Tuesday, August 31, 2004
Portfolio review time, but not exactly
There has been some inaccuracy in the previous updates, the prices I quote for my holdings can only be taken as indicative. For example, Chaucer at 46p (spread: 46p - 47p) might actually sell on the day for 46.25p, or some such. I wouldn't expect trades in the stocks I hold to settle at the bid or the offer but somewhere in between. I also haven't allowed for the broker's commission charge.
This may account for discrepancies anyone examining the reports with a stickler's slide rule might encounter.
Rest assured, the number of shares will always be correct.
On July 26th:
Ben Bailey, 1281 shares on 20/02/03 at 178p (400p, £5124.00)
Ben Bailey, 890 shares on 21/06/04 at 390p (400p, £3560.00)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (45p, £3641.40)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (45p, £1833.75)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (313p, £4854.63)
Mayborn Group, 1406 shares on 15/03/04 at 282p (271p, £3810.26)
Cash holdings: £323.22
Total: £23,146.86
Versus today's prices:
Ben Bailey, 1281 shares on 20/02/03 at 178p (412p, £5277.72)
Ben Bailey, 890 shares on 21/06/04 at 390p (412p, £3666.80)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (46p, £3722.32)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (46p, £1874.50)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (338p, £5242.38)
Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £323.22
Total: £23,692.24
An impressive month's performance. The portfolio remains very top heavy in Ben Bailey shares however and September's interim results announcements from Chaucer, Dana Petroleum and Mayborn will either puff or prick my score for 2004.
Here's to September.
The Artful Dodger
(0) comments
This may account for discrepancies anyone examining the reports with a stickler's slide rule might encounter.
Rest assured, the number of shares will always be correct.
On July 26th:
Ben Bailey, 1281 shares on 20/02/03 at 178p (400p, £5124.00)
Ben Bailey, 890 shares on 21/06/04 at 390p (400p, £3560.00)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (45p, £3641.40)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (45p, £1833.75)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (313p, £4854.63)
Mayborn Group, 1406 shares on 15/03/04 at 282p (271p, £3810.26)
Cash holdings: £323.22
Total: £23,146.86
Versus today's prices:
Ben Bailey, 1281 shares on 20/02/03 at 178p (412p, £5277.72)
Ben Bailey, 890 shares on 21/06/04 at 390p (412p, £3666.80)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (46p, £3722.32)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (46p, £1874.50)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (338p, £5242.38)
Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £323.22
Total: £23,692.24
An impressive month's performance. The portfolio remains very top heavy in Ben Bailey shares however and September's interim results announcements from Chaucer, Dana Petroleum and Mayborn will either puff or prick my score for 2004.
Here's to September.
The Artful Dodger
Tuesday, August 24, 2004
Charley and Chaucer: part II
One benefit of investing in Lloyd's insurers over the alternatives is the more frequent reporting to the market of trading conditions. Most sectors report two trading statements a year plus interim and final results. A large number of companies only report results and any trading out of line with market expectations.
Lloyd's insurers give quarterly Syndicate Forecasts and an annual Syndicate Results announcement in addition to interims and finals. This arms the investor with extra information on which to base entry and exit points.
Chaucer, 24% of my portfolio, impressed the market today with Syndicate Forecasts and took the time to update shareholders and the market on exposure to claims over hurricane Charley:
Assessment of losses arising from Hurricane Charley remains necessarily judgemental at this stage although our current analysis is that Chaucer's gross and net exposures to this event will be within budgeted loss ratios...The continued good trading conditions, combined with further positive development of business written in 2002 and 2003, should, assuming normal loss patterns, produce another strong underwriting result for Chaucer in 2004...the 2004 year of account continues to progress favourably with gross premiums written, net of brokerage, ahead of the same stage for 2003 for all Chaucer Divisions.
The announcement reinforced my confidence with Chaucer and added fresh impetus for the shares to trade higher. Stock exchange combatants moved to acknowledge how excruciatingly cheap Chaucer has been trading. Chaucer shares rose 5.5% on the day to finish at 47p to sell. My disappointment with the share remains, Chaucer sells at the same price it started 2004.
Management confirmed interim results will be announced on September 20th. The indications point to increased profitability, which will hopefully force a rerating of the shares towards my target price, 66p.
The Artful Dodger
(0) comments
Lloyd's insurers give quarterly Syndicate Forecasts and an annual Syndicate Results announcement in addition to interims and finals. This arms the investor with extra information on which to base entry and exit points.
