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  • Resistance is futile for Spotless Group | Doddsville
    needs more aggressive management of the asset portfolio and expenses to realise the underlying value Perhaps the best thing would be to try auctioning the company off Mind you it s hardly the best time to achieve a full price for an underperforming company At some point management will need to engage with a bidder whether it s Pacific Equity Partners or someone else They ve had enough time to fix the company s problems and they haven t Whether it s now or later on Spotless is a goner VN F 1 9 20 1166 please wait Rating 5 0 5 1 vote cast Resistance is futile for Spotless Group 5 0 out of 5 based on 1 rating This entry was written by James Greenhalgh TII posted on at 11 18 am filed under James Greenhalgh Management Stocks and tagged pacific equity partners private equity spotless group Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Economics and Kim Kardashian Previous Entry Oversimplifying impedes real learning Next Entry 5 Responses Add Yours Discussion ADC said Posted November 18 2011 at 4 25 pm I just wonder whether this strategum will work in the future Given that we all know that the business will be overly laden with debt by the private equity purchaser and that it will be floated at a price that in all likelihood leaves very little to the prospective buyer i e us will they be able to successfully offload the business in the future So what kinds of things will they need to do in order to continue their business model or are they hopeful that we will have forgotten Myer Collins Foods et al in three years time Reply James Greenhalgh TII Reply November 21st 2011 at 11 08 am Unfortunately I think that people do forget The private equity float marketing machine is very slick and three years down the track people will say it s a different business with different management and in different circumstances than now These factors will be enough to convince people especially as the new Spotless will invariably list with an impressive profit history and forecasts Also some private equity floats do perform well JB Hi Fi is probably the most spectacular example few people remember this was a private equity float Three years down the track I suspect most people will have forgotten about Myer and Collins Foods It s often surprising how short memories are Reply Andrew Brown said Posted November 21 2011 at 3 18 pm One thing worth pointing out is that the media and some major shareholders have laid into the board about not engaging As far as I m concerned that criticism is unjustified PEP can make a bid as can you or I if we have financing or lkisted scrip at any time which management would then HAVE to respond to It does of course cost

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/resistance-is-futile-for-spotless-group/ (2013-02-03)
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  • Pacific Equity Partners | Doddsville
    Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh and Gaurav Sodhi This blog is

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/pacific-equity-partners/ (2013-02-03)
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  • Private Equity | Doddsville
    opportunity Despite an interest rate of close to 20 this was a surprisingly profitable strategy for several years By James Greenhalgh TII Posted in James Greenhalgh Also tagged float ipo myer Comments 19 Striking a blow for owner managers January 25 2010 10 54 am Poker machine manufacturer Aristocrat has a history of failing to breed executive talent Chief executives have left in controversial circumstances on several occasions forcing the board to appoint an outsider unfamiliar with the company s apparently troubled inner workings As investors we re also outsiders and it s often difficult to gauge the depth of management talent inside Read More By Nathan Bell TII Posted in Nathan Bell Also tagged Computershare Flight Centre Owner manager Comments 6 Is private equity really that bad January 15 2010 12 41 pm Some years ago we invited the very personable managing director of CHAMP Private Equity David Jones no relation to the retailer to address our annual analyst conference He graciously accepted our invitation and we all enjoyed his presentation although I ve had no contact with him since By James Greenhalgh TII Posted in James Greenhalgh Also tagged floats incentives management myer Comments 0 Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/private-equity/ (2013-02-03)
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  • Nathan Bell | Doddsville - Part 2
    popping valuations Is the tech boom back By Nathan Bell TII Tagged Facebook internet bubble social media Tech boom Twitter Comments 2 Basel III Blue sky or bailouts ahead March 22 2011 3 17 pm Basel III is designed to protect the banks from a financial meltdown But the incentives that it might create and the fact that senior banking professionals see nothing but blue skies ahead is cause for concern By Nathan Bell TII Tagged ANZ banks Basel III CBA NAB WBC Comments 7 The future of investing March 11 2011 8 56 am The increasing popularity of investing means fewer bargains on offer in certain areas Value hounds shouldn t be discouraged the world and technology changes but psychological flaws and economic cycles remain By Nathan Bell TII Tagged Jeremy Grantham Joel Greenblatt Nassim Taleb Quantitative investing Seth Klarman Comments 8 A mastery of psychology distinguishes the greats February 24 2011 1 16 pm You don t have to be Warren Buffett or Jeremy Grantham to recognise a bubble But to profit from it you will need an equivalent mastery of your emotions By Nathan Bell TII Tagged buffett GMO Grantham Psychology soros Comments 16 Coles price war Who is it good for February 22 2011 3 29 pm Coles has ignited a price war on household grocery items Though many consumers are rejoicing at lower prices they might cause irreparable damage to the economy By Nathan Bell TII Also posted in Stocks Uncategorized Tagged coles Price war Wesfarmers Woolworths Comments 13 Older posts Newer posts Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/category/nathan-bell/page/2/ (2013-02-03)
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  • If someone wants to tattoo your face ask 'why?' | Doddsville
    wildly optimistic e g Brisbane s Clem Jones tunnel or Sydney s Cross City tunnel because the companies providing the reports are paid by the companies selling the projects In fact conflicts of interest are rife in economic forecasting Often results are created first then forecast providers shopped to see who ll provide the most robust model to justify it It pays to understand incentives and highlights why having a good handle on human psychology is a key part of investing Do you use psychological insights to make investing decisions If so who have you found particularly insightful and why P S I ll let Dan explain the tattoos VN F 1 9 20 1166 please wait Rating 4 5 5 2 votes cast If someone wants to tattoo your face ask why 4 5 out of 5 based on 2 ratings This entry was written by Nathan Bell TII posted on at 10 36 am filed under Management Nathan Bell psychology and tagged behavioural economics management Psychology Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Recommendation guides Down down prices are down Previous Entry Doddsville podcast 10 November 2011 Next Entry 3 Responses Add Yours Discussion Joey said Posted November 11 2011 at 2 54 am When it comes to being a value contrarian investor well any kind of investor for that matter knowing your own psychological weaknesses and positives is an absolute must if you re going to be dealing with Mr Market A great example of that maniac in action was today showing off how irrational and grumpy he can get Since you have already mentioned the great mind that is Dan Ariely others I find insightful are Jason Zweig Daniel Kahneman and the late Amos Tversky just to name a few Reply Greg Hoffman TII Reply November 11th 2011 at 3 50 am And in case anyone missed it Kahneman s latest book was mentioned in Gareth s recent post Remember the News Corp scandal and is now available for Kindle owners 9 99 and in hardcover Reply J Perks said Posted November 17 2011 at 9 20 pm One of my basic screens for buying a security is do the managers and or board own a significant number of shares in the entity and have they been buying shares at or above even better the current price These are I believe very important but unfortunately only occaisionally get a mention in most II reviews Reply Leave a Comment Your email is never shared Required fields are marked Your Name Email Website Optional Your Comment Click to cancel reply Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/if-someone-wants-to-tattoo-your-face-ask-why/ (2013-02-03)
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  • Behavioural Economics | Doddsville
    research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/behavioural-economics/ (2013-02-03)
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  • Psychology | Doddsville
    February 24 2011 1 16 pm You don t have to be Warren Buffett or Jeremy Grantham to recognise a bubble But to profit from it you will need an equivalent mastery of your emotions By Nathan Bell TII Posted in Nathan Bell Also tagged buffett GMO Grantham soros Comments 16 Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh and Gaurav Sodhi This blog is where they share their

