Wednesday, June 02, 2004
It's been a very frustrating few weeks. Newsflow from my companies has remained encouraging but prices have turned downwards.
Despite positive news from Chaucer, the price has tumbled alarmingly, my latest position at 54.75p losing value like a street that has acquired a conrete skateboard park at one end - creeping down to my original purchase back in November 2003 at 42.88p. Who cares if the insurance operator continues to be rewarded by excellent syndicate forecasts (Updated Syndicate Forecasts) the market masses have decreed the good times are over for the Lloyds insurers.
Chaucer will be giving another trading statement at their June 23rd AGM, one day after the Dana Petroleum annual shindig in sunny Aberdeen. Dana are the one comfort to my portfolio of the last month, burgeoning oil prices have enticed investors' capital to the exploration and production sector, the shares now trade at 267p to sell. The optimism surrounding this sector will hopefully yield more increases in the next fortnight.
Ben Bailey and Mayborn have both lost ground slightly but as you can see, in comparison to my last update, Chaucer has suffered most storm damage.
My last portfolio review came on March 21st:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (458p, £5,886.98)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (49p, £3965.08)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (242p, £3753.42)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (275p, £3866.50)
Cash holdings: £2256.62
Since I've received dividends from Ben Bailey and Mayborn and bought more Chaucer shares:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (420p, £5,380.20)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (43p, £3479.56)
CHU: Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (43p, £1752.25)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (267p, £4141.17)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £158.97
A grand total of £18,497,45.
It's worth noting that two of my losing positions, more Chaucer at 54.75p and Mayborn at 282p both violated my 30% margin of safety rule at the time of purchase. Discipline is a very valuable virtue in an investor, if I had waited for my 30% criteria to be met I would still be at a loss on both of these purchases, but a good deal less so than currently.
The Artful Dodger
Despite positive news from Chaucer, the price has tumbled alarmingly, my latest position at 54.75p losing value like a street that has acquired a conrete skateboard park at one end - creeping down to my original purchase back in November 2003 at 42.88p. Who cares if the insurance operator continues to be rewarded by excellent syndicate forecasts (Updated Syndicate Forecasts) the market masses have decreed the good times are over for the Lloyds insurers.
Chaucer will be giving another trading statement at their June 23rd AGM, one day after the Dana Petroleum annual shindig in sunny Aberdeen. Dana are the one comfort to my portfolio of the last month, burgeoning oil prices have enticed investors' capital to the exploration and production sector, the shares now trade at 267p to sell. The optimism surrounding this sector will hopefully yield more increases in the next fortnight.
Ben Bailey and Mayborn have both lost ground slightly but as you can see, in comparison to my last update, Chaucer has suffered most storm damage.
My last portfolio review came on March 21st:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (458p, £5,886.98)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (49p, £3965.08)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (242p, £3753.42)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (275p, £3866.50)
Cash holdings: £2256.62
Since I've received dividends from Ben Bailey and Mayborn and bought more Chaucer shares:
BBC: Ben Bailey, 1281 shares on 20/02/03 at 178p (420p, £5,380.20)
CHU: Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (43p, £3479.56)
CHU: Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (43p, £1752.25)
DNX: Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (267p, £4141.17)
MBY: Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £158.97
A grand total of £18,497,45.
It's worth noting that two of my losing positions, more Chaucer at 54.75p and Mayborn at 282p both violated my 30% margin of safety rule at the time of purchase. Discipline is a very valuable virtue in an investor, if I had waited for my 30% criteria to be met I would still be at a loss on both of these purchases, but a good deal less so than currently.
The Artful Dodger
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