Ann: Forecast Dec 17, full year guidance and interim dividend, page-9

"But of course I've 'found' companies who have the desired characteristics mentioned above but for reasons of a weak competitive position / misguided acquisitions (debt funded) / inability to adapt and evolve / poor execution .... have proven to be no more than impersonators! Some that come immediately to mind that have handed me that lesson include MCE, BYI, SWL and VTG. "

@neoteric,

A well-made point, I think, and one that bears remembering.

As you say, just because a business founder/manager owns a significant interest in a business, that is neither a necessary, nor a sufficient, condition for the success of that business.

And even when businesses are indeed successful, that doesn't make them good investments... if you buy their shares when they are overvalued.

Maybe it's just me being unduly cynical, but I don't sense that any of the stocks that you listed in your post can be described as being remotely close to undervalued at present.



"No doubt accumulating reserves for another special dividend following those previously declared in 2008, 2009, 2010 and 2015. "

We might be talking at cross purposes a bit here, because the "hollow logs" to which I was referring related, not to cash reserves being built up, but to actual earnings being squirrelled away in the form of current profits being understated.