Professor Glen Arnold

John Templeton makes billions investing in Japanese securities – lessons for us all

17 Sep 2021 @ 21:24
In the 1950s and 1960s Japan was perceived by American and other investors as a loser of wars, an industrial backwater and a small market.  Clearly its reputation was low, making trivial low-cost products; made in Japan meant low quality.  People dismissed the Japanese as never having the potential to lead on research or quality. […]
 

John Templeton – a great investor who made many others wealthy

15 Sep 2021 @ 21:42
In 1940 John Templeton bought for $5,000 an investment counselling firm with only eight clients owned by George Towne, an elderly man. With a name change to Towne, Templeton and Dobbrow and the purchase of second-hand typewriters and a second-hand library of research material and books (thrift at all times!), Templeton had arrived as an […]
 

John Templeton – perspective and judgement made him a rich investor

13 Sep 2021 @ 21:21
As a first-year Yale student John Templeton became interested in investment and began to read books on the subject in addition to his normal studies. He eventually bought his first shares with some money he had made from working his way through college. He purchased seven dollars of preferred stock of Standard Gas and Electric Company […]
 

John Templeton on buying cheap, enthusiastic markets, exploiting cognitive error and thrift

10 Sep 2021 @ 18:45
Sir John Templeton became a very wealthy investor.  He carried throughout his life sound principles formed in childhood and early adulthood Buying when others are ignoring the asset Around the Winchester, Tennessee (pop. 2,000), where John Templeton was born in 1912 and his father was a lawyer and entrepreneur, farms would occasionally fail, become subject […]
 

John Templeton – a great investor teaches today’s investors so much

09 Sep 2021 @ 21:35
We can all learn a great deal from the principles and the experiences of people who turned out to be terrific investors. The gems of insight they offer us can make the difference between our investment choices being mediocre or being exceptional.  John Templeton was one of the best, outperforming over a seven-decade career. His […]
 

Covent Garden shares sold after the recovery

06 Sep 2021 @ 21:57
I’ve sold my shares in Covent Garden owner, Capital and Counties (LSE:CAPC), at £1.743, after a 69% rise in just ten months. They were bought in the pit of the winter wave of Covid-19 in the belief that life would return to normal eventually in central London, tourists would return and offices would fill up […]
 

Town Centre Securities – Directors and Strategy

31 Aug 2021 @ 21:51
Town Centre Securities (LSE:TOWN) was founded by 32 year-old Arnold Ziff in 1959, and it floated on the London market in 1960. A Leeds man, born and bred he had inherited the Stylo shoe business from his father.  He knew the city intimately which must have been a great help when it came to ideas […]
 

Town Centre Securities - Financial stability

26 Aug 2021 @ 21:59
Many companies showing low share prices relative to net current assets and/or earnings are financially distressed and will continue to perform badly. Thus, it is important to avoid including those displaying the biggest problems. Joseph Piotroski established some variables useful for considering the likelihood of financial distress. I’ll conduct a Piotroski analysis on both Town Centre […]
 

Town Centre Securities – a good flow of profits and dividends over the years

23 Aug 2021 @ 21:35
The principle reason for buying shares (at 142.6p, MCap £75.5m) in Town Centre Securities (LSE:TOWN) is that they are selling at half net current asset value, even after adjusting downwards values of retail and leisure property assets – see earlier newsletters.  But TOWN also looks very good from the perspective of a deep value investor […]
 

Town Centre Securities – a sound property portfolio

18 Aug 2021 @ 21:56
Town Centre Securities (LSE:TOWN) is selling at half price relative to net current asset value – see earlier newsletter. Its shares have been driven down by perceived  vulnerability to devaluations because of its high exposure to the high street. So, before I bought its shares at £1.426 (market capitalisation £75.5m) I checked out the quality […]
 
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