Forum Archive Index - January 2003

[hugh webber <hugh.webber@clear.net.nz>]

Dear Snoopy et al,

I am pleased to report that rumours of my demise have been
greatly exaggerated ;-)

>From the fundamental side of the fence I can report that I personally
made 25.6% before tax for 2002 and that this was actual not 
stock guru make believe.

As a long term value investor I make very few transactions a year -
and yes I sold out of KIP (at a profit) as I calculated that their cash
issue was a bad deal despite all the puffery and boosterism from
J B Were & Son. Dividends reduced to 7 cps for the next 2 years
which could well coincide with the inevitable retail downturn (it can't
keep growing strongly forever - see the latest US figs) and the terms
of the cash issue (Ron Brierley etc at least give you the dividend 
before requiring the cash payment on an issue).

I then sat on my hands for a matter of months until something
attractive came along - which it did; the cash issue for Cap Props
which I piled into during the rights trading at 80 cps - they're now
85cps. They're also committed to paying 9 cps dividends for at
least the next 2 years and had a nice profit rise too. And unlike
the retail sector vis a vis KIP, when there's a downturn Govt Depts
keep paying their rent.

And of course there were continuing flows of those most despised 
of returns - dividends and interest.

I was interested to see a posting by Phaedrus in May I think it
was which stated that he, or tech investors make a profit on about
a third of their trades.
Mein Gott - as a fundamental value investor I have a massive hernia
if any of my investments don't make a profit and spend ages analysing 
what went wrong.

But I haven't been active on Sharechat, altho I have been reading most
of it for a number of reasons. (Go Capitalist &).
 I found that after unsubscribing the volume of my spam vastly 
decreased - from Nigerian gentleman wanting the particulars of my
bank account, other gentleman wanting to tell me "how to make 
money on the Internet", demented pornographers - and unkindest cut
of all, mentally retarded gentlemen wishing to sell me software which
would make my fortune on the sharemarket through technical analysis.
Ha, ha, they obviously hadn't read any of my postings but just trawled
for a valid Iternet address.

So guys and dolls, all the best for 2003. I won't be taking part in any 
stock guru competition again - if you remember my views it should
be measuring the highest sustainable increase in Net Profit and 
shareholder benefits rather than prices - which could be the result
of puffery e.g. KIP. 

best regards,
Red Baron?

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