In the market: 2012 articles archive home
 
A view from Nedgroup Private Wealth Stockbrokers
Extracts of a conversation with Donald Rogan, Head of Nedgroup Private Wealth Stockbrokers.
Monday, November 5, 2012 ... more
 
 
From Cannon Assets Managers.
Following Geoff Blount’s recent revelation that the market value of Mr Price almost exceeds that of the entire Construction sector, we went to ask Cannon Assets Managers’ CEO if he had any other findings that he’d be willing to share with us.
Monday, October 29, 2012 ... more
 
 
Longer term & gold
PSV Holdings released results on Friday that probably won’t have traders clambering for stock but that should appeal to value investors, because, while the share trades at a significant discount to tangible net asset value, prospects have significantly improved.
Monday, October 22, 2012 ... more
 
 
Big picture
Although there was a strong atmosphere of negative sentiment at The Big Picture Conference in New York last Wednesday … James Bianco, president of Bianco Research LLC encapsulated the more upbeat feeling.
Monday, October 15, 2012 ... more
 
 
How Citi sees things, Rare does them and Alert failed
“Behind the framework is a strong belief that it is crucial to see things not in terms of ‘good’ or ‘bad’, nor in terms of ‘improving’ or ‘deteriorating’,” they say, “but rather in terms of ‘better’ or ‘worse’ than what is already priced into the market.”
Monday, October 8, 2012 ... more
 
 
Prospects: Extracts of conversations with …
... Pete da Silva, Jasco CEO

“I’m very excited about the future of Jasco … although prospects are different, depending on which segment you’re talking about. ICT, is a mature environment, but there are some very exciting things happening. Alan Knott- Craig moving to Cell C is exciting, because he’s making everybody nervous, and when operators get nervous they spend.
Monday, October 1, 2012 ... more
 
 
When you’re 64
Go to Google and search for “asset allocation by age”. You will get a plethora of asset allocation calculators and heaps of advice on asset allocation based on your age. You will find a traditional rule of thumb: subtract your age from 100 and invest that percent of your assets in stocks, with the rest in bonds or cash.
Monday, September 17, 2012 ... more
 
 
Alternatives
When, and before the end of this year, all the major Central Banks (Fed, ECB, China, England and Japan) make another desperate heave to stimulate their economies, so markets will rally and forecasts again improve; yet the peak rate of earnings growth has passed.
Monday, September 10, 2012 ... more
 
 
Opinions & opportunities
First, Bernanke provided a very robust defence of what he’s done so far. Secondly, he told us problems were cyclical, not structural. And finally, he told us that costs are containable, they’re manageable. So, in my opinion, he is laying the ground for more activism from the Fed … but be careful to differentiate between his willingness, his ability and his effectiveness.
Monday, September 3, 2012 ... more
 
 
Pay-back
"The share price has risen 47% to R2.08 in the past year,” said Financial Mail, on Metrofile, at the beginning of last year, “so there might not be a lot of upside left, but that’s what we said when it was at R1.75. It’s worth taking a closer look.”
Monday, August 27, 2012 ... more
 
 
Bad, good & ugly
Excellerate proposes to delist at 115c a share. It happens to be the lowest price at which it traded when it listed in May 1998. The highest price on the day was 139c. So, those who bought at 115c would have been very pleased with themselves. Not for long though.
Monday, August 20, 2012 ... more
 
 
Why wait for better days?
If you're like every other investor, and I do mean every other investor," says Matt Koppenheffer in a Motley Fool article titled, Should You Buy Now or Wait for a Brighter Day? “a question that you are continually grappling with is whether you should have your money invested in the market right now or if you should wait.
Monday, August 13, 2012 ... more
 
 
Different dividend policies
Extracts from last week’s interviews with Butana Khoza, MD of Vunani Securities and Chris van der Merwe, CEO of Curro Holdings.
Monday, August 6, 2012 ... more
 
 
Cash, Platinum or Prefs?
Sable Platinum recently announced that it will be reverse-listing into New Corpcapital. The proposal is straight forward. New Corpcapital will issue 180.3m new shares to acquire 100% of Sable Platinum, putting a value on Sable Platinum of R216.4m. Alternatively, you may want to take a look at the type ‘A’ and type ‘B’ preference shares to be issued by VICI Private Equity Fund.
Monday, July 30, 2012 ... more
 
 
Absolutely no one
Did you believe those financial pundits in 2009 - 2010 that were saying it was a great time to buy? Or were you too pessimistic to even contemplate it? If so, you were not alone. There was no shortage of dark-side input to factor into your investment equation back then.
Monday, July 23, 2012 ... more
 
 
Why it's so hard
Anand Chokkavelu, at The Motley Fool, has compiled a list of the 100 things that he has learned in investing. Most of Anand’s list is dedicated to insights on beating the market, but his first item on the list is the warning that “it’s darn hard to beat the market.”
Monday, July 16, 2012 ... more
 
 
A great story
The dream of every small-cap investor is to buy into a ten-bagger – a stock that goes up ten times in value. But EOH Holdings has achieved much more than that. It became a ten-bagger in October 2006 when its share price broke through R6.70, from a low of 67c in October 2001. Since then it has risen to over R35.00 a share.
Monday, July 9, 2012 ... more
 
 
How the Market's likely to react to news.
How the market reacts to news is a crucial question for investors as being able to classify news as good or bad is of no use if the market has already priced in the sentiment.
Monday, July 2, 2012 ... more
 
