Thursday July 24, 2014


So who thinks that the Jews are cockroaches? Who are you backing? Israel or Hamas?
Report from the Greek Hovel Number 12 – Coping with Fear
Rats, Bats & Sheep – Report 11 from the Greek Hovel

PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Greggs – A bad 2012, 2013 will be worse: change of stance

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- Tom Winnifrith

I have always been a fan of Greggs (GRG) the UK’s largest retailer of sausage rolls, puff pastries and all the other sort of comfort food that helped to give me diabetes