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  • Small Cap Value Report (Thu 27 Apr 2017) – SVCA, RIC

    Good morning! It’s Paul here. I’ll be doing today’s report.In the meantime, I covered loads more companies in yesterday’s report, in the evening. I appreciate this isn’t ideal for readers, but sometimes there’s just so much going on during market hours that I can’t concentrate properly on report writing.So yesterday’s report had a big section on Crawshaws (I quite like the deal with 2 Sisters, and have bought some stock personally). Other companies covered are results amp; trading updates from: Proactis, WANDisco, RedstoneConnect, HML Holdings, Reach4Entertainment, and Dillistone.Today, I hope to cover;Servoca (LON:SVCA) – trading updateRichoux (LON:RIC) – poor results amp; impending fundraisingStyles and Wood (LON:STY) – final resultsSynectics (LON:SNX) – AGM statementHarvey Nash (LON:HVN) – Preliminary resultsCharacter (LON:CCT) – Interim resultsIMImobile (LON:IMO) – trading updateSo that will keep me busy for the rest of the day.Servoca …

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  • Small Cap Value Report (Thu 27 Apr 2017) – SVCA, RIC, AIR

    Good morning! It’s Paul here. I’ll be doing today’s report.In the meantime, I covered loads more companies in yesterday’s report, in the evening. I appreciate this isn’t ideal for readers, but sometimes there’s just so much going on during market hours that I can’t concentrate properly on report writing.So yesterday’s report had a big section on Crawshaws (I quite like the deal with 2 Sisters, and have bought some stock personally). Other companies covered are results amp; trading updates from: Proactis, WANDisco, RedstoneConnect, HML Holdings, Reach4Entertainment, and Dillistone.Today, I hope to cover;Servoca (LON:SVCA) – trading updateRichoux (LON:RIC) – poor results amp; impending fundraisingStyles and Wood (LON:STY) – final resultsSynectics (LON:SNX) – AGM statementHarvey Nash (LON:HVN) – Preliminary resultsCharacter (LON:CCT) – Interim resultsIMImobile (LON:IMO) – trading updateSo that will keep me busy for the rest of the day.Servoca …

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  • Small Cap Value Report (Thu 27 Apr 2017) – SVCA, RIC, AIR, STY

    Good morning! It’s Paul here. I’ll be doing today’s report.In the meantime, I covered loads more companies in yesterday’s report, in the evening. I appreciate this isn’t ideal for readers, but sometimes there’s just so much going on during market hours that I can’t concentrate properly on report writing.So yesterday’s report had a big section on Crawshaws (I quite like the deal with 2 Sisters, and have bought some stock personally). Other companies covered are results amp; trading updates from: Proactis, WANDisco, RedstoneConnect, HML Holdings, Reach4Entertainment, and Dillistone.Today, I hope to cover;Servoca (LON:SVCA) – trading updateRichoux (LON:RIC) – poor results amp; impending fundraisingStyles and Wood (LON:STY) – final resultsSynectics (LON:SNX) – AGM statementHarvey Nash (LON:HVN) – Preliminary resultsCharacter (LON:CCT) – Interim resultsIMImobile (LON:IMO) – trading updateSo that will keep me busy for the rest of the day.Servoca …

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  • Small Cap Value Report (Thu 27 Apr 2017) – SVCA, RIC, AIR, STY, SNX, HVN, CCT, IMO

    Good morning! It’s Paul here. I’ll be doing today’s report.In the meantime, I covered loads more companies in yesterday’s report, in the evening. I appreciate this isn’t ideal for readers, but sometimes there’s just so much going on during market hours that I can’t concentrate properly on report writing.So yesterday’s report had a big section on Crawshaws (I quite like the deal with 2 Sisters, and have bought some stock personally). Other companies covered are results amp; trading updates from: Proactis, WANDisco, RedstoneConnect, HML Holdings, Reach4Entertainment, and Dillistone.Today, I hope to cover;Servoca (LON:SVCA) – trading updateRichoux (LON:RIC) – poor results amp; impending fundraisingStyles and Wood (LON:STY) – final resultsSynectics (LON:SNX) – AGM statementHarvey Nash (LON:HVN) – Preliminary resultsCharacter (LON:CCT) – Interim resultsIMImobile (LON:IMO) – trading updateSo that will keep me busy for the rest of the day.Servoca …

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  • SACEMS and SACEVS Changes for Coordination and Liquidity [PREMIUM]