Chaucer, 24% of my portfolio, impressed the market today with Syndicate Forecasts and took the time to update shareholders and the market on exposure to claims over hurricane Charley:
Assessment of losses arising from Hurricane Charley remains necessarily judgemental at this stage although our current analysis is that Chaucer's gross and net exposures to this event will be within budgeted loss ratios...The continued good trading conditions, combined with further positive development of business written in 2002 and 2003, should, assuming normal loss patterns, produce another strong underwriting result for Chaucer in 2004...the 2004 year of account continues to progress favourably with gross premiums written, net of brokerage, ahead of the same stage for 2003 for all Chaucer Divisions.
The announcement reinforced my confidence with Chaucer and added fresh impetus for the shares to trade higher. Stock exchange combatants moved to acknowledge how excruciatingly cheap Chaucer has been trading. Chaucer shares rose 5.5% on the day to finish at 47p to sell. My disappointment with the share remains, Chaucer sells at the same price it started 2004.
Management confirmed interim results will be announced on September 20th. The indications point to increased profitability, which will hopefully force a rerating of the shares towards my target price, 66p.
The Artful Dodger
Monday, August 23, 2004
The Third Major Zurich Axiom: Hope
Continuing the review of Max Gunther's The Zurich Axioms it's time for the Third Major Axiom, which deals with an emotion that lives the life of a barnacle on logic and reason: hope.
Major Axiom III:
Gunther explains:
Knowing how to get out of a bad situation may be the rarest of all speculative gifts. It is rare because it is difficult to acquire. It takes courage and a kind of honesty with a cutting edge like a razor
Any investment strategy will incur losses from time to time, the challenge is to formulate a strategy that minimises the likelihood of losses and is more likely to give positive returns. Closing a position at a loss or a position far below the planned exit requires courage, humility and a detachment from emotion most just do not possess.
Each week that passes in my career as an investor I become more convinced this is not an intellectual pursuit or an endeavour we can be raised into. An analytical ability and a rudimentary knowledge of economics are vital but successful investing requires character to put the research into action.
Character is required to accept the loss, learn any useful lessons and move on to the next opportunity. Investors must recognise their fallibility, even an excellent investor suffers losses, they are inherent to the activity.
I'm in full agreement with Gunther here. Previously, I've managed to get out as soon as the story turned septic. At this point you recognise the future profits you were counting on will not materialise and the cash is better employed elsewhere. Disappointing results, poor industry outlook or a profit warning can all knock smoke out of an investment. Profit warnings are particularly precipitous, they arrive without warning and can result in an instantaneous discount prior to market opening. They reaffirm the requirement that investments be monitored daily.
Gunther continues:
Study the situation. Ask yourself whether the developing situation is likely to get fixed. Look for trustworthy and tangible evidence that improvement is on the way, and if you see none, take action without further delay. Calmly and deliberately, before everybody else has started to panic, jump off the ship and save yourself
Minor Axiom IV:
I'd agree (hopefully) small losses are a fact of life. I don't think they should be accepted cheerfully however and neither should they significantly outnumber gains.
Losses may carry useful information, highlighting strategic flaws, inadequate research or effeminate execution. This information could help augment a strategy to help avoid future losses. The danger, however, is over-fitting - assuming a lesson is present that must be obeyed in the future, ruling out swathes of money-making opportunities, when the outcome may only have been a result of misfortune. A common delusion borne of a lack of confidence.
Bad company news could be your cue to exit but poor share price performance presents an opportunity to increase your holding. Know the difference.
The Artful Dodger
(0) comments
Major Axiom III:
When the ship starts to sink, don't pray. Jump
Gunther explains:
Knowing how to get out of a bad situation may be the rarest of all speculative gifts. It is rare because it is difficult to acquire. It takes courage and a kind of honesty with a cutting edge like a razor
Any investment strategy will incur losses from time to time, the challenge is to formulate a strategy that minimises the likelihood of losses and is more likely to give positive returns. Closing a position at a loss or a position far below the planned exit requires courage, humility and a detachment from emotion most just do not possess.
Each week that passes in my career as an investor I become more convinced this is not an intellectual pursuit or an endeavour we can be raised into. An analytical ability and a rudimentary knowledge of economics are vital but successful investing requires character to put the research into action.
Character is required to accept the loss, learn any useful lessons and move on to the next opportunity. Investors must recognise their fallibility, even an excellent investor suffers losses, they are inherent to the activity.
