Thanks readers, the comments (here & elsewhere) and emails are piling up – keep ‘em coming. Certainly seems like people would like to see another year of The Great Irish Share Valuation Project! It’s tempting – the Irish market’s definitely been good to me in the past two years (despite my regular warnings about home bias). Um, except for those poor little junior resource stocks, of course! Fortunately, I’ve studiously ignored them as potential portfolio picks – well, except for my dog food stock, Petroneft Resources (PTR:LN). Jesus, after the walloping most of these stocks have received over the past couple of years (despite QE!), could they now be…ulp, cheap?!
Now now, let’s not get too excited there! That wasn’t a teaser question – I don’t actually know the bloody answer, at this point. Well, maybe I do…sad to say with some of those companies, but the notion they’ll ever prove a good investment is about as likely as US Oil & Gas (USOP:G4) ever producing a commercial drop of
Perrier oil. But maybe there’s now a diamond or two to be found in the rough – imagine I find ‘em & write ‘em up, jeez think of all the new readers I’d attract. Golly, I’d be the bloody one-eyed king in the land of the muppets! Aaah, but then I’d probably have to give up the sarcasm…I mean, if muppets can’t smell bullshit, they surely won’t detect wit.
And if I do go ahead with TGISVP, it will definitely be a project for February onwards – I expect to be kept busy for the next couple of weeks (hopefully leading to an interesting post, or two). On the other hand, with two years of posts under my belt now, I’d hope to progress a little faster analyzing the current universe of Irish stocks. Actually, I note my analyses were more quantitative last year (vs. 2012) – I suspect that trend would become even more pronounced with a TGISVP 2014. Which makes sense: I certainly don’t consider myself a quantitative value investor, but if the numbers don’t stack up there’s little chance of me going gaga over a company – no matter how good its business model, or its upside potential.
Anyway, it was never my intention to produce a buy/sell guide to Irish stocks. In the end, I’m happy if readers: i) are motivated to research a few interesting stocks for themselves (or to bail out of a total no-hoper stock, or two), and ii) learn something useful from the variety of valuation perspectives & techniques I employ.