"I note that your disclosure has changed from "None" and "Not...

"I note that your disclosure has changed from "None" and "Not Held" on 07/07/2016 to "Buy" and "Held" today. If you have just purchased, then I would like to welcome you as a fellow shareholder of NCK."

Thanks for the kind words of welcome.

It's a bit of a beast of a stock to buy given it is not very liquid st all, so I have been buying every day since my last post.

Ordinarily, I never try to finesse what I pay for stocks in businesses that I really want to own (I figure a few pennies lower entry price seldom makes a different to ultimate long-term returns), but in this case I like to think I executed quite well by being aware of what looked to me to be a seller of some significant size, meaning I hardly ever had to cross the spread. Except today. Today there was a lot of buying that leapfrogged me.


What made me changed my mind about the stock was running a few doomsday scenarios through my model in order to get a feel for what sort of potential cyclical downside existed.

With the property lease liabilities falling as a % of sales, the theoretical impact of a contraction in sales is quite muted, I have concluded.

Meaning that its a stock to be owned with the five-year plan of organic growth being at the front of mind, while actively ignoring of whatever cyclical path happens to be followed between now and Year 5.

So, the good news for someone as inherently lazy as I am, it means I'll not be spending any time whatsoever monitoring consumer sentiment or tracking consumer spending data.

Because, according to the thesis I've developed in my mind's eye, none of it ultimately matters for NCK.