Lots going on in the portfolio so I thought I would give a quick update.
At the end of Q1 I was +4% ytd, now (14/4/2020) I am c+11%. This should be compared to the index which is -c22% now, at the low I was down c5% for the year. I feel a little bad posting this as lots of this is from non-usual (for me) trades… Many of these, I put on Twitter, unfortunately, I can’t post everything as it may move prices against me, particularly where I only sell half. I know many of you are not twitter followers. If you would like an e-mail when I tweet there is a service for that here.
Continue reading “Q1 Portfolio/Performance update (+11%) Coronavirus and thoughts on where to go from here”
As I tweeted the other day I have just bought some Moscow Stock Exchange (MOEX). Increasingly I am tempted by low price, high quality companies in somewhat lower quality locations.
To me MOEX meets the quality bar. It has a dominant market position being the only exchange in Russia, it has an EBITDA margin of over 70%, a net profit margin of c45%. There hasnt been much growth in operating income over the past few years – but it doesnt really matter as this is very, very cheap. It is trading on about twice book value and a PE of about 10. Continue reading “Moscow Stock Exchange (MOEX)”