Closed the last of my Tribal at about 79. This is over 200% of my entry cost, however I only made 57% over the total position.
This is somewhat mitigated by the large size – at peak this was 20%+ of my portfolio. This pretty much made it that I had to sell all the way up. I have a rule that I dont go above 20-30% weights. Might be one to think about as it means I am not enjoying the full result of rapidly compounding shares but on the other hand it manages risk… I think improving this aspect of my investing should be a focus going forwards.
It was very large when I started so I sold out all the way up.
I think at the current prices a recovery is very well priced in. Even if we believe there is going to be a good recovery in margins to 10% – which they have struggled to reach then we get to a multiple that’s pretty high. I should have looked at this / sold in the 90s and to some degree am reacting to the recent dip in the share price…
Continue reading “$TRB – closing Tribal +57% / +200%”
2016 is almost over so I thought I would go through what worked, what didnt and my plans for 2017.
+33% is OK – FTSE100 is up 14%, 250 up 3% AIM all share 14%. Peak to trough draw-downs across these are about 10% where as my portfolio (OK measured monthly) was only down 5% from peak at its worst.
My review of 2015 is interesting putting this in context. I anticipated that TRB and SIHL would do well but not that I would come up with other good ideas or that TJI would do well.
Continue reading “Review of 2016 + 33%”
Tribal has done well – as I anticipated in my earlier note here they are selling assets. The price has doubled since I bought and I think there is more to come, they have hired a CEO known for selling off businesses…
Continue reading “Tribal Group – +104% in under 4 months – trimming”
Entered Tribal a couple of days ago at 27p ($TRB) – following 50% fall.
Tribal produce student record software. I innately like the business – the software is complex and highly linked to other processes/ procedures, certainly in HE, also in the other markets Tribal serves. This makes switching difficult and costly, acting as a pretty effective moat.
Continue reading “Tribal $TRB, Recovery Play, Cheap Business with a defendable moat”