getting weird. One day you buy into Schwartz’s vision of building a conglomerate with subsidiaries in advertising, media and strategy, the next you’ve got shares in a dairy.
Thursday, June 26, 2003 ... more
The ‘new normal’ could be the time to cash in.
After almost three years of scandals, falling share prices and other bad news, we were ready for a break. The good news is that the worst may be over. The bad news is that even if the worst of this bear market is behind us, it doesn’t signal the start of the next bull phase.
Wednesday, June 25, 2003 ... more
Maybe a little hope and greed is OK?
Who was it that said: “The speculators deadly enemies are: Ignorance, greed, fear and hope. All the statute books in the world and all the rules of all the Exchanges on earth cannot eliminate these from the human animal.”
Tuesday, June 24, 2003 ... more
Dodgy delistings are robbing investors.
I agree with those that say that one of the great features of capitalism is that it allows us to try and fail and then try again. Unfortunately, like everything else fashioned from good intentions the concept of limited liability is often abused - by those that use bankruptcy to rob others.
Monday, June 23, 2003 ... more
If they’d said why they’d sold.
I know what to do to annoy company directors now – mention that they’ve been selling their shares. Every time I have done it, I have got an indignant e-mail or phone call from the person concerned.
Friday, June 20, 2003 ... more
Sixty years condensed into 30 minutes.
They are everywhere and they are dangerous. Yep, Benjamin Graham, Warren Buffet, Peter Lynch, John Templeton and the others whose extreme success, accessibility and folksy quotes have transformed into international celebrities, are flat-out dangerous.
Thursday, June 19, 2003 ... more
The law of the market is caveat emptor…
We tend to rile at the companies that lost us money in the last listing boom and forget that they were brought to the market by firms that were put in the privileged position of ‘sponsoring broker.’
Wednesday, June 18, 2003 ... more
What’s up with Harry?
Harry’s not superstitious … he wouldn’t have cared that it was Friday the 13th, The problem was all the bad news from the day before. He was in a weakened state. Still it was surprising to see someone as resilient as Harry suddenly buckle like that.
Tuesday, June 17, 2003 ... more
Why the DCM is so quite
Of the 15 companies listed on the Development Capital Market (DCM), only one traded on Wednesday (11 June): Infowave. Four companies have not traded this month and three have not traded this year: Casey, Cenmag and Integrear. Dynamic was suspended in February 2002.
Friday, June 13, 2003 ... more
Contrariwise and unpatriotic
You may be considered contrariwise and unpatriotic if you …wanted to see the Rand get stronger … think this may be a good time to invest offshore … are indifferent to the research finding that over a 20 year period equities outperform other investments …
Thursday, June 12, 2003 ... more
How Stocks Were Born Wednesday, June 11, 2003
Trematon gambled and lost, what? Tuesday, June 10, 2003
Is this as good as Stella gets? Monday, June 9, 2003
Give up hope all ye who enter here Friday, June 6, 2003
Guess it depends how you define success Thursday, June 5, 2003
Only the One can understand Glovil Wednesday, June 4, 2003
What’s wrong with small caps? Tuesday, June 3, 2003
Truth is, we know why they are delisting. Monday, June 2, 2003
Good news and bad news ... Winhold Friday, May 30, 2003
Following directors is not that easy Thursday, May 29, 2003
Why is Brian Dunn selling? Wednesday, May 28, 2003
Some nonstatical investment rules. Tuesday, May 27, 2003
Is Samroc Worth watching? Monday, May 26, 2003
Chickens don’t play ... and pigs get none Friday, May 23, 2003
There may still be Value here Thursday, May 22, 2003
What made Cenmag declare a dividend? Wednesday, May 21, 2003
It may be best to be a consultant at AST Tuesday, May 20, 2003
What if newspapers got the news first? Monday, May 19, 2003
Should we be buying Pinnacle shares? Friday, May 16, 2003
Beige is doing better than its shareholders Thursday, May 15, 2003
You can always find good news.... Wednesday, May 14, 2003
Why does selling too soon hurt so much? Tuesday, May 13, 2003
Why is Dawn diluting its equity? Monday, May 12, 2003
Are you in the market for the fun of it? Friday, May 9, 2003
Wouldn’t be right to trash Moulmed again Thursday, May 8, 2003
Pie-in-the-sky theory on share valuations Wednesday, May 7, 2003
Insiders did not lose faith in Sethold Tuesday, May 6, 2003
Kairos is now strictly for the speculators Monday, May 5, 2003
News so horrid you just have to laugh Friday, May 2, 2003
Trouble with putting in stop losses Wednesday, April 30, 2003
Dynamic is no more dynamic than Conlog Tuesday, April 29, 2003
It’s curtains if Ifa Lesizwe pulls out Friday, April 25, 2003
Just a little foresight makes the difference Thursday, April 24, 2003
Is Jasco contrarian’s dream come true? Tuesday, April 22, 2003
Stragglers seldom bring good news Sunday, April 20, 2003
If Ventel goes down, so does Hamman? Thursday, April 17, 2003
CCG turns its back on its investors Wednesday, April 16, 2003
Dare to bet against Petmin share price Tuesday, April 15, 2003
EC-Hold’s last trade at 1300 times its value Thursday, April 10, 2003
Zeltis’s promises have disappeared Wednesday, April 9, 2003
Micromega, the new dog on the street Tuesday, April 8, 2003
Why do the insiders favour Winhold? Friday, April 4, 2003
Who’d want to be a shareholder? Thursday, April 3, 2003
The stragglers seldom bring good news Wednesday, April 2, 2003
All it takes is a little fear, a little greed Tuesday, April 1, 2003
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