Browsing All Posts published on »May, 2011«

Would You Buy Shares in this Mystery Company?

May 31, 2011


I’ve found a stock that appears to tick many of the boxes that might appear on Warren Buffett‘s pre-investment checklist.  I’ve included the below a list of the company’s key operating and financial characteristics.  I’d be interested to know: does this information make you want to buy the stock (or at least get more information); […]

Tweedy, Browne 1Q11 Investor Letter

May 22, 2011


As I’ve written before, one good way of finding good investment ideas is to plagiarise those of others.  My attention was brought to recent investment Expedia via Glenview Capital and before that to SINA by Eric Jackson.  My attention has recently been caught by the 1Q11 investor letter published by Tweedy, Browne, Inc, which I […]

JP Morgan’s Favourite European Mid-Cap Equity Ideas

May 17, 2011


Given that the bulk of my equity investments are in US-listed companies, I’ve become a little conscious that I might be neglecting good investment ideas in companies that operate a little closer to home.  So, in order to start the process of looking for new ideas in Europe, I’ve got my hands on a copy […]

A Warning Signal From Retail Investors?

May 16, 2011


Hargreaves Lansdown, the retail broker that handles my ISA and SIPP accounts provides on its website a regular breakdown of the most popular trades by its customers, which can be viewed by following the link here.  I include below a table showing the current breakdown of the most popular buy transactions by value. The chart […]

Domino’s Pizza Inc Update

May 15, 2011


Regular readers will be aware that shares in Domino’s Pizza Inc (NYSE:DPZ) is one of my key equity holdings, and I have previously written bullish posts on the company here and here.  Since I invested in late December 2010, the DPZ share price has increased from $16 to $23.53, a return of 47% in a […]

A Leveraged-Buy-Out of Apple Inc?

May 12, 2011


Although such a transaction is unlikely to happen given the size of Apple’s market capitalisation ($319bn) and the huge equity requirement that such a deal entails, I still think it is a worthwhile exercise to consider Apple’s capital structure from the perspective of a private equity investor, who would be unlikely to stick with the […]

Credit Analysis of Liberty Global Inc

May 8, 2011


NASDAQ-listed Liberty Global Inc, an operator of cable television networks, is my second-largest equity investment and I have previously written about the equity investment case here.  For a recent job interview I prepared a credit analysis of UPC Holding BV – Liberty Global Inc’s largest operating subsidiary – which I have included below.   (Since […]

The Bull Case for Expedia & Tripadvisor

May 5, 2011


Expedia (NASDAQ:EXPE) is a provider of online air travel, hotel room, cruise ship and car rental booking services through its websites which include,, and; and of travel advertising services through its websites which include,,, and  This company presentation gives a good overview of the business.  In FY10 […]

Why You Shouldn’t Invest In Index Funds

May 2, 2011


I’ve recently spent some time looking at the Glencore flotation and its implications for the composition of the FTSE-100 index and therefore, in turn, the investors in index funds which track the FTSE-100.  I’ve now done some further work on the inherent biases of index funds and have come to be broad conclusion that they […]