    We developed the Simple Asset Class ETF Momentum Strategy (SACEMS) about six years ago and the Simple Asset Class ETF Value Strategy (SACEVS) about two years ago independently, focusing on the separate logic of asset choices for each. As tested in “SACEMS-SACEVS Mutual Diversification”, these two strategies are mutually diversifying, so combining them works better More

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult to decide when to sell,…

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW, PHD

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult…

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW, PHD, WAND

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult…

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW, PHD, WAND, REDS

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult…

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW, PHD, WAND, REDS, HMLH

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult…

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  • Small Cap Value Report – Part 2 – Wed 26 Apr 2017 – CRAW, PHD, WAND, REDS, HMLH, R4E, DSG

    Good afternoon, it’s Paul here.Today I’m hoping to cover;Crawshaw (LON:CRAW)Proactis Holdings (LON:PHD)WANdisco (LON:WAND)Redstoneconnect (LON:REDS)Plus I’ll take a look at BOO later, and possibly some other things.Crawshaw (LON:CRAW)Share price: 23.75p (down 21.5% today)No. shares: 79.2mMarket cap: £18.8mFinal results – for the 52 weeks ended 29 Jan 2017.This is a chain of butchers + hot takeaway food, mainly based in the North and Midlands. The company added 11 new sites in the year, taking the total to 49 sites at year end.As is clear from the figures today, this is a roll-out that has gone wrong. We already knew that though, as a series of poor trading updates have already crashed the share price from a peak of about 95p 18 months ago, to just 24p today. It’s been even lower too – I sold mine near recent lows and only got something like 16-18p for them, from memory. Poor timing, as usual on sells! It’s just so difficult…

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  • Small Cap Value Report (26 April 2017) – BOO

    Good morning!Coverage might be a little bit limited today but we’ll see how it goes.First up, I will mention the boohoo results:Boohoo.Com (LON:BOO)Share price: 184p (-3%)No. shares: 1123.3mMarket cap: £2,067mFinal ResultsGross profits are up 42%, growing at a lower rate than the 51% revenue increase:Revenue £294.6 million (2016: £195.4 million)Gross margin 54.6% (2016: 57.8%)Profit before tax increases to £30.9 million (from £15.7 million).The contribution from PrettyLittleThing begins on from the start of January (until the February year-end).Outlook:The outlook comments remain positive: Trading in the first few weeks of the
    2018 financial year has made a promising start and we are excited about
    the prospects of our development into a multi-branded business. We
    expect group revenue growth approaching 50%(1) over 2017, which includes growth from the recent acquisitions,  and a group EBITDA margin of approximately 10%.”The main boohoo brand is expected to grow revenue at a rate of 25%, with the rest of the growth coming from the acquisitions of PrettyLittleThing (which is expected to have an organic growth rate of 35%) and Nasty Gal.So the…

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  • Momentum-Contrarian Equities Switching Strategy [PREMIUM]

    Is there an easy way to turn conventional stock momentum crashes into gains? In the March 2017 version of her paper entitled “Dynamic Momentum and Contrarian Trading”, Victoria Dobrynskaya examines the timing of momentum crashes and tests a simple dynamic strategy designed to turn the crashes into gains. This strategy follows a conventional stock momentum strategy most More

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  • How to track down the best quality high flying shares on AIM

    The Alternative Investment Market has risen in value by around 40% since last June’s EU referendum. And while that performance is echoed right across the market, there’s evidence that AIM is starting to fight off some of the criticism often levelled against it. Specifically, there are signs of improving company quality, although it’s still the case that AIM is home to a lot of stocks worth avoiding.Over the past 10 years, the number of companies quoted on AIM has fallen from 1,694 to around 967. Critics argue that’s a problem and that falling numbers highlight just how risky the market actually is. But it can also be argued that this decline has been a cleansing experience for AIM. It’s removed a lot of highly speculative, poor quality shares that shouldn’t have been there in the first place.In terms of numbers, analysis of the coming and going of AIM stocks suggests that the decline might be slowing. Accountancy firm UHY Hacker Young says the number of companies leaving AIM dropped by 16% in the 12 months to the end of March, falling from 105  to 88. By contrast, the number of companies joining AIM…

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  • SIF Portfolio: Should I revisit one of last year’s success stories?

