Saturday, May 26, 2018
These recent rebuses are notes from the real-life Anodyne, Inc. which I don't post about much these days, other than to say that after practicing for thirty-odd years, I am definitely a better value investor than a bookseller.  Most of the portfolio consists of legacy businesses in Halifax, southern Ontario and southern California that: a/ own real assets (specialized manufacturing facilities; commercial real estate), b/ are underfollowed by investors and analysts and, c/ pay a dividend.  IRR on the portfolio with fully reinvested dividends was 24% last year and 21% over the last three years ended April 30 2018, with volatility below the TSE's over the same three year period.

Three companies that didn't make the cut, but would have been appealing to a younger & greener CJB:

Halmont Properties, Inc. (HMT.TO)
Hammond Manufacturing (HMM.TO)
King George Financial Corporation (KGF.TO)

Undergrad exam: figure out what's wrong with each business.  Honors thesis: figure out the better version of the same (or almost identical) business model now owned by Anodyne, Inc., or a plausible alternative of your own. Document your work in writing to your own satisfaction. 

Reading SEDAR on these guys' business models & complex internal problems may shed some light on the kind of businesses I seem temperamentally suited to owning.  If you would like market-average or slightly- above-market-average returns with considerably less stress, you could do a lot worse right now than to buy:

Alphabet (GOOGL, NASDAQ)
Markel Corporation (MKL, NYSE)
Citigroup (C, NYSE)

Or, even better, buy a low-cost US index fund, "set it & forget it."

Standard disclaimer:  I don't manage money for others & my thoughts don't constitute investment advice.  I have previously owned a produce distributor, a manufacturer of tainted pet food, and Jolt Cola, and you should treat my investment thinking with extreme skepticism. You are responsible for your own anxiety & your own returns.

"Century-old community banks, the leftover husks of former corporate dynasties, industry pioneers now occupying some sleepy niche--"
Wednesday, May 23, 2018

Tell me what you gon' do to me
Confrontation ain't nothin' new to me
You can bring a bullet, bring a sword
Bring a morgue, but you can't bring the truth to me
Fuck you and all your expectations
I don't even want your congratulations
I recognize your false confidence and calculated promises all in your conversation
I hate people that feel entitled
Look at me crazy 'cause I ain't invite you
Oh, you important?
You the moral to the story, you endorsing?
Motherfucker, I don't even like you
Corrupt a man's heart with a gift
That's how you find out who you dealin' with
A small percentage, who I'm building with
I want the credit if I'm losing or I'm winning

Powered by Blogger

.post-title { display: none!important; }