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I’m busy analysing Avingtrans and Lamprell. If anyone has any information on these companies please could you let me know.
It’ll be next week before I can report anything more to you, so, in the meantime, I have some aphorisms for you to consider.
Management qualities to look out for
The extravagance of any corporate office is directly proportional to management’s reluctance to reward shareholders (Peter Lynch)
Comment: you should love it when you visit head office and factories and find cheap items being used by employees, from tables and chairs to the pictures on the wall (ideally no pictures at all).
It is especially encouraging when the directors have chosen a non-fashionable area to rent or buy buildings.
Anything that will had value to the customer-offering – that customers are more than willing to pay for – should, of course, be acquired, but anything that is merely for the ego-boost of managers should not.
Everything has to add to shareholder value. A penny spent beyond that is a penny wasted.
Managers who have learned much from personal experience in the past usually are destined to learn much from personal experience in the future…. The trick is to learn most lessons from the experiences of others. (Warren Buffett (B.H.1985))
Comment: From time to time I’m tempted to think that a team of managers who have made very poor strategic or operational decisions in the past will learn from their errors. However……..To read the rest of this article, and more like it, subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1