    I’ve not yet bought the same stock twice for the SIF portfolio, but in this rules-based scenario there’s no reason not to. A number of stocks have popped in and out of my stock screen over the last year, and it’s just happened again.
    FTSE 100 defence group BAE Systems joined the portfolio in June 2016. It was sold for a total return of 23% in December. Since then, BAE has issued a decent set of results and the stock has seen some mixed price action. The overall effect is that the shares now qualify for the SIF screen once more.
    This week I’m going to consider whether to add BAE back into the portfolio. I’ll also take a look at a couple of more highly-ranked stocks I’ve rejected and discuss the thorny issue of pension deficits, on which my view is changing.
    The also ransMy interest in BAE Systems is partly down to the defensive and diversification benefits I hope it might bring to the portfolio. But my screen results are always sorted by StockRank and BAE’s score of 78 means that it’s near the bottom.
    Many of the higher-ranked stocks…

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  • Common Commodity Futures Trading Strategies [PREMIUM]

    What are the most common strategies for trading commodity futures? In their brief January 2017 article entitled “Commodity Futures Trading Strategies: Trend-Following and Calendar Spreads”, Hilary Till and Joseph Eagleeye describe the two most common strategies among commodity futures traders: (1) trend-following, wherein non-discretionary traders automatically screen markets based on technical factors to detect beginnings and ends More

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  • Small Cap Value Report (Tue 25 Apr 2017) – BLTG

    Good morning! It’s Paul here, I’ll be doing today’s report.There’s lots to cover, so this article will be gradually updated throughout the rest of the day.Let’s start with a profit warning.Blancco Technology (LON:BLTG)Share price: 158p (down 26.9% today)No. shares: 58.2mMarket cap: £92.0mQ3 Trading Update, Cash Flow Review and Funding- an ominous-sounding title for an RNS.This is a very unusual announcement. The first paragraph, surprisingly, says that everything is looking fine as regards the Pamp;L;Blancco announces that trading for the third quarter to 31 March 2017 (“Q3 2017”) has been strong.Group sales in the period were up 48% year-on-year on a constant currency basis, comprising 36% growth in erasure and 189% pro forma growth in diagnostics.In the first nine months of the year, Group sales increased 34% year-on-year in constant currencies, with erasure growth now at 26% and pro forma diagnostics growth at 137%.The outlook for full year 2017 sales and adjusted operating profit remains in line with market expectations.So why has the share price tanked then? It seems to be down to a shortfall in cashflow, as explained in paragraph…

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  • Small Cap Value Report (Tue 25 Apr 2017) – BLTG, CPR

    Good morning! It’s Paul here, I’ll be doing today’s report.There’s lots to cover, so this article will be gradually updated throughout the rest of the day.Let’s start with a profit warning.Blancco Technology (LON:BLTG)Share price: 158p (down 26.9% today)No. shares: 58.2mMarket cap: £92.0mQ3 Trading Update, Cash Flow Review and Funding – an ominous-sounding title for an RNS.This is a very unusual announcement. The first paragraph, surprisingly, says that everything is looking fine as regards the Pamp;L;Blancco announces that trading for the third quarter to 31 March 2017 (“Q3 2017”) has been strong.Group sales in the period were up 48% year-on-year on a constant currency basis, comprising 36% growth in erasure and 189% pro forma growth in diagnostics.In the first nine months of the year, Group sales increased 34% year-on-year in constant currencies, with erasure growth now at 26% and pro forma diagnostics growth at 137%.The outlook for full year 2017 sales and adjusted operating profit remains in line with market expectations.So why has the share price tanked then? It seems to be down to a shortfall in cashflow, as explained in paragraph…

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  • Small Cap Value Report (Tue 25 Apr 2017) – BLTG, CPR, ABDP

    Good morning! It’s Paul here, I’ll be doing today’s report.For those who couldn’t attend the UK Investor Show this year, the video of my session has now been published. I was asked to interview Nigel Wray amp; Paul Mumford, which was a real honour, and I thoroughly enjoyed it. As you can see, the format didn’t work perfectly this time, so we’ll tweak it for next year. Although lots of interesting points were covered, so it was well worth doing.Also, I wrote a section on Mporium (LON:MPM) results yesterday, emailed it to Graham, but forgot to attach the file. Doh! Anyway, I’ve re-sent it today, so Graham has kindly added my section to his report yesterday, which is here.Back to today’s RNSs, there’s lots for me to cover, so this article will be gradually updated throughout the rest of the day.Let’s start with a profit warning.Blancco Technology (LON:BLTG)Share price: 158p (down 26.9% today)No. shares: 58.2mMarket cap: £92.0mQ3 Trading Update, Cash Flow Review and Funding – an ominous-sounding title for an RNS.This is a very unusual announcement. The…

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  • Technical Analysis (Part 3): Line amp;amp; Bar Charts

