Sell #2: Sold Thorn Group Ltd
I’ve sold my stake in Thorn Group Ltd (ASX: TGA). Upon careful reflection, which I hinted at recently , I’ve lost confidence in my investment in the company. It’s not so much that things have changed, more that I think I was framing the investment the wrong way when I bought. I have also tied together …
Sell #1: Sold RNY
This is a story about a shrewd property investor who paid 3.3 cents per share for properties worth 12 cents per share and then sold said shares for 0.9 cents. I sold RNY Property Trust (ASX: RNY) at $0.09 per share on Friday 21/07, realising $124.55 after brokerage, for a loss of $410.90, or 76.4%. The …
The first broken thesis: RNY Property Trust
Hokey dokey, so, today ticked off two dubious ‘first-evers’ in investing for me: First time I held a company that fell 70% in a day. First time I held a company that fell 70%. Not the kind of boxes you want to be ticking. RNY Property Trust (ASX: RNY) went tits up, slipped, and fell off …
Purchase #5: Crowd Mobile Ltd
Last week I made the 5th purchase for my portfolio, mobile content company Crowd Mobile Ltd (ASX: CM8). Crowd Mobile is… well, if I used the buzzwords like ‘entertainment content services’ or ‘mobile app developer’, that doesn’t really tell us much. What it is Basically, it has two businesses. The first runs a bunch of apps …
Purchase #4: Probiotec Limited (ASX:PBP)
Recently I made the 4th purchase for the 10foot portfolio, Probiotec Limited (ASX: PBP), a micro-cap contract pharmaceutical manufacturer with some interesting intellectual property. Again I have tried, with mixed success, to avoid putting up a wall of text. Here are my thoughts. Some key stats: Market capitalisation: $20.6m at $0.39 per share Enterprise Value: $29.4m …
A compelling bear case for Thorn Group Ltd
Via Twitter, the 10footinvestor stumbled across an interesting bear case about Thorn Group Ltd (ASX: TGA) on blogspot today. It suggests that the company will need to raise capital, and provides an interesting counterpoint to the 10foot shareholding in Thorn. It seems to be a the blog of a ‘Mitch Dawney’ who apparently runs an …
The rules of doubling down
Shares in RNY Property Trust have taken a dive since I bought them, down 25%. That does raise the question of whether I got the price right when I bought them, but that mistake, if it was one, is already made. The next question is, should I buy more? Typically the advice goes ‘if you wouldn’t buy more …
On the tyranny of quarterly reporting
I have cobbled together a solution for tracking the 10-foot portfolio. It is not elegant, but it lets me see what I’ve got. Two months in, and the 10foot portfolio is underperforming. For the first time I’m beginning to really grasp the tyranny of regular performance reporting at funds. I think it is vital for …
Purchase #3: Eureka Group Holdings Ltd
I have made the 3rd purchase for the 10foot portfolio, Eureka Group Holdings Ltd (ASX: EGH). Eureka is a small, regional provider of rentals, for pensioners with minimal assets that can’t afford fancier options like those provided by several other listed companies. I think it is attractively priced and could become much larger over time. Given the …
Mea Culpa: RNY Take 2
I made a mistake in my analysis of RNY Property Trust (ASX: RNY). You can find out more about that in my original post.
