Windsor Buffet
03 Jul 2017
Re: John Lee I find John Lee's column one of the best reads (and also one of the few worthwhile reads) on the UK stock market as a whole. I've followed his column for well over 10 years and even had the chance to meet him on one occasion (the FT put on a free lunch where all the then 'My Portfolio' columnists did a short presentation and Q&A)) and he's a hugely interesting guy and entertaining speaker. However some of his tips that I followed crashed and burned big time (Litho Supplies and London Scottish) and another that I followed (Quarto) moved sideways for many years before issues with its domicile led to me dumping it for zero gain. So I still follow his column but (as he'd advise us all) do extensive research before diving in (the share prices/market makers all react instantly to his columns as we're seeing today). In fact I did the same research years ago but it was probably 70% his and 30% mine whereas today it's the other way round. So the only Lee stocks in my current small cap portfolio are GHH and a modest holding in TET. Both of which have rewarded me handsomely - although I've top sliced GHH on a couple of occasions.
Bill1703
03 Jul 2017
Re: John Lee LKH et al - I believe what Lord Lee said most recently was, it was his biggest holding and "no way am I selling any!" Or words very adjacent to that effect... There was a discussion on it on this very board, as I recall - in response, I offered (along with offers, I think) that periodically top-slicing your "winners", particularly when they get to represent a disproportionately large chunk of one's portfolio, is a perfectly valid portfolio management strategy - and arguably a more prudent one. Based on hard investment experience...And this is now exactly what he has done, it seems... Inter alia, perhaps a useful reminder not to put too much weight on the words of any commentator, however supposedly reputable? After all, we only get to read what they say when they want us to read it - what they do quietly in between times is often, as here, a very different matter!
gamesinvestor
03 Jul 2017
Re: John Lee "" FT article that he'd sold 8% of his Treatt"""LK -- 8% ain't enough to fret about is it?Can you write a letter to John Lee for me suggesting he sells the lot and publishes it in this weeks FT, so that the price reverts to sub 200 and I can then get back in and correct my daxn fool decision to exit this stock?Games -- grrrrrr!!
picstloup
03 Jul 2017
Re: John Lee "No way am I selling any [Treatt]!" - John Lee, May 3[link] be fair, the price when he wrote that (that section of the paper had a 4-5 day deadline when I worked there, so he probably filed in late April) was under £4, so by the time he sold at £4.88 it was probably nudging 50% of his ISA, which is a lot of eggs in one basket.
seadoc
03 Jul 2017
Re: John Lee LKH,I am obliged to clear the pile of w/e FT from bedside by tonight and will have a look fo his monthly missive. From memory something along lines of rarely selling holdings and that TET had been so successful that it was now 40% of portfolio but he did not see that as a reason to sell. To be fair 8% is not a lot and TET will still be biggest holding at 36.8%.Regards,Seadoc
LK Hyman
03 Jul 2017
Re: John Lee Lips,"director sales never go down well"To be fair to John Lee, he's not a director of Treatt though he's often seemed to be one because his articles almost always contain information about his holding in Treatt.I seem to recall that, in an earlier article he said he wouldn't sell Treatt (can't remember why) even though it was then (and may well still be) his biggest single shareholding ... as it is mine LOL.Must see if I can dig up exackly what he said. People like him have a certain responsibility to their readership, so it is a tad irritating to read him, on one occasion, saying "This is a keeper" and on another occasion saying ... substantially after the event ... "I've sold a chunk of it".Never mind, eh? John Lee must be personally responsible for a fair chunk of the rise in the share price over the last several years with his consistent and justified praise for the company so it seems a bit harsh to criticise the old chap too much.LKH on the flybridge I wonder how the new shed is progressing?
Chicken Lips
03 Jul 2017
Re: John Lee Completely agree and director sales never go down well. Always seem to suggest that something is wrong. I'm in Fevertree and a similar sale caused a small panic, seems a little more settled now - similar hike in SP price here.
LK Hyman
03 Jul 2017
John Lee Milord Lee confessed in his weekend FT article that he'd sold 8% of his Treatt stake three days before the general election at 488p. He said it was because the trebling of the price over the last year must make it fully valued in the short term, and because he wanted a bit of liquidity as the election outcome looked uncertain. Shame he didn't tell us that before the election [miiiiaaaaooowwww]We shall see whether that was a good move. So far the price suggests that it was. Nonetheless ... poor attitude.LKH on the flybridge holding long and strong
GalileoGalilei
30 Jun 2017
Re: Correction At £5+ i would have expected pretty much every holder on this board to have sold at least a portion of their holding...GG...not gloating...erm!
Chicken Lips
29 Jun 2017
Re: Correction Agreed, I was looking for a retreat of longer and smaller amounts, not such a big putsch.
Hardboy
29 Jun 2017
Correction Even the most adoring or Treatt have felt it's been a bit over priced of late; and a correction is no surprise. I'm just a bit surprised to see such a big correction on one day.
Hardboy
26 Jun 2017
520 A few more trades over 520 today.
Chicken Lips
23 Jun 2017
Re: Schroders Seems quite contraria
Windsor Buffet
22 Jun 2017
Re: Schroders Just checking the May summary for the Schroder UK Dynamic Smaller Companies Fund (as at the end of May). Firstly the holding of Treatt is now down to 1.8% from 3.2% (april) and 3.7%. (March). More interesting is the commentary from the fund manager Paul Marriage - 'Treatt delivered another good set of numbers, the upgrades had already come through but investors are becoming evermore enthused by the transition from orange oil trader to global flavour house that this management team has engineered over the last four years. Customers are getting bigger and more sophisticated but so are Treatt’s products and hence the quality of earnings can justify the rerating. To a point, 26x is a little over ripe perhaps – especially given this one is not an AIM darling but a FTSE Fledgling firework.' Interesting also is that the co managers have handed in their notice and are going to set up their own fund shop later this year. I'll personally be giving them my holding in this fund into their new fund if possible. the way it's not just Treatt he's sold down, Fever Tree and Gooch and Housego (another Lee holding) are both out of the top 10. The fund is currently 10% in cash (due to valuations)
LK Hyman
22 Jun 2017
Re: New Treatt website ... excellent From an earlier post:"One pedantic bleat .... in the Products section, under Citrus, there are a few words about Bergamot ... "It's popularity has steadily grown ..." No, no, no! It should read ... "Its popularity has steadily grown"Treatt has fixed the errant apostrophe.Well done, lads. I'm extremely impressed. Getting the small things like that right is a surefire sign that they will get the bigger things right as well.LKH on the flybridge nothing gets past hi
