Professor Glen Arnold

Do not jump in and out, nor over-weight macroeconomics

27 Jan 2022 @ 23:32
Playing the in and out game: The great investors say they cannot predict short term price movements. Imagining that you can look at one of the shares in your portfolio and say that over the next six months I think it will go down and therefore I will sell it now and buy it back again […]
 

Should you automatically reject those companies that erred or worry about past share price trading ranges?

26 Jan 2022 @ 22:33
Rejecting companies that have made mistakes:     Companies that are striving on a frontier, particularly a technological frontier, will experiment with projects; and many of these will fail. Technological pioneers must be permitted to endeavour, to go for the big breakthrough. Look for a good average success to average failure ratio. If the firm is run by […]
 

Don’t over-diversify

25 Jan 2022 @ 22:46
The commonplace concern is that you have too many eggs in one basket. But Philip Fisher, the intellectual leader of the growth investing school, was more concerned with the other extreme.  This is the disadvantage of having eggs in so many baskets that a lot of the eggs do not end up in really attractive […]
 

Pay for Quality Earnings

24 Jan 2022 @ 20:52
It is not possible to rely on a simple comparison between price-earnings ratios, PERs.  Consider two companies, firm A and firm B.  Both companies’ earnings have been the same in recent years, and they are expected to double over the next four years.  The PER of both companies is 20. Similar companies in the same […]
 

Share Prices and Price-earnings Ratios

20 Jan 2022 @ 23:28
The movement of share prices is governed by appraisals made by the financial community, and is sometimes disconnected from what is actually happening in the company. It should never be forgotten that an assessment of value by an analyst in one of the brokerages is a subjective matter. It comes from that person interpreting what […]
 

Key characteristics to look for in your managers

18 Jan 2022 @ 22:12
In yesterday’s newsletter we looked at the need for managers of your investee companies to be capable in two area, (1) day-to-day task efficiency, and (2) long-range planning. Today we look at the three other characteristics Philip Fisher required, (1) integrity, (2) outstanding labour and personal relationships, and (3) outstanding executive relationships. Integrity Shareholders need […]
 

Judging the quality of people running your companies

17 Jan 2022 @ 23:51
Fundamental to the success of any company, and therefore of great importance to investors, is the quality of its management and staff. The difference between the outstanding company and the average or mediocre company is the people running the organisation.  Philip Fisher, the father of growth investing,  identifies four different characteristics to define quality of […]
 

Philip Fisher’s focus on investee company’s financial control

15 Jan 2022 @ 01:29
Philip Fisher, founder of the growth investing school of thought, was aware of the importance of how a company’s management handles its financial affairs; only when this is done well and accurately is management in a strong position. Those companies with above-average financial talent have several significant advantages: They know accurately how much profit they […]
 

What to look for in tech investments – Philip Fisher’s advice

14 Jan 2022 @ 01:26
Philip Fisher, the father of growth investing, spent seven decades buying into technology companies. Naturally he regarded research and development as a key factor in the success of a company. For Fisher it is not simply a matter of looking at the amount that is spent on R&D.  It should be a straightforward task to […]
 

Competitive advantage through superior marketing

12 Jan 2022 @ 23:07
An essential component for a company to maintain its competitive position is its marketing arm; one which is capable of generating repeat sales to satisfied customers.  If a company manufactures good quality products, and offers good after-sales service and spares, it is difficult for a competitor to move in. ‘An efficient producer or operator with […]
 
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