Sell #5: Sold Crowd Mobile
I’ve sold my stake in Crowd Mobile (ASX:CM8). The thesis broke. I wrote this piece prior to the half year result, so info from the half year was not factored into my sale decision. Originally Crowd was priced at 5x-ish cash flow and I figured they’d have debt paid down in a ~year. Given the …
A lengthy screed on Tower Limited
I’m revealing my undisclosed 10th purchase a little sooner than expected: It’s Tower Insurance Limited (ASX: TWR). I expect a 3-5 year holding period from here, subject to business performance. Conditions are also not quite as favourable as I had hoped for, so I have taken a smaller position with a view to increasing if a better …
Purchase #10: Tower Limited
One of the things I struggle with most with my ‘Buy’ pieces is the overlap between explaining what the opportunity is – which is easy – and explaining the thought process and research that lead to me believing that it is an opportunity – which is hard. Doing both at the same time usually leads …
Sale: Sold Mayne Pharma
I have sold all of my shares in Mayne Pharma (ASX:MYX), and despite the coincidental timing I swear it had nothing to do with Valeant. I would in general call this purchase a failure, although I was lucky to sell out without loss. Why sell? I recently had my Mayne Pharma thesis challenged, which was …
Interview with David Lamm of NGE Capital Ltd (ASX:NGE):
David Lamm, Executive Chairman and Chief Investment Officer of NGE Capital Ltd (ASX: NGE), a 10foot holding, recently agreed to an interview. I’m grateful and appreciative that he took the time to answer the questions of a very small shareholder. Before I get into that, there is obvious potential for an anonymous entity (me) to spruik …
A curious set of incentives at Probiotec
My position in Probiotec Limited (ASX: PBP) has ripped higher over the past few months, up over 100% since I bought it in June. This has given me a problem and funnily enough I’m more concerned about being up 100% on Probiotec than I was being down 70% on RNY Property Trust (ASX:RNY), my first loser. …
A qualitative look at Oliver’s Real Foods
I recently had a look at healthy food company Oliver’s Real Foods (ASX: OLI). Oliver’s operates fast-food outlets that sell only healthy and organic food. You can read my purchase thesis here but in my view it is the qualitative factors here that will prove make-or-break for this young brand. These are three key premises (‘beliefs’) that I …
Purchase #9: Oliver’s Real Food Ltd
I recently made the 9th purchase for the portfolio, Oliver’s Real Food Ltd (ASX: OLI). As with the Just Group purchase, I think the shorter thesis length is a winner and I will stick to that format here. Oliver’s has ~210m shares on issue including 2.7 million options. It has a market capitalisation of ~$46 million …
Through a Mayne Pharma, Concisely
I put 5% of the 10foot portfolio in Mayne Pharma (ASX: MYX). My purchase thesis was way too long to be useful to readers. I have created an abbreviated version here: Mayne is undervalued given its cash earning ability Performance in FY18 will provide a much clearer picture of the combined organisation’s (post Teva/Allergan portfolio acquisition) …
Purchase #7: Mayne Pharma Group Ltd
I’ve made another purchase for the 10foot portfolio, generic pharmaceutical company Mayne Pharma Group Ltd (ASX: MYX). Mayne manufactures and sells generics, consults for third parties, sells its own specialty branded drugs, and develops new formulations for existing molecules. Mayne Pharma recently had a huge step-change in its operations after the $900m acquisition of a portfolio …
