Professor Glen Arnold

Orchard Funding – Financial stability and directors

Jun 11 2021 @ 11:02
I’ll consider Orchard Funding’s (LSE:ORCH) financial stability by firstly looking at its vulnerability to financial distress and secondly it propensity to generate cash year by year. Piotroski analysis In 2000 Joseph Piotroski published research looking into the question of whether you could take a bunch of value shares and then separate out the strong from […]
 

Orchard Funding – history and competitive position

Jun 10 2021 @ 10:02
Orchard Funding (LSE:ORCH), a company I bought into this week, is a small player in an industry dominated by two giants. Nevertheless, it has been profitable in each of the last ten years. Indeed, it was growing profit steadily until Covid-19, so there must be some degree of protection from the big boys bullying the […]
 

Orchard Funding – an impressive set of profit numbers

Jun 08 2021 @ 10:52
In the last newsletter I drew attention to Orchard Funding’s (LSE:ORCH) net current asset value, NCAV, per share, at 72p, being appreciably more than its share price of 56.8p. This was a good starting point for including it in my net current value portfolio. Other factors, mostly on the qualitative side, also came into play […]
 

Orchard Funding – bought for my net current asset value portfolio

Jun 07 2021 @ 10:44
I’ve bought shares in Orchard Funding (LSE:ORCH) at 56.8p because its net current asset value is 72.1p and it is financially and operational stable with a loyal customer base and low-risk business model as well as a highly experienced and capable managerial team. It also produces a reliable 3p dividend each year supplying an attractive […]
 

Don’t be a casino-type investor, including cryptocurrency gambling

May 24 2021 @ 07:58
The stock markets, the US ones in particular, at this late stage in a bull market, seem to be increasingly influenced by speculators. Warren Buffett and Charlie Munger have long argued against speculation in shares, saying that share buyers should thoroughly understand what they buy (understand the underlying business, the managers and finances). So the […]
 

“If you’re not a little confused by what’s going on you don’t understand it. We’re in unchartered territory.” (Charlie Munger)

May 22 2021 @ 09:40
Warren Buffett and Charlie Munger were recently asked whether the current boost to fiscal and monetary stimulus will lead to higher inflation, the consequences of which could be significant for the equity markets. BUFFETT: “The answer is we don’t know…the best we can do is recognise that we don’t know and proceed in a way […]
 

Low Capital Requirement Businesses are good investments, but only at the right price

May 21 2021 @ 07:57
It is important to clearly distinguish between rates of return on capital employed by operating businesses and potential rates of return available to those buying shares at various prices. It’s perfectly possible for a very high return on capital company (small amounts of money used internally relative to profits) to have shares so expensively priced that they […]
 

The biggest single danger for investors according to Warren Buffett

May 20 2021 @ 09:53
At Berkshire Hathaway’s Annual General Meeting (1st May) Warren Buffett warned investors to keep a close eye on managerial quality because it is there that the biggest risk resides. In the lead up to that statement he talked about how, when you’ve made a mistake and put money into a badly managed firm or in […]
 

Buffett and Munger – we are living in “the most interesting movie, by far, that we have ever seen in terms of economics”, but it could end in “disaster”

May 15 2021 @ 03:05
Warren Buffett, speaking at the Berkshire Hathaway AGM, said: “The Fed moved with speed and a decisiveness on March 23rd 2020,  that changed the situation, where the economy had stopped. Then Congress acted very, very big, so you have fiscal and monetary policy that responded in a way that was incredible, and it did the job…better […]
 

Warren Buffett advises new investors

May 14 2021 @ 09:52
In the May 1st Annual General Meeting of Berkshire Hathaway Warren Buffett warned investors with little experience or sense of stock market history to be cautious.  Investing in a way that allows you to out-perform is not as easy as it looks. He said: “I would like particularly new entrants to the stock market to ponder […]
 
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