You can gaze forever across peaks of a scale not seen in Colorado or Utah towards 20000ft Denali Mount McKinley and you can
Filed Under : General by admin
Oct.16,2010You can gaze forever across peaks of a scale not seen in Colorado or Utah towards 20,000ft Denali (Mount McKinley); and you can experience the strange sensation of riding above the salt water of Turnagain Sound. Alaska is a dream, but an accessible one.The only British tour operator serving Alyeska is Inghams (020-8780 8811) Prices from £550 per person per week. Yet another depressing week in the markets. The reason is not, of course, hard to see; we’re all very worried indeed about what a war on Iraq will do to the world economy. The only assets that seem to have done well out of this uncertainty are gold and, naturally, shares in hedge funds. At $320 an ounce or so, gold is probably still quite cheap, only around a fifth up on its nadir a couple of years ago. It probably has some way to go, although it will never yield you any income.
But the question is, is there any reason to go into the market at these levels?
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Yet another depressing week in the markets. Investors, large and especially small, are staying out of the market and don’t show many signs of coming back. Confidence is indeed fragile.As the chairman of Close Brothers, Sir David Scholey, said: “In market-making, the green shoots of recovery that seemed to appear in the autumn of last year swiftly withered and this year ended on a subdued note. Despite a 23 per cent fall in the FTSE All Share Index, Winterflood Securities made a profit every month except September and a 33 per cent return on capital, which is commendable. We remain confident of our strategy for the longer term; in the short term our stance remains continued caution”.I don’t have any shares in Close Brothers at present as they always seemed a bit too pricey, even to a mug like me during the bull run, even if they had the legendary Brian Winterflood on their team. The business should be a growth one, as we become more environmentally conscious, well, those of us who don’t dump fridges in parks, that is, and the controls on disposing of rubbish get more stringent.Even if its landfill side declines it has many interests in composting and recycling. Exciting, eh? The company operates an “energy from waste” incineration plant and sewage farms at Leeds and Sheffield, and quarrying, in Yorkshire Someone has to.
And local authorities award lots of contracts to Waste Recycling for rubbish collection, recycling or disposal.Such a strong background kept the shares high, but investors dumped them last month when the company said tighter accounting had cut its profits in half. Interestingly, the day after the announcement, Paul Rackham, a non- executive director, spent £140,000 to buy 50,000 shares at 280p. Nigel Sandy, chief executive, and Hugh Etheridge, finance director, each bought 3,600 shares at 275p. James Newman, non-executive chairman, bought 5,000 at 275p, and Christopher Cox, commercial director, bought 1,500.A complicating factor is the intentions of the former Yorkshire Water, Kelda, which has a 45 per cent stake in the group. I am inclined to follow the directors’ lead, but, as for the last few weeks, I’m not in any hurry. We can all afford to wait in this market, and we all do.s.o’grady independent.co.uk.
Colin McLean of Scottish Value Management, now renamed SVM Asset Management, is convinced the stock market will stay depressed for a long time, placing even more emphasis on the ability to separate the winners and losers. It is worth taking his views seriously, because he is among Britain’s most successful and far-sighted investors and listened to closely by the rest of the fund management community. Moneynetsavingssearch Colin McLean of Scottish Value Management, now renamed SVM Asset Management, is convinced the stock market will stay depressed for a long time, placing even more emphasis on the ability to separate the winners and losers. There are no generally safe areas, such as utilities, at present. There are companies with borrowings or with cash flow, and you can’t just go for high-yield shares either Keep away from companies that might cut their dividend.