I'm in full agreement with Gunther here. Previously, I've managed to get out as soon as the story turned septic. At this point you recognise the future profits you were counting on will not materialise and the cash is better employed elsewhere. Disappointing results, poor industry outlook or a profit warning can all knock smoke out of an investment. Profit warnings are particularly precipitous, they arrive without warning and can result in an instantaneous discount prior to market opening. They reaffirm the requirement that investments be monitored daily.
Gunther continues:
Study the situation. Ask yourself whether the developing situation is likely to get fixed. Look for trustworthy and tangible evidence that improvement is on the way, and if you see none, take action without further delay. Calmly and deliberately, before everybody else has started to panic, jump off the ship and save yourself
Minor Axiom IV:
Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain.
I'd agree (hopefully) small losses are a fact of life. I don't think they should be accepted cheerfully however and neither should they significantly outnumber gains.
Losses may carry useful information, highlighting strategic flaws, inadequate research or effeminate execution. This information could help augment a strategy to help avoid future losses. The danger, however, is over-fitting - assuming a lesson is present that must be obeyed in the future, ruling out swathes of money-making opportunities, when the outcome may only have been a result of misfortune. A common delusion borne of a lack of confidence.
Bad company news could be your cue to exit but poor share price performance presents an opportunity to increase your holding. Know the difference.
The Artful Dodger
Sunday, August 22, 2004
Charley and Chaucer
Last week hurricane Charley hit the USA causing billions of pounds of damage to coastline, homes and businesses.
The insurance bill will be huge, early estimates range between $15bn and $20bn. Chaucer, my second largest holding, will have to meet some claims from Floridans. Chaucer shares held steady at 44p before and after Charley wreaked havoc on the gulf coast - a reassuring sign the shares already trade at an excruciatingly cheap price.
Perversely, Charley's impact on Chaucer's operations may contain some positives, competitors capacity to write insurance will be hampered and customers' perceptions of risk will be raised. Geoff Miller of Bridgewell, a firm of city analysts was quoted in Investors' Chronicle with an upbeat prognosis:
There will be a negative impact on second-half earnings, but the effect on the insurance industry for next year should be to hold rates at a higher level than would otherwise have been the case
I remain confident in my Chaucer position but frustrated at the lack of progress. Maybe hurricane Charley will bring a silver lining, with events refocussing attention on this grossly underrated Lloyd's insurer and its peers.
Outlook for next week is encouraging, crude oil prices continue to break records on the exchanges. Dana Petroleum looks set to overtake Chaucer as second largest position in the portfolio. As the oil explorers and producers enter the earnings season, the market will hopefully re-rate these companies in the light of increased profitability.
The Artful Dodger
(0) comments
The insurance bill will be huge, early estimates range between $15bn and $20bn. Chaucer, my second largest holding, will have to meet some claims from Floridans. Chaucer shares held steady at 44p before and after Charley wreaked havoc on the gulf coast - a reassuring sign the shares already trade at an excruciatingly cheap price.
Perversely, Charley's impact on Chaucer's operations may contain some positives, competitors capacity to write insurance will be hampered and customers' perceptions of risk will be raised. Geoff Miller of Bridgewell, a firm of city analysts was quoted in Investors' Chronicle with an upbeat prognosis:
There will be a negative impact on second-half earnings, but the effect on the insurance industry for next year should be to hold rates at a higher level than would otherwise have been the case
I remain confident in my Chaucer position but frustrated at the lack of progress. Maybe hurricane Charley will bring a silver lining, with events refocussing attention on this grossly underrated Lloyd's insurer and its peers.
Outlook for next week is encouraging, crude oil prices continue to break records on the exchanges. Dana Petroleum looks set to overtake Chaucer as second largest position in the portfolio. As the oil explorers and producers enter the earnings season, the market will hopefully re-rate these companies in the light of increased profitability.
The Artful Dodger
Friday, August 13, 2004
Double-digit returns, am I kidding myself?
I previously claimed that despite a return thus far in 2004 of 1.7%, dangerously close to a loss, that I expect to earn more than 10% on my investments in 2004.
A reader (they do exist) mailed saying I was interested in your 'double digit by Christmas' claim - obviously you think one or more from your portfolio is going to have a real zing to it
Let's look at the portfolio composition:
Ben Bailey: 38%
Chaucer: 23%
Dana Petroleum: 22%
Mayborn: 15%
(cash remainder)
Performance is skewed by Ben Bailey's return, weighing twice heavier than Mayborn. Bailey's recovery from 398p to today's 405p pushed returns this year to 2.1%. All four shares sit undervalued. I reckon Chaucer needs to appreciate 50% to fair value, Ben Bailey 33% and Mayborn 36%. I've suspended judgement on Dana Petroleum until I can gauge the effect ear-poppingly high oil prices will have on company earnings.
