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Tag: analysis

Management Shareholding Abuses

Posted on 27/08/2020 by Keith McLachlan

OLD ARTICLE – Original posted on June 21, 2018 A traditional view wants a listed company to have their management as large shareholders. This gives them skin in the game, aligns them to shareholders and incentivizes them to succeed. All perfectly good reasons. But, this did not prevent Steinhoff from happening. If anything, this was…

Lessons: Over-reliance on Management

Posted on 26/08/2020 by Keith McLachlan

OLD ARTICLE – Originally posted on January 7, 2020 The last couple of years have been very hard on those that invest in South African small cap stocks. Unfortunately, me, the Alpha Prime Small & Mid Cap Fund and my (incredibly resilient) investors have been no exception to this. Since the FTSE/JSE Small Cap Index’s…

How to Read Results Like an Analyst

Posted on 26/08/2020 by Keith McLachlan

OLD ARTICLE – Original posted on September 23, 2014 Here is a (brief) list on how to read a listed company’s results on the JSE like an analyst. I’m going to list a couple key things to work through with the intention that in a matter of minutes you’ll be able to work out if the…

Look Beyond the Numbers

Posted on 26/08/2020 by Keith McLachlan

OLD ARTICLE – Originally posted on September 29, 2019 When analyzing a listed company for investment purposes, its financial statements are obviously a key variable to work through. If you have to ask ‘why’, then I kindly refer to this series of short webinars I did a few years back: Four Pillars of Fundamentals. While…

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