 
Not only Lazarus
Three companies that were in serious trouble a couple of years ago released their 2012 annual results last week. Two of them, Blue Financial Services and Wescoal, are back in the black. The third, WG Wearne, isn’t out of the woods just yet.
Monday, June 25, 2012 ... more
 
 
What to do with rights
Cash-strapped companies often turn to rights issues to raise money. In doing so, they usually grant their shareholders the chance to buy new shares at a significant discount to the ruling price. Why significant? Usually, to make the offer sufficiently attractive to ensure that it is fully subscribed.
Monday, June 18, 2012 ... more
 
 
In turbulent times
I think uncertain times are the best environment in which to benefit from a disciplined approach to investing. When I talk about disciplined investing, effective investing, intelligent investing, for me it is all about buying good companies … at the right price.
Monday, June 11, 2012 ... more
 
Looking for good news
There was no shortage of small-caps reporting their results last week with eighteen companies releasing annual results and four their interim results. It wasn’t all good news; only ten of the twenty-two reported earnings. But, it wasn’t all bad news either ...
Monday, June 4, 2012 ... more
 
 
Weak balance sheets
“The job of a professional investor is as much about avoiding disasters as it is about picking winners,” says Fidelity’s ex-fund manager Anthony Bolton, “and the stocks that have been my biggest disasters over the years nearly always had weak balance sheets.”

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Monday, May 28, 2012 ... more
 
 
The market's response to updates
Should we assume the market’s response to the trading updates is the right one or could it be that the bearish sentiment of the last week or two is providing an opportunity to benefit from what Anthony Bolton called ‘research-led contrarian stock-picking’?
Monday, May 21, 2012 ... more
 
 
To buy out-of-favour stocks
But when Greenblatt, gave the formula to investors to see what they could do with it he found that the majority avoided buying many of the biggest winners. Why? Because it required buying out-of-favour stocks.
Monday, May 14, 2012 ... more
 
A new listing and a recovery play
Annuity Properties, a property loan stock company, listed last Friday on the property sector of the main board. Although recently established, it already has a great track record — that of its promoters, who include Derek Greenberg and Martin Ettin.
Monday, May 7, 2012 ... more
 
 
Last week's results
1Time’s Time’s results released last Thursday, make grim reading. Conduit Capital reported a particularly pleasing set of numbers. Bonatla finally released its results. Iquad’s figures leave little doubt for concern. Other good news ...
Monday, April 30, 2012 ... more
 
What worry about value?
Paul Miller, CEO of Keaton Energy Holdings, says they have made the transition from explorer to producer but that they have not demonstrated that transition in their financial numbers yet because they haven’t had the opportunity.
Monday, April 23, 2012 ... more
 
 
Investment opportunities
In a recent series of video interviews Adrian Saville, Chief Investment Officer at Cannon Asset Managers, reiterated the belief that we are in a two speed world - the one containing the slow growing countries of Europe, North America and Japan, the other dynamic markets like Brazil, Russia and India ...
Monday, April 16, 2012 ... more
 
Bad news
Whether you're starting the conversation about layoffs, communicating a bad situation, or dealing with poor performance … evasiveness, euphemisms and reassuring language may make you feel better, but they'll strike the wrong tone ... People need respect, they have the right to be told in a straight-forward way.
Monday, April 2, 2012 ... more
 
 
Wellcome to the economic shuttle box
All creatures (including humans) respond negatively in situations where things don’t seem to make sense. When the world gives us unpredictable punishments without rhyme or reason, and when we don’t have any explanation for what is happening, we become prone to something psychologists called “learned helplessness.”
Monday, March 26, 2012 ... more
 
 
Ben Graham distilled into 3 principles
Benjamin Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their now famous book, Security Analysis. Investment greats, the likes of Warren Buffett, Irving Kahn and Walter Schloss attribute their success to Graham’s teachings.
Monday, March 19, 2012 ... more
 
 
Into virgin territory
These days the term 'virgins' has come to be applied to stocks that have not rallied by more than 50% from their first day of listing, but what Bonde originally recommended was looking for stocks that have not rallied from their first trading day.
Monday, March 12, 2012 ... more
 
More red flags and a valid idea
Academic research has found that observing the relationship between operating cash flow and net income can help pinpoint stocks with potential earnings issues. Several studies have also found that stocks of companies with positive operating cash flow outperform those with negative cash flow.
Monday, March 5, 2012 ... more
 
 
Earnings, cash flows & asset values
Some of the small-caps that released their interim results last week showed a significant improvement in earnings. It not only suggests the local economy may not be nearly as moribund as it feels, but that there may good reasons for investors to take on more risk ...

Monday, February 27, 2012 ... more
 
Trawling for small-caps
Stock screening is the process of searching for stocks that meet certain predetermined investment and financial criteria. The process is simple enough: create a set of variables and search through an appropriate database ...
Monday, February 20, 2012 ... more
 
 
A closer look at 3 trading updates
Blue Financial Services announced on Friday that it expected earnings of between 0.35c and 1.12c per share and headline earnings of between 0.37c and 1.14c per share for the financial year ending 29 February 2012.
Monday, February 13, 2012 ... more
 
Some facts and a few examples Monday, February 6, 2012
Observations & advise Monday, January 30, 2012
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