Smaller companies such as these are normally less closely watched by market combatants. They are illiquid, making it impractical for managed funds to take meaningful stakes. With the professionals looking to score in the bigger playground of the FTSE 100, prices stagnate or mildly meander between results announcements. Small retail investors typically don't get regular access to information from management insiders the analysts enjoy. Furthermore, small companies may have a smaller peer group to compare with, judging the health of operators in tiny specialist markets (such as baby products in Mayborn's case) is like predicting scorelines for inter-prison bridge championships. Small caps are often dependent on only a handful of customers, the private investors can't get enough information to form an opinion on the future, we have to trust management to keep us informed via trading statements, the outlook comment and special announcements.
From history, I expect Mayborn to announce interim results in early September with Dana and Chaucer to follow later the same month. Should Mayborn and Chaucer meet the expectations I've derived from past performance and trading announcements - both should appreciate rapidly and significantly from today's prices.
But I said that about Ben Bailey.
The Artful Dodger
(0) comments
A reader (they do exist) mailed saying I was interested in your 'double digit by Christmas' claim - obviously you think one or more from your portfolio is going to have a real zing to it
Let's look at the portfolio composition:
Ben Bailey: 38%
Chaucer: 23%
Dana Petroleum: 22%
Mayborn: 15%
(cash remainder)
Performance is skewed by Ben Bailey's return, weighing twice heavier than Mayborn. Bailey's recovery from 398p to today's 405p pushed returns this year to 2.1%. All four shares sit undervalued. I reckon Chaucer needs to appreciate 50% to fair value, Ben Bailey 33% and Mayborn 36%. I've suspended judgement on Dana Petroleum until I can gauge the effect ear-poppingly high oil prices will have on company earnings.
Smaller companies such as these are normally less closely watched by market combatants. They are illiquid, making it impractical for managed funds to take meaningful stakes. With the professionals looking to score in the bigger playground of the FTSE 100, prices stagnate or mildly meander between results announcements. Small retail investors typically don't get regular access to information from management insiders the analysts enjoy. Furthermore, small companies may have a smaller peer group to compare with, judging the health of operators in tiny specialist markets (such as baby products in Mayborn's case) is like predicting scorelines for inter-prison bridge championships. Small caps are often dependent on only a handful of customers, the private investors can't get enough information to form an opinion on the future, we have to trust management to keep us informed via trading statements, the outlook comment and special announcements.
From history, I expect Mayborn to announce interim results in early September with Dana and Chaucer to follow later the same month. Should Mayborn and Chaucer meet the expectations I've derived from past performance and trading announcements - both should appreciate rapidly and significantly from today's prices.
But I said that about Ben Bailey.
The Artful Dodger
Wednesday, August 11, 2004
Dana: coups in Mauritania and Indonesia
Results of Dana's Indonesian exploration are finally public. The company delivered a double thumbs-up to followers with news from Ujung Pangkah:
..The northern well encountered an oil column with a thickness of 77 feet underlying a gas column spanning 78 feet. Production testing of the oil zone resulted in a stabilised flow rate of 2,300 barrels per day. A separate test of the gas zone achieved a flow rate of 14.4 million cubic feet per day.
The western well encountered a similar section of oil bearing limestone underlying a larger 117 feet gas column. Production testing of the oil zone in this well resulted in stabilised flow rates of 2,100 barrels per day and a separate test of the gas zone achieved a flow rate of 31.4 million cubic feet per day...
This report raises the likelihood of more oil being found in the region. Dana and their partners are planning another well to the north. Dana shares were inspired to a 3% rise today as buyers await an upgrade of commercial assets.
Yesterday however, Dana suffered from the other sort of coup, news reports of an attempted overthrow of the authority in posession of Dana's most exciting oil prospect, the Mauritanian government, lopped 5% off the company's share price. Investors had an unpleasant reminder of the real risks of partnerships with the world's less stable regimes. The political climate in west Africa means Dana shares are simply too hot for some investors, who demand a lower price if they are to consider buying.
An investor must employ a similar savvy to a used car shopper before purchasing. What are the risks most relevant to this type of company? What are the warning signs and symptoms of fatigue? Should signs of rust be more or less concerning than a furry steering wheel and beaded seat covers?
