Gulf Marine Services – after previously 'announcements escalate dispute with Seafox International'...
The Italian Job Supply@ME Capital: 8 billion euro funding by buying a bank: this is just plain fantasy
Last month I observed that in terms of the shares of fund manager M&G (MNG) I was 'taking it off my personal potential buy list' despite having previously post spin-off loved up a 250p target price potential (a level effectively hit on Valentines Day earlier this year). As today's first half numbers show, you still get a lots of assets under management and administration (AUMA) at £339 billion for its £4.5 billion market cap (to save you the maths, it trades at 1.3% of AUMA) and a 6p interim dividend should put it well on the way to generate a high single digit dividend yield. So far so good, right?...
Back on the 10th March, I made a couple of observations which - when I read them back now - are worthy of further comment. The first was back then I observed that "I have yet to see widespread 'I am never coming back to the stock market' thoughts". That was a useful spot in the sense that markets bottomed two weeks later at which point I saw a lot more of that behaviour which is indicative of a tactical market low. As always watching for extremities in greed or fear is helpful for the stock market investor, especially over the shorter-term.
For full disclosure, I happened to find myself in the then very new London offices of M&G (MNG), the fund management spin-off from insurance giant Prudential (PRU) a few months ago. I was helping out a couple of contacts of mine figure out if a couple of their fund managers knew their stuff or not. We will gloss over what I specifically thought...but the other lasting impression from the meeting was that the very nice offices amusingly had intermittent IT problems. It is always thus with a spin-off…
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