Posts tagged 'London Value'

London Value: The joy of a glass half empty

We’re at the London Value Investor Conference, where stock pickers try to persuade their peers to pick the stocks they have in their pocket.

Self described pessimist Charles Heenan of Kennox is pitching a cyclical Hong Kong based manufacturer, Fujikon Industrial Holdings, a family controlled maker of acoustic headphones.

His approach is to ask pessimistic questions: is it a flash in a pan, is it overvalued, is this the peak of the cycle? (Should I get that pain looked at? Is global warming real? Will anyone fix the baggage retrieval system at Heathrow?) Read more

London Value: Salute the Admiral

We’re at the London Value Investor Conference, showcase for unsung investors digging in the value mine.

Each investor needs their shtick identifying investment phliosophy. So, as a former entrepreneur, Jonathan Mills of Metropolis Capital favours owner occupied businesses.

The one which he would like to pitch is Admiral, an insurer founded in 1992 and run by its founders, Henry Englehardt and David Stevens. The UK Geico, it has actually grown its market share faster that the US company, and with dividends the investment is worth ten times what it was when it listed a decade ago. Read more

London Value: Deep under the radar

We’re at the London Value Investing Conference, sampling the claims of radical cheapness and value minded outlooks.

An Argos Funds twosome, Philip Best and Marc Saint John Webb, are two men who like grubby, disreputable unknown orphans.

For example, Dialog Semiconductor, a company burning cash and followed by no analysts in 2009 when the pair listened in on the March 2009 conference call. Read more

London Value: Burgundy Buffetteers

We’re at the London Value Investor Conference, sampling ideas from the population of Graham and Doddsville.

Richard Rooney of Burgundy Asset Management has decided to offer what is in effect an imagined conversation with his first boss, a strict or classical value type on the mold of Ben Graham, to contrast with his more quality value approach.

They are two of the four broad tribes found within the value tent: Read more

London Value: Points of leverage

We’re at the London Value Investing Conference, soaking up all the different ways to approach the buying of stocks for less than they might be worth.

Don’t be a sissy, that’s my key takeaway from this morning and it feeds directly into my Napoleonic complex. Read more

London Value: Acting

We’re at the London Value Investing Conference, which is a conference for value investors, in London.

Activist time, with Mason Morfit of ValueAct, which has $14.5bn or so under management. They like big concentrated positions, are on the board of Microsoft and Adobe among others, so the theme of US stocks at a London Conference seems likely to continue.

But how about a gratuitous ad for ValueAct first? Here is their activism record. Read more

London Value: Pet stocks for the long term

We’re at the London Value Investing Conference, collecting tips from the value crowd.

Tim Hatch of Brown Brothers Harriman Global Core Select fund, which invests in small and mid caps, is up. He emphasises patience and the other popular value trait, a margin of safety. Pictures are in vogue it seems (blame Jeffrey Gundlach, we guess) and his is an Edward Hicks take on the ark. Read more

London Value: Poka-Yoka

We’re at the London Value Investing Conference, listening to the speeches, presentations, tips and thoughts of the value crowd.

Aled Smith of M&G, a stock picker and former media analyst at JP Morgan Asset Management, chose the obfuscatory title of Poka-Yoka, and started with the modern world’s first organisational chart (click to enlarge): Read more

London Value

This Alphaville reporter be lurking at the London Value Investor Conference in Westminster today, so come and say hello if you are there.

Posts to follow on some of the more interesting presentations. We’ll put the agenda below, so feel free to lobby for coverage in the comments. Read more