Dana carries more risk than a one owner, retired driver's weekly carriage to the supermarket but the risks at the current price are driven down by the robust North Sea production assets which act as an MOT, promising a level of performance into the future.
With the oil sector still surging ahead thanks to crude prices recently reaching an all-time high, I'm happy to hold Dana shares and shoulder these risks. Dana is at possibly greater risk from Britain's Chancellor than it is from a change of government in Mauritania. The current tenant of 11 Downing Street could impose a windfall tax on North Sea producers to snatch additional revenue from the current boom period.
Ben Bailey shares have made progress to compensate for Dana's dip. As the housebuilder is by far my largest holding, only small advances form this point will be required if I am to meet the challenge set in the previous blog of a return more than 10% in the remaining four months of the year.
The Artful Dodger
(0) comments
..The northern well encountered an oil column with a thickness of 77 feet underlying a gas column spanning 78 feet. Production testing of the oil zone resulted in a stabilised flow rate of 2,300 barrels per day. A separate test of the gas zone achieved a flow rate of 14.4 million cubic feet per day.
The western well encountered a similar section of oil bearing limestone underlying a larger 117 feet gas column. Production testing of the oil zone in this well resulted in stabilised flow rates of 2,100 barrels per day and a separate test of the gas zone achieved a flow rate of 31.4 million cubic feet per day...
This report raises the likelihood of more oil being found in the region. Dana and their partners are planning another well to the north. Dana shares were inspired to a 3% rise today as buyers await an upgrade of commercial assets.
Yesterday however, Dana suffered from the other sort of coup, news reports of an attempted overthrow of the authority in posession of Dana's most exciting oil prospect, the Mauritanian government, lopped 5% off the company's share price. Investors had an unpleasant reminder of the real risks of partnerships with the world's less stable regimes. The political climate in west Africa means Dana shares are simply too hot for some investors, who demand a lower price if they are to consider buying.
An investor must employ a similar savvy to a used car shopper before purchasing. What are the risks most relevant to this type of company? What are the warning signs and symptoms of fatigue? Should signs of rust be more or less concerning than a furry steering wheel and beaded seat covers?
Dana carries more risk than a one owner, retired driver's weekly carriage to the supermarket but the risks at the current price are driven down by the robust North Sea production assets which act as an MOT, promising a level of performance into the future.
With the oil sector still surging ahead thanks to crude prices recently reaching an all-time high, I'm happy to hold Dana shares and shoulder these risks. Dana is at possibly greater risk from Britain's Chancellor than it is from a change of government in Mauritania. The current tenant of 11 Downing Street could impose a windfall tax on North Sea producers to snatch additional revenue from the current boom period.
Ben Bailey shares have made progress to compensate for Dana's dip. As the housebuilder is by far my largest holding, only small advances form this point will be required if I am to meet the challenge set in the previous blog of a return more than 10% in the remaining four months of the year.
The Artful Dodger
Thursday, August 05, 2004
Performance: year to date
Numerous ways of measuring investment returns exist, most useful is probably the internal rate of return, the discount rate that would have to be applied for today's sum to be worth an equal amount to the sum invested.
I aren't going to do anything so sophisticated for now but let's just look at the money I started the year with and the value of my portfolio as of today.
Value of holdings on 01/01/04
Ben Bailey: 1281 @ 405p (£5,188.05)
Chaucer: 8092 @ 47p (£3,803.24)
Dana Petroleum: 1551 @ 242p (£3,753.42)
and during 2004 I have spent £4000 on Mayborn shares, £3500 buying more Ben Bailey and £2500 mistakenly buying more Chaucer at 54.75p.
I therefore started 2004 with a portfolio value of £22,744.71.
The only change since my last portfolio update was today's 2.7% advance in the Dana Petroleum shareprice, they currently stand at 337p to sell.
Thus, the total value of my funds today is £23,129.45, i.e. a return to date of 1.7%. An extremely disappointing figure that has been hammered by the weakness in Chaucer's shareprice. I remain confident however of achieving a double-digit return this year and have four months left to do it.
So watch me.
The Artful Dodger
(0) comments
I aren't going to do anything so sophisticated for now but let's just look at the money I started the year with and the value of my portfolio as of today.
Value of holdings on 01/01/04
Ben Bailey: 1281 @ 405p (£5,188.05)
Chaucer: 8092 @ 47p (£3,803.24)
Dana Petroleum: 1551 @ 242p (£3,753.42)
and during 2004 I have spent £4000 on Mayborn shares, £3500 buying more Ben Bailey and £2500 mistakenly buying more Chaucer at 54.75p.
