J'avais mentionné dans mon précédent message sur SAM, la résolution soumise en AG de voter un dividende exceptionnel (4€, voir 8 €), ce qui aurait éventuellement réveillé le titre.
La résolution a été rejetée en AG, le dividende sera de 1,2 €, SAM est donc toujours assis sur une pile de cash de de 8 m€ pour une capitalisation de 15 m€, en attente d'une éventuelle acquisition (c'est ce que dit le management). On peut donc se rendormir.
I had mentioned in a previous post on SAM, that a special resolution to distribute a special dividend (4 or 8 €) had been submitted to the shareholder's meeting, which could have been a catalyst.
This resolution has not been voted, the dividend will be 1.2 € (1.1 € in 2009). The company is still a net-net and is still sitting on a large heap of cash (8 m€ cash for a 15 m€ market cap), waiting for a possible acquisition (according to the management, but they've been saying that for a while).
Yawn.
jeudi 26 mai 2011
Prudence / Caution
Je n'ai pas posté de nouveaux messages depuis longtemps.
2 raisons principales :
- j'ai du mal à trouver des valeurs intéressantes sur lesquelles investir. Les très bonnes affaires qu'on pouvait rencontrer il y a encore 1 an sont difficiles à trouver. On peut trouver des actions pas chères, mais souvent pour de bonnes raisons.
- je préfère rester très prudent dans le contexte actuel.
I haven't posted for a while.
2 reasons :
- bargains are harder to find. Cheap stocks can be found but more often than not they're cheap for a good reason
- I'd rather stay cautious given the current situation.
Ci-joint plusieurs liens vers des gestionnaires de fonds que je respecte beaucoup et qui ont eu notamment le mérite de prévenir avant le krach de 2008. Si j'avais à résumer leur message, ce serait : "Prudence".
Below are commentaries from fund managers I greatly respect and are among the few that foresaw and forewarned the 2008 collapse. If I had to sum-up their message, it would be "Caution".
Hussman funds : 10-year projected returns in the range of 3-4.5% annually from nearly all of the historically reliable valuation methods we track
Howard Marks : So then, which is the right set of equipment for today? I think we’re back to needing the cautious attributes, not the aggressive.
Jeremy Grantham (GMO) : Lighten up on risk-taking now and don't wait for October 1 as previously recommended. But, as always, if you listen to my advice, be prepared to be early!
Robert Shiller (ok, he's not a fund manager but an economist) : “I figure that the expected return for the stock market over the next 10 years is between 2% and 3% a year,” he said, “and that's including dividends.”
2 raisons principales :
- j'ai du mal à trouver des valeurs intéressantes sur lesquelles investir. Les très bonnes affaires qu'on pouvait rencontrer il y a encore 1 an sont difficiles à trouver. On peut trouver des actions pas chères, mais souvent pour de bonnes raisons.
- je préfère rester très prudent dans le contexte actuel.
I haven't posted for a while.
2 reasons :
- bargains are harder to find. Cheap stocks can be found but more often than not they're cheap for a good reason
- I'd rather stay cautious given the current situation.
Ci-joint plusieurs liens vers des gestionnaires de fonds que je respecte beaucoup et qui ont eu notamment le mérite de prévenir avant le krach de 2008. Si j'avais à résumer leur message, ce serait : "Prudence".
Below are commentaries from fund managers I greatly respect and are among the few that foresaw and forewarned the 2008 collapse. If I had to sum-up their message, it would be "Caution".
Hussman funds : 10-year projected returns in the range of 3-4.5% annually from nearly all of the historically reliable valuation methods we track
Howard Marks : So then, which is the right set of equipment for today? I think we’re back to needing the cautious attributes, not the aggressive.
Jeremy Grantham (GMO) : Lighten up on risk-taking now and don't wait for October 1 as previously recommended. But, as always, if you listen to my advice, be prepared to be early!
Robert Shiller (ok, he's not a fund manager but an economist) : “I figure that the expected return for the stock market over the next 10 years is between 2% and 3% a year,” he said, “and that's including dividends.”
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