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Which UK Company Has The Most Impenetrable Financial Statements?
OK, I don’t have the answer to this question at the moment, but I’m seeking the feedback of readers in order to identify the UK listed companies with the most horrific-looking financial statements. I don’t just mean high leverage, but the full works: related party transactions, operating & capital leases, unlisted joint ventures and associates, […]
Recommended Reading (21st July 2011)
July 21, 2011
Domino’s delivers on bid talk and growth hopes (Independent). Talk of a 600p/share offer from private equity versus the current 453p/share price. Question: Why buy Domino’s Pizza UK Ireland plc at a trailing P/E ratio of 30.5x when you can buy the ultimate franchise-holder Domino’s Pizza Inc for a trailing P/E ratio of 17.5x? I’ve […]
Back Next Week
June 24, 2011
Apologies about the recent lack of posts – I’ve been otherwise engaged. CautiousBull should be back in action later next week. In the meantime, you can follow me on Twitter or subscribe to the RSS feed to get new posts as soon as they’re ready.
10 Reasons to Be Bullish on the US Economy
June 10, 2011
The last few weeks have seen equities sell-off sharply, with the S&P 500 index declining by 7% from its peak at the end of April, wiping-out almost all of the gains previously achieved during 2011. This sell-off has accelerated following the release of two negative macroeconomic data-points: (1) the ISM manufacturing PMI, which came in […]
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 […]
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 […]
Cautious Bull 
April 16, 2012
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