greedfear.blogspot.com
Greed & Fear: May 2006
http://greedfear.blogspot.com/2006_05_01_archive.html
Wednesday, May 31, 2006. Announced ongoing revenue growth of 5-6%, falling margins, adjusted EPS of 10p per share, a hike in the dividend, and a goodwill writeoff. All very mediocre. Some thoughts on Vodafone and mobile operators generally:. 1) Vodafone is a utility and it should be valued as such. Mobile markets in developed countries are saturated, competitive and regulated; unlike water, gas and electricity suppliers Vodafone doesn't even have a monopoly. I see no compelling reason to own shares in Vo...
greedfear.blogspot.com
Greed & Fear: Lennox Holdings (LNX.L)
http://greedfear.blogspot.com/2006/05/lennox-holdings-lnxl_24.html
Wednesday, May 24, 2006. Lennox Holdings (LNX.L). Lennox on the ropes. Posts on the 22nd. Is cheap and that, after the recent refinancing, there is a floor under the share price. The question is: will Lennox recover and release that value? Look at the business line by line. Turnover - Sales seem not to have suffered despite the turbulence. The indication for FY2005 is 9.9m; for FY2004 it was 10.3m. Revenues in H1 and H2 '05 were roughly equal. Lennox has kept its customers. I like Lennox and I want to bu...
greedfear.blogspot.com
Greed & Fear: Selling short
http://greedfear.blogspot.com/2006/05/selling-short.html
Thursday, May 25, 2006. Volatility in the market does not interest me much. It has, however, made me realise that I'm too hung up on long stock ideas as a way to make money. I dislike short-selling because you end up trading rather than investing. It’s also a good way to lose a lot of money, as I found out in 1999. For risk control, however, it’s essential. My criteria to sell a stock short are:. 2) No gap risk on the upside i.e no oil explorers, biotech firms, or takeover targets. Hi there, I was surfin...