Slowly, Stressfully, Photon Turns


It didn’t take long as Managing Director of The Intelligent Investor to learn one of the iron-clad rules of IT spending: double everything. Double the estimated cost. Double the estimated time to completion. And double the amount of promises your new project fails to deliver on.

I’m beginning to think we need a similar rule for stockmarket turnarounds. They take twice as long as you anticipate to ‘turn’, spend twice as much money sorting themselves out and double the amount of sleepless nights you endure.

Salmat Delivers My Christmas Present

Given it is the Value Fund’s largest position, it should come as no surprise that I think Photon Group is cheap. My conservative estimate of value was $0.15 and the shares are trading at a price half that. With $200m or so of debt still hanging over the company’s head, however, it also had its fair share of risk.

Photon or Alinta? Lucking Out On AGMs

We had to choose between the annual meetings of Photon and Alinta Energy this morning. It seems we pulled the wrong rein.

Value Fund Performance

Photon has dragged down the Value Fund performance for September. A few tough questions have arisen as a result, but we won't be changing the way we do things.

Photon's Hughes Got What He Deserved

Photon Group's recently departed Chairman Tim Hughes is being defended by one prominent media commentator. A look at his record indicates Hughes doesn't deserve it.

Mr Market Axes WDS

Engineering and construction company WDS has had its share price hammered today. The shares are currently trading at 67 cents, down 55% this morning and approximately 70% below the $2.22 year high of September 2009. you have to feel for those shareholders asked to stump up for a $1.70 per share capital raising just five short months ago.

Web 2.0 and the Demise of Advertising Stocks

The internet is destroying traditional media businesses. But does it also spell the demise of the advertising industry?

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