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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (50914)	5/14/2013 10:15:36 PM
From: Spekulatius	2 Recommendations Read Replies (5) of 78671

Sold out HSP @34.4$ - for a turnaround pretty much in progress fairly valued. CAH @ 46.3$. - fairly valued, lack of growth Reduced by 20% :DVN @59.5$ - still cheap but too overweight in the energy sector so I felt I had to sell something. Small add AAUKY @11.75$ -cheap and very unloved New position: CAM.L @9850p - British mini conglomerate but mostly in the Agro business. Main crop is tea. Trades at ~0.85 book, 10x earnings (which are somewhat bloated by gains in biological assets so there is a noncash component to it). CAM.L is run by an owner operator (50%+controlled by s Swiss AG) and appears to be managed for the long run. They have virtually no debt and net cash on the balance sheet (net current assets ~30%of CAM.L capitalization. There are ~2.8M shares outstanding, book is ~11000p, earnings 1195p/2912, which includes valuation gains on biological assets as required by IFRS (Management does not seem to like this accounting but they are required to do it that way). This is a starter position until I learn more.

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