Set out below is a letter sent out to all shareholders this week: Dear XXXX, Please read to the end, there is important information for all holders. This communication comes a little earlier than usual because once again, I will find myself traveling over the end of the current investment period (December 31st). I (and […]
Monthly Archives: November 2012
It was an interesting week; a large decline (on no news) in one of our largest holdings was mostly offset by positive movements across much of the rest of the portfolio, leaving us down about ½ of 1% on the week. Once again, there was some excellent buying that continued the building of intrinsic value […]
I came across an article in the Sydney Morning Herald a few weeks ago by a fund manager, which discussed the alignment of shareholders with management via management holding a large stake in the business. Specifically they looked at situations where the CEO derives more than his/her annual salaried remuneration in dividends, from the article: […]
I have said previously many times I will talk minimally about our holdings. I do this for two primary reasons. Firstly, I think if I give away too much information about what we hold and in roughly what proportions, it would be relatively easy for readers to just mimic our holdings and achieve approximately similar […]
It is widely accepted that we are in a global ‘deleveraging’ period.At least at a private level, public finances are different with many governments driving their debt to GDP ratios up. This graph was on Paul Krugman’s blog a few weeks back and demonstrates what I am sure is happening across virtually all developed economies: […]