Every thesis published here, open and closed, successful and not.
This page is a record of what was published and what happened next. It is not a performance report. Nothing here is aggregated into a combined return, because the theses are denominated in different currencies, were never sized against one another, and do not describe a portfolio anyone held.
What the archive contains
Open
3
Closed
0
Successful
0
Partial
0
Unsuccessful
0
Closed theses
0
Ordered by closing date, newest first. Each shows total return, holding period and annualized return together, in the currency of the thesis.
No research has been closed yet, so there is no record to show.
Open theses
3
Still running. Expected figures on an open thesis are a view, not a result, and they belong to the archive only until it closes.
An asset-backed turnaround with a dividend attached. The dividend may fall before it grows, and the London portfolio beneath it is what makes the outcome asymmetric.
Why nowA dividend that may be cut again, attached to a London property portfolio priced near half of reported NTA and a turnaround that has only just begun.
Published·Price at publication363.4p·EPS payout83.4%·DividendReduced
The US cable business is genuinely deteriorating and the market is right to worry about it. The question is whether that worry has been extrapolated into a dividend it does not yet threaten.
Why nowAn unusually high starting yield on a dividend that costs about 30% of free cash flow, on a business whose consolidated quality is weaker than its dividend economics.
Published·Price at publicationCAD 58.77·FCF payout29.9%·DividendGrowing
Shareholders approved the wind-down, took the first $5 a share, and then lost the quarterly reports. What is left is a Texas property portfolio with real price evidence behind it.