When Book Value is Rubbish

Firstly, for some academic background to this article read this one: Smoke, Mirrors & Balance Sheets. Now, when is it justified that a stock trades below book value? Well, the answer is simple enough: when book value is overstated. But how … Continue reading

One-Liner Company Updates

We’ve been working our way through the bi-annual reporting season on the JSE and we are starting to get a good sense of where things are going. Or are not going, as the case may be. While the malaise that started … Continue reading

Some News To Look Forward To…

January has been horrendous. Fact. World equity markets are down. Fact. Everyone who is long is getting hurt and it is not just unique to South Africa, despite all the pessimism that exists here. Fact. But, despite all this, there are … Continue reading

Five Short Small Cap Investment Ideas

Here are couple short small cap investment ideas and some background reading for each one. For the record, I hold these in my Fund, so I am putting my money where my mouth is. ADvTech Ltd (ADH) ADvTech’s recent acquisitions … Continue reading