Monthly Archives: November 2012

Update No. 88 – 30/11/12

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 […]

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Update No. 87 – 23/11/12

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 […]

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Update No. 86 – 16/11/12

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: […]

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Update No. 85 – 9/11/12

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 […]

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Update No. 84 – 2/11/12

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: […]

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