Last Friday I sent this presentation to Investor Relations at Oliver’s Real Foods with a request that it be brought to the attention of senior management. I wanted to give Oliver’s some advance warning and give them the opportunity to comment or correct me, if they chose. I did not receive a response from Oliver’s, …
Dear readers. As with previous months, here are some things I’ve seen or thought recently. The Magic Pudding business model In my recent look at the mineral sands sector, I came across a remarkable business, namely the Mineral Commodities Limited (ASX: MRC) Tormin Sands project. Every year the ocean washes up minerals like zircon, ilmenite (titanium …
I recently looked at EML Payments Ltd (ASX: EML), a prepaid card provider. Shares are down around 30% LTM despite cracking growth in the volumes of $$ using the company’s payment systems. The short version: I think that EML has an aggressive revenue recognition policy, a license to write non-cash income, and the incentives to potentially encourage it. …
I’ve re-purchased Oliver’s Real Foods (ASX: OLI) after my prior sale. The primary reason I sold is that I didn’t have confidence that there would be action on what I perceived to be the company’s problems. The then-CEO is a founder and major shareholder and I considered it unlikely that he would step aside, which …
I recently (mostly) finished putting the final touches on the 10foot Google Sheets spreadsheet, which tracks my investments automatically, including cash holdings and relative to an index. Before I get into it, something occurred to me recently which I feel deserves an additional disclaimer. Although tracking my performance and my investment process is very important …