Here we go -- five items you might wish to review between now and Monday.
- The Financial Times has a column by famed UK fund manager Anthony Bolton. It's an excerpt of his new book, Investing Against the Tide: Lessons from a Life Running Money
. A bit: "At the heart of my approach, particularly in the Fidelity Special Situations fund, has been buying recovery or turnaround stocks on attractive valuations. These are normally businesses that have been doing poorly, perhaps for some time. Many investors, in my experience, don’t like to be associated with businesses that are not doing well and can miss when a change for the better occurs. This often involves changes in the management team, a restructuring or even a refinancing (or a combination of these)."
- Sticking with the FT, this time its venerable Lex Column, we turn to portfolio holding 3i Group (III/LN), which expects to make further writedowns: "Its move to mark to market the quarter of its portfolio held at cost on its books is forecast to take its net asset value per share down to about 527p from 709p, a fall of about 50 per cent in six months. The shares still trade at half even this since implied leverage will jump to close to 100 per cent of NAV. At this level, Mr Queen will have to cut the dividend or consider a rights issue, possibly both."
- Bloomberg ran a report earlier this week, in which Templeton's Mark Mobius says a bull rally has begun in emerging markets. Read the linked article and you'll see Mobius naming names of "cash rich" companies in Hong Kong, Taiwan, India, Thailand and Singpore.
- I posted about Dambisa Moyo and her book on African aid yesterday. A reader since brought my attention to a feature she wrote for The Wall Street Journal recently. Print it out and read it in its entirety if you're a WSJ.com subscriber.
- For those of us "of a certain age" in America, probably the very first business news person we saw on TV was either Louis Rukeyser or Irving R. Levine. Rukeyser passed away a couple of years ago, and now so has Levine. He was known for his dry delivery and trademark bowties when filing reports for NBC News. Irving R. Levine was 86. Rest In Peace.
Have a great weekend, everyone. See you Monday if not sooner.
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