Frustratingly changed my mind on Emergent Capital. original post here.
I’m concerned about debt level / lack of liquidity and the fact the company has 9 months (approx) opex on hand. I wasnt right about my initial belief red falcon had liquidity available – I’d misread the statement.
There is an opportunity with the strategic alternatives process for this to do very well but re-reading this – the possibilities are not all are positive. It has also now been over 3 months – should have been done.
Continue reading “Closed Emergent Capital – 12% loss” →
End of year means time to review how I did.
Overall up c22%, given that the FTSE is slightly down for 2014 that isnt a bad result. As quite a few of my holdings are small cap AIM is down quite significantly about 20% so this makes performance even more positive. This was done with minimal leverage.
Continue reading “Review of 2014” →
Thought I would post a brief update on many of my positions / performance.
Apoolgies if you have seen this before I think I may have published a draft by mistake…
Performance up until end September is 30% up since end December 2013 or 40% over the last 12 months.
Fyffes – as you may recall this tripled since my entry price – due to an offer from CQB up to a high of €1.30. Unfortunately the deal was in CQB stock, which fell on bad results. I had a bit of an analytical problem with this – do I value FFY as a standalone business – someone else could still come in and offer – if only to make CQB pay more. Or do I look at it as a proxy for CQB – which I wouldn’t want to own. Yet another thing to consider is whether CQB are paying in shares due to their own stock being overvalued. Later there was a bid for CQB – pushing FFY as low as €0.90 I sold 75% at €1.05-1.10 for portfolio balance reasons and am holding the rest. I am going to look into adding a bit more as the deal changed again on Friday – but I think this position is nearing its end.
Continue reading “Portfolio Update” →