    Last week we looked at some of the basic rules you need to know in technical analysis. This week we start our focus on the actual tools of the trade, beginning with a look at Line Charts and Bar Charts. Charts are like maps to navigate.  The analyst has to pilot his or her way through the data, translate the stories and come up with a forecast as to the future journey they think any given asset will take. One chart can tell a thousand stories.In this and the next four blogs, I am going to cover the rudiments of what I call the ‘common core’ suite of charts. These include: Line amp; Bar charts, Candlesticks, Point and Figure, Equivolume and Market Profile. The more exotic sounding charts: Heikin Ashi, Renko, 3 Line and Kagi will be covered later in the series. We start though by looking at two forms of chart: the Line Chart and the Bar Chart. Both have their own pro’s and cons but when diving into technical analysis, these are a great place to start.Basic chart set upFor both these styles of chart, prices can be represented either linearly or logarithmically. The…

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  • Small Cap Value Report (24 April 2017) – FISH

    Good morning,The FTSE is up by nearly 2% this morning and the euro has surged following the first round of French presidential voting, won by the centrist and ex-banker Emmanuel Macron.As a rule, I never react to events such as this. Some people can make a living out of reacting to political and macro events and I wish them well. For someone who is analysing individual stocks, however, it seems like a dangerous temptation to increase transaction costs and to get distracted from what matters most – the success or failure of individual companies.It’s worth keeping an eye on currencies, of course, but perhaps not a good idea to accidentally become a currency speculator!GrahamFishing Republic (LON:FISH)Share price: 46.5p (+4.5%)No. shares: 37.8mMarket cap: £17.5mFinal ResultsThis stock has divided opinion a little bit.Today’s results suggest to me that my mildly optimistic outlook may have been justified – the company is continuing to make progress on a number of fronts. The results are in line with expectations.Key points:5 new stores in 2016 (taking total to 12), 3 new stores in Q1 2017, and another 3…

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  • Small Cap Value Report (24 April 2017) – FISH, GOAL

    Good morning,The FTSE is up by nearly 2% this morning and the euro has surged following the first round of French presidential voting, won by the centrist and ex-banker Emmanuel Macron.As a rule, I never react to events such as this. Some people can make a living out of reacting to political and macro events and I wish them well. For someone who is analysing individual stocks, however, it seems like a dangerous temptation to increase transaction costs and to get distracted from what matters most – the success or failure of individual companies.It’s worth keeping an eye on currencies, of course, but perhaps not a good idea to accidentally become a currency speculator!GrahamFishing Republic (LON:FISH)Share price: 46.5p (+4.5%)No. shares: 37.8mMarket cap: £17.5mFinal ResultsThis stock has divided opinion a little bit.Today’s results suggest to me that my mildly optimistic outlook may have been justified – the company is continuing to make progress on a number of fronts. The results are in line with expectations.Key points:5 new stores in 2016 (taking total to 12), 3 new stores in Q1 2017, and another…

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  • Small Cap Value Report (24 April 2017) – FISH, GOAL, CHOO

    Good morning,The FTSE is up by nearly 2% this morning and the euro has surged following the first round of French presidential voting, won by the centrist and ex-banker Emmanuel Macron.As a rule, I never react to events such as this. Some people can make a living out of reacting to political and macro events and I wish them well. For someone who is analysing individual stocks, however, it seems like a dangerous temptation to increase transaction costs and to get distracted from what matters most – the success or failure of individual companies.It’s worth keeping an eye on currencies, of course, but perhaps not a good idea to accidentally become a currency speculator!GrahamFishing Republic (LON:FISH)Share price: 46.5p (+4.5%)No. shares: 37.8mMarket cap: £17.5mFinal ResultsThis stock has divided opinion a little bit.Today’s results suggest to me that my mildly optimistic outlook may have been justified – the company is continuing to make progress on a number of fronts. The results are in line with expectations.Key points:5 new stores in 2016 (taking total to 12), 3 new stores in Q1 2017, and another…

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  • Small Cap Value Report (24 April 2017) – FISH, GOAL, CHOO, MPM

    Good morning,The FTSE is up by nearly 2% this morning and the euro has surged following the first round of French presidential voting, won by the centrist and ex-banker Emmanuel Macron.As a rule, I never react to events such as this. Some people can make a living out of reacting to political and macro events and I wish them well. For someone who is analysing individual stocks, however, it seems like a dangerous temptation to increase transaction costs and to get distracted from what matters most – the success or failure of individual companies.It’s worth keeping an eye on currencies, of course, but perhaps not a good idea to accidentally become a currency speculator!GrahamFishing Republic (LON:FISH)Share price: 46.5p (+4.5%)No. shares: 37.8mMarket cap: £17.5mFinal ResultsThis stock has divided opinion a little bit.Today’s results suggest to me that my mildly optimistic outlook may have been justified – the company is continuing to make progress on a number of fronts. The results are in line with expectations.Key points:5 new stores in 2016 (taking total to 12), 3 new stores in Q1 2017, and another…