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/psychology/ (2013-02-03)
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  • Don’t pay twice for outstanding management | Doddsville
    multiple Or to flip it around a poor mgmt deserves a lower multiple It s because everything being equal the good mgmt gives you more confidence you are buying a stable profitable business Without a stable operation P E will give you the wrong answer Reply Greg Hoffman TII Reply October 22nd 2011 at 3 33 am My thoughts are broadly along your lines J If you re dealing with a truly exceptional management team and you re fairly sure they ll remain in place for some time then I d be happy to pay twice up to a point Contrast most regular Aussie manufacturers with say ARB In my book successful succession planning is part of great management The risks I see for investors are mistaking a cyclical upswing or piece of luck for great management and also good managers moving on from the business History seems to show that Australia has far more listed companies than genuinely great CEOs to run them or perhaps boards are just not very good at selecting them Reply J Mako Reply October 24th 2011 at 4 11 pm Greg Glad to hear from you I miss your writings Anytime return to the fold Reply Mr Editor Reply October 26th 2011 at 1 26 pm Yeah Greg where have you been I haven t seen anything from you on the website for a while now Greg Hoffman TII Reply October 29th 2011 at 8 39 pm Lovely of you to say guys My wife and I are currently in Europe spending some time with her family and making the most of the strong dollar Hope all of you Doddsvillagers are well and have taken advantage of Mr Market s moods in recent months Gareth Brown TII Reply October 25th 2011 at 2 06 am Fair points Greg and J no arguments from me on ARB which has long been my largest investment But I think it s important to point out that the very best time to buy ARB was either before recognition from the investing public arrived say roughly prior to 2004 2005 or in one of the panics that followed like early 2009 Paying twice hasn t proved costly here but the better opportunities were when you paid only once or less than once And of course we shouldn t argue the case by selecting a winner falling victim perhaps to survivourship bias Paying up works out well sometimes but badly other times We need to remember both when trying to ascertain whether paying up is a worthwhile overall strategy Reply John S Reply October 26th 2011 at 10 45 pm The way I look at it is that in the case of the rare exceptional manager who is both generating a higher than normal level of current profits and is projected to grow those profits at an abnormally high rate and I agree that ARB is a great example of this the value obtained by buying those shares involves applying

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/dont-pay-twice-for-outstanding-management/ (2013-02-03)
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