NXT, AMS, DNLM, TTR – The Good, the Bad, & the Ugly


It’s been a very busy ten days, both for portfolio constituents and myself.  We’ve seen interim results released for Next (NXT), Advanced Medical Soluitions (AMS) and 32Red (TTR), as well as final results for Dunelm (DNLM).


Not a lengthy post for me today as I am frankly exhausted, and whilst there’s lots of good to write about (with little bad), essentially it’s business as usual for the portfolio.

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Next – A good buy at a bad price

I’m always keen to write about the companies that make up the portfolio, for two reasons.  One, it may help readers understand a trade decision (for right or wrong), and two, it helps me justify my decision to make that trade.  Rather than start with a success, I think it’s more appropriate to start with a mistake, therefore today’s topic of rumination will be Next (NXT).


My initial interest in Next came though a Peter Lynch-esque “go with what you know” focus on a clothing brand I often purchase from.  The majority of my suits and shirts come from Next and therefore I’m happy they know what they’re doing (some of their furniture is great too, but a bit out of my price range).

But buying shares in a company you like only works if that company is well-run and profitable.  You HAVE to dig deeper, and so that’s what I did.

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Finding Value in a Global Environment

I recently finished three short books by Meb Faber, entitled Global Value, Global Asset Allocation and Shareholder Yield.

There are many talking points from these, however I’d like to focus specifically on Global Value today.  The book is as its title suggests, focussed on identifying value outside of his home country, the US.

Home Country Bias

One bizarre, yet predictable problem most individual investors have is something called “home country bias”, the tendency to invest most of your assets in the country and markets in which you live.  I myself am guilty of this (just look at the portfolio) and it is something I am attempting to move away from over time.

I do however remain a “bottom-up” rather than “top-down” investor.  I look to find undervalued companies and then look at broader market conditions, rather than the other way around.  I also have in my favour the fact that the CAPE ratio for the UK is historically below-average.  Aah, but what is the CAPE, I hear you ask (hopefully!).

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