Value Ideas Blog
Judges Scientific plc

Today, I would like to present you one of our top picks for the next years:

Judges Scientific plc.

 

Judges is an AIM listed company which is specialised in the design and manufacturing of scientific instruments. Why is it one of our top picks? It has some wonderful characteristics which we are normally searching for:

 

  1. High return on invested capital
  2. A moat which protects the returns
  3. A lot of room for further growth where the earned money can be reinvested
  4. A capable, honest management which has excellent capital allocation skills and with which we love to team up

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On October 12, 2004 Yasser Arafat, the 75 year old leader of the Palestine Liberation Organization, became severely ill with vomiting and abdominal pain. Over the next three weeks his condition worsened. On October 29, he was flown to a hospital in France where he fell into a coma. On November 11, 2004 Yasser Arafat, who survived several Israely attempts on his life, died. What killed him was uncertain. But even before he died there was speculation that he had been poisoned.

 

In 2012 researchers at the Lausanne University announced that they had tested some if Arafat’s belongings and discovered unnaturally high level of polonium-210, the same radioactive element that was found in the body of Alexander Litvinenko in 2006.

 

In August 2012, Arafat’s widow gave the permission for his body to be exhumed and tested by two separate agencies, in Switzerland and France.

 

Now the question which you have to answer before you continue:

 

Will either the French or the Swiss inquiries find elevated levels of polonium in the remains of Yasser Arafat’s body?

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Fireworks4_amk

 

Dear readers,

 

a happy new year to all of you! Here is an overview of our main investment ideas of 2015 and their performance:

 

1

 

Our three investable ideas fortunately did well this year and we are happy if you trusted us with those. These are other stocks we have talked about, but not invested in:

 

2

 

After one major negative surprise which had to be booked out worthless, our company portfolio performed at 11.2% this year. Needless to say, one mistake can really hurt sometimes, but is usually a good lesson. The negative surprise was Globo plc where we met the management and visited the HQ without a notice in advance. Afterwards we established a half position as we where not 100% convinced, but the potential upside seemed so high. One key lesson was to trust our negative checklist and not to invest into a company when a certain threshold is reached. The only other negative portfolio contributor is our top pick for 2016 where we invested a little bit to early and which is now ~25% cheaper.

 

Overall, we are thankful for about 40,000 page views in 2015 with more than 1,600 on a single day. Our readers base has reached more than 500 this year. We also thank our top referring sites for 2015 which were: valueandopportunity.com, valuewalk.com, twitter.com, cornerofberkshireandfairfax.ca and marketfolly.com.

 

The best books of the year 2015, and certainly a good read for 2016 are:

  1. Superforecasting – The art and science of prediction
  2. Creativity Inc. – Overcoming the Unseen Forces that Stand in the Way of True Inspiration (Disney was next to Infinion the first stock of Nils in the age of 9)
  3. The everything store – Jeff Bezos and the Age of Amazon

 

At the end of June, Nils will sit his third level CFA while I will be doing my first level as well as hopefully completing my master’s degree and my thesis at HEC Paris.

 

We wish you all a successful year 2016 and hope to get as many great comments and feedback as last year!

Nils & Felix