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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (60514)	3/15/2018 4:10:14 AM
From: staring	1 Recommendation Recommended By Spekulatius Read Replies (1) \| Respond to of 78752

Paul, Currently, I don't own any Portuguese stocks. But in the past two years I did. And I shared here almost all of my trades, almost in real time :P Here's a summary of the positions I held in the last two years: - Navigator (Pulp&Paper) - I started a position in Jun 2016 at 2.62 and closed my position in Jun 2017 at 4.04 (52% in one year). The stock is now at 4.60 - Sonae (Retail Conglomerate) - I started a position in Jan 2017 at 0.73 and closed my position in Jun 2017 at 0.93 (27% in six months). The stock is now at 1.12 - Cofina (Media) - I started a position in Nov 2016 at 0.27 and closed my position in Sep 2017 at 0.41 (52% in ten months). The stock is now at 0.52 That being said, since I work in investment banking in Portugal, I only invest in companies with which we have no relationship or deals, which limits a bit the range of companies I cover. About the current market, I have looked recently at Altri. But, I would rather buy it at 4.50. Apart from this, in comparative terms, I believe some valuations may still be decent. But my positioning in Portuguese stocks, as in any other stocks, is to invest in good businesses at decent valuations. The business I like the most are Pulp and Paper (Portugal is competitive and Altri and Navigator are two well-managed companies), Cork (Corticeira Amorim is the largest player in the world, and Sonae (well managed conglomerate that owns Continente - I talked about it a few months ago - it has done an excellent job in the online space, though I tend to be conservative due to the pressure that I expect they will have in the future on margins). With regard to ADRs, there OTC ADRs available for most of the stocks, I believe. But only OTC... Don't you have any broker there that gives you direct access to foreign stock exchanges? Summing up, with regard to Portugal, start to pay more attention to my posts and I believe you will find nice opportunities :)