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  • Finding Event Types with Pure Effects on Stock Returns [PREMIUM]

    Do certain types of news about specific stocks reliably predict risk-adjusted returns of those stocks? In their March 2017 paper entitled “Using Natural Language Processing Techniques for Stock Return Predictions”, Ming Li Chew, Sahil Puri, Arsh Sood and Adam Wearne investigate relationships between financial news headlines and stock returns stripped of non-news risks. They use natural language processing More

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  • Weekly Summary of Research Findings: 4/17/17 – 4/21/17 [PREMIUM]

    Below is a weekly summary of our research findings for 4/17/17 through 4/21/17. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs. Subscribers: To receive these weekly digests via email, click here to sign up for our mailing list. More

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  • Mojena Market Timing Model [PREMIUM]

    The Mojena Market Timing strategy (Mojena), developed and maintained by professor Richard Mojena, is a method for timing the broad U.S. stock market based on a combination of many monetary, fundamental, technical and sentiment indicators to predict changes in intermediate-term and long-term market trends. He adjusts the model annually to incorporate new data. Professor Mojena More

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  • Small Cap Value Report (21 Apr 2017) – REC

    Good morning,It’s Paul’s day off today, so I’m planning to cover 3-4 of today’s stories in his absence. First up is Record (LON:REC):Record (LON:REC)Share price: 42.375pNo. shares: 221.4mMarket cap: £94mFourth Quarter Trading UpdateThis is an unusual type of asset manager, as it is focused on currencies rather than equity/fixed income.One might ask: when clients want hedging or currency-derived returns, shouldn’t banks be the go-to provider? How can a smaller institution compete with them?On the hedging side, it doesn’t surprise me that there is space for a smaller, independent player. After all, there are plenty of currency brokers dealing with the retail market, providing individuals with advice and better rates on their FX needs when they expatriate/repatriate, buy foreign property, etc. Think of Record as a large, institutional version of this!And on the currency-derived return side, Record acts similarly to any other independent asset manager or hedge fund.So, in principle, I’m very comfortable with the idea that there is space for an independent currency specialist, focusing on institutional clients.The track record of profitability isn’t bad either: profits were reset lower during…

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  • Small Cap Value Report (21 Apr 2017) – REC, CAY

    Good morning,It’s Paul’s day off today, so I’m planning to cover 3-4 of today’s stories in his absence. First up is Record (LON:REC):
    Record (LON:REC)Share price: 42.375pNo. shares: 221.4mMarket cap: £94mFourth Quarter Trading UpdateThis is an unusual type of asset manager, as it is focused on currencies rather than equity/fixed income.One might ask: when clients want hedging or currency-derived returns, shouldn’t banks be the go-to provider? How can a smaller institution compete with them?On the hedging side, it doesn’t surprise me that there is space for a smaller, independent player. After all, there are plenty of currency brokers dealing with the retail market, providing individuals with advice and better rates on their FX needs when they expatriate/repatriate, buy foreign property, etc. Think of Record as a large, institutional version of this!And on the currency-derived return side, Record acts similarly to any other independent asset manager or hedge fund.So, in principle, I’m very comfortable with the idea that there is space for an independent currency specialist, focusing on institutional clients.The track record of profitability isn’t bad either: profits were reset…

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  • Small Cap Value Report (21 Apr 2017) – REC, CAY, IDH

    Good morning,It’s Paul’s day off today, so I’m planning to cover 3-4 of today’s stories in his absence. First up is Record (LON:REC):Record (LON:REC)Share price: 42.375pNo. shares: 221.4mMarket cap: £94mFourth Quarter Trading UpdateThis is an unusual type of asset manager, as it is focused on currencies rather than equity/fixed income.One might ask: when clients want hedging or currency-derived returns, shouldn’t banks be the go-to provider? How can a smaller institution compete with them?On the hedging side, it doesn’t surprise me that there is space for a smaller, independent player. After all, there are plenty of currency brokers dealing with the retail market, providing individuals with advice and better rates on their FX needs when they expatriate/repatriate, buy foreign property, etc. Think of Record as a large, institutional version of this!And on the currency-derived return side, Record acts similarly to any other independent asset manager or hedge fund.So, in principle, I’m very comfortable with the idea that there is space for an independent currency specialist, focusing on institutional clients.The track record of profitability isn’t bad either: profits were reset…

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