I therefore started 2004 with a portfolio value of £22,744.71.
The only change since my last portfolio update was today's 2.7% advance in the Dana Petroleum shareprice, they currently stand at 337p to sell.
Thus, the total value of my funds today is £23,129.45, i.e. a return to date of 1.7%. An extremely disappointing figure that has been hammered by the weakness in Chaucer's shareprice. I remain confident however of achieving a double-digit return this year and have four months left to do it.
So watch me.
The Artful Dodger
Wednesday, August 04, 2004
Tired and frustrated
Ben Bailey, my largest holding, reported interim results on Tuesday. With my target price of 540p and the shares at 405p prior to announcement, I expected positive results to force the share price higher over the following days. Results came in at 45p profit for the first six months of the year and 100p earnings looks a distinctly possible annual profit.
The market was either unimpressed or not listening however and the shares today trade below 400p to sell.
A similar story is being played out at Chaucer where encouraging news from the business is ignored and the share price has fallen back from my last update.
Mayborn have slipped a mite, to 261p to buy. The ideal scenario would see me exit Ben Bailey for a large profit and reinvest the gains in Mayborn. As previously, the market can't be relied on to deliver anything but have a plan for any eventualities and carpa deim.
Dana have provided some consolation but overall the period since the last update has been far less rewarding than I'd have hoped or expected.
At close of market, July 26th
Ben Bailey, 1281 shares on 20/02/03 at 178p (400p, £5124.00)
Ben Bailey, 890 shares on 21/06/04 at 390p (400p, £3560.00)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (45p, £3641.40)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (45p, £1833.75)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (313p, £4854.63)
Mayborn Group, 1406 shares on 15/03/04 at 282p (271p, £3810.26)
Cash holdings: £323.22
Total: £23,146.86
as of August 4th:
Ben Bailey, 1281 shares on 20/02/03 at 178p (398p, £5098.38)
Ben Bailey, 890 shares on 21/06/04 at 390p (398p, £3542.20)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (44p, £3560.48)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (44p, £1793.00)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (327p, £5071.77)
Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £323.22
Total portfolio value: £22,974.35
I'm tired waiting for the results of Dana's Indonesian drilling campaign and fed up with Ben Bailey's malingering share price. Mayborn presents an opportunity I don't have the funds to take up but Chaucer is most frustrating of all, the shares are excruciatingly cheap and the loss on my second tranche at 54.75p is starting to smart.
But this was never going to be a float down the river on a sunny day.
The Artful Dodger
(0) comments
The market was either unimpressed or not listening however and the shares today trade below 400p to sell.
A similar story is being played out at Chaucer where encouraging news from the business is ignored and the share price has fallen back from my last update.
Mayborn have slipped a mite, to 261p to buy. The ideal scenario would see me exit Ben Bailey for a large profit and reinvest the gains in Mayborn. As previously, the market can't be relied on to deliver anything but have a plan for any eventualities and carpa deim.
Dana have provided some consolation but overall the period since the last update has been far less rewarding than I'd have hoped or expected.
At close of market, July 26th
Ben Bailey, 1281 shares on 20/02/03 at 178p (400p, £5124.00)
Ben Bailey, 890 shares on 21/06/04 at 390p (400p, £3560.00)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (45p, £3641.40)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (45p, £1833.75)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (313p, £4854.63)
Mayborn Group, 1406 shares on 15/03/04 at 282p (271p, £3810.26)
Cash holdings: £323.22
Total: £23,146.86
as of August 4th:
Ben Bailey, 1281 shares on 20/02/03 at 178p (398p, £5098.38)
Ben Bailey, 890 shares on 21/06/04 at 390p (398p, £3542.20)
Chaucer Holdings, 8092 shares on 06/10/03 at 42.88p (44p, £3560.48)
Chaucer Holdings, 4075 shares on 06/04/2004 at 54.75p (44p, £1793.00)
Dana Petroleum, 1551 shares on 20/11/03 at 223.75p (327p, £5071.77)
Mayborn Group, 1406 shares on 15/03/04 at 282p (255p, £3585.30)
Cash holdings: £323.22
Total portfolio value: £22,974.35
I'm tired waiting for the results of Dana's Indonesian drilling campaign and fed up with Ben Bailey's malingering share price. Mayborn presents an opportunity I don't have the funds to take up but Chaucer is most frustrating of all, the shares are excruciatingly cheap and the loss on my second tranche at 54.75p is starting to smart.
But this was never going to be a float down the river on a sunny day.
The Artful Dodger
