Retreat of Reason: Political Correctness & the Corruption of Public Debate in Modern Britain by David Conway Buy new: $27.50 / Used from: $51.71 Usually ships in 24 hours | |
Coloring the News: How Political Correctness Has Corrupted American Journalism by William McGowan Buy new: $11.53 / Used from: $2.47 Usually ships in 24 hours |
Thursday, May 21, 2009
Even with Lipstick and an agenda a pig is still a pig
Posted by Share Investor at 7:25 PM 0 comments
Labels: David Shearer, labour elitism, Left wing media bias, Melissa Lee
Wednesday, May 20, 2009
Schroder Investment Management takes big Fisher & Paykel Healthcare Stake
Back in August last year I wondered whether Schroder Investment Management, a large multinational investment company, had added to their large Fisher & Paykel Healthcare [FPH.NZ] shareholding (they didn't) but they have been making large share movements in that area this year.
After ditching about 25% of their holding on March 19 (PDF) to take their position to 4.7% of total FPH shares issued, today in an NZX disclosure (PDF) it was revealed that Schroders have taken their holding to just under the magic 10% mark, their biggest shareholding in the company to date.
I make no bones about it, I see this company as one of the NZXs stars and pick it as one of the best long-term performers for the next ten years if the last ten are anything to go by. Having Schroders take such a large stake certainly gives pause for thought that I actually might have known what I was doing when I bought shares in the company but as I pointed out in that August article Schroders share the same investment style that I do so it is no surprise that both of us would make the same pick:
We are long-term investors: establishing the fair value of a security takes the discipline to avoid being caught up in market fashions and the confidence to be contrarian when necessary. We focus on the ability of a business to generate sustainable value and earnings growth. We look at the quality, as well as quantity, of earnings and we meet company managers and ensure that we fully understand their marketplace and business strategy. We believe that, over time, the mis-pricing of stocks versus fair value will be recognised by the market, and that our long-term approach to research will lead to long-term outperformance.
Having said that, Schroders did sell a small portion of their holding in March and I have no idea as to why (one can only assume for a short-term profit) but increasing their holding to just below 10% is certainly an interesting move.
As their statement above suggests they have been buying FPH at relative bargain prices compared to historical values and to be sure any serious "mis-pricing" of this stock in comparison to its concrete revenue and profit results will see this small shareholder take advantage of that situation.
Fisher & Paykel Healthcare will be reporting its Full Year 2009 profit results Tuesday May 26, 10.00am (NZ Time) - A conference call will be held at 1.00pm to discuss the results and you can listen to it here.
Fisher & Paykel Healthcare @ Share Investor
Long VS Short: Fisher & Paykel Healthcare
Big Fisher & Paykel Healthcare trades a curious tale
Why did you buy that stock? [Fisher & Paykel Healthcare]
Drinking and Trading
Share Investor's 2008 stock picks
Fisher & Paykel: A tale of two companies
FPH downgrade masks good performance
Related Links
Schroder Investment Management Australia
Schroder Investment Management Home
Fisher & Paykel Healthcare financial data
Related Amazon Reading
The Business of Healthcare Innovation
Buy new: $36.00 / Used from: $22.50
Usually ships in 24 hours
c Share Investor 2009
Posted by Share Investor at 3:55 PM 0 comments
Labels: Fisher and Paykel Healthcare, Schroder Investment Management
Good Morningstar
News out in New Zealand's Business media today about Morningstar's (incidentally a Berkshire Hathaway, Warren Buffett owned vehicle) ranking of our mutual funds sector and I would argue as a spin-off the NZ financial sector as a whole, should be of surprise to those who only read the sports pages and gossip and perhaps the hapless Mark Weldon, CEO of the NZX.
New Zealand ranked a D minus rating.
As far as my major sphere of interest goes, the stockmarket, I have been banging on about how "wild west" our stockmarket regulation and oversight have been in this respect for 10 years.
The guts from Morningstar for me:
Morningstar researchers evaluated and scored countries in six categories—investor protection, prospectuses and shareholders’ reports, transparency in sales practices and the media, fees and expenses, taxation, and distribution practices. Read full article PDF format
"Investor protection" and "transparency" are two major planks of my rantings and Morningstars.
Recent capital raisings on the NZX have been the latest outrage to be foisted on New Zealand stockmarket investors, with protection for large shareholders managed by the NZX and Securities Commission laws at the centre of capital issues but at the same time leaving smaller investors like my good self drowning in a pool of bile filled anger over being shafted once again.
Mark and his directors down in windy Wellington in that flash building on the waterfront and those not far from him at the Securities Commission should take note.
This time, these are your contemporaries saying this about you, not the investors that keep getting the blunt end of your regulatory axe and perhaps you might listen now that it is your buddies saying this?
One can only hope.
Until then the swirling bile will keep me critical.
The Rankings by Morningstar
United States: A
China: B+
Italy: B
Japan: B
Netherlands: B
Taiwan: B
Canada: B-
France: C+
Switzerland: C+
United Kingdom: C+
Australia: C
Singapore: C
Germany: C-
Hong Kong: C-
Spain: D
New Zealand: D-
- Are you experienced?
- Sky City share offer confusing and unfair for small shareholders
- Sky City CEO doubles down
- More Moola Please!
- Sweetheart deal for Fletcher Building's friends makes small investors sick
- What 11 years of Stockmarket investing has taught me
- Nuplex rights decision a dilemna for shareholders
- Discuss this topic @ Shareinvestor.net.nz
Related Amazon Reading
Morningstar Guide to Mutual Funds: Five-Star Strategies for Success by Christine Benz
Buy new: $11.53 / Used from: $9.25
Usually ships in 24 hours
c Share Investor 2009
Posted by Share Investor at 8:33 AM 0 comments
Labels: Mark Weldon, Morningstar rankings, NZX regulation, securities commission