Feedback, page-7

"I try to avoid them (white knuckle stock rides). But then, I get the sense, you do too."

Actually, I'm a slight bit schitzophrenic.

97.5% of what I do is confined to the sorts of fine companies I only need to spend half an hour, twice a year thinking about (the likes of ARB, CSL, RHC, TCL, WFD, DLX etc.).

But like a reformed alcoholic walking past the pub, a grotty, gnarly old deep-value situation (at least, what looks like deep value at the time, but often ends up like a value trap), will always causes me to pause (gnarly stuff like BOL, PRG, LYL and ORG... right now I'm going some research on a conceptual thing called Urbanise (UBN).

My experience, however, is that the effort-to-reward ratio in investing in crap business that appear deeply undervalued is almost always too high, and that I am better off just stocking with the high-quality end.

But then again, there's no challenge in that, so I suspect I will always make available a slither of my capital to try to "beat prevailing wisdom".

As a case in point, I have a little over 0.5% of my invested capital in BOL, about which I write and debate copiously, and whose results I analyse every which way, but some 15% in CTX, which I hardly spend any time thinking about.


"I need to clear my head now. Perhaps I'll have another look 'ron."

Believe me, I was only joking.
I strongly doubt that this is not a stock for you.

(Imagine the response from your ARB and ONT holdings if they suddenly woke up one day to find some BOL sitting alongside them in your CHESS register... like snooty aristocrats, they would be highly indignant at the notion of having to spend time in the company of a grubby peasant stock like BOL!)


BOL is 1% investment.
It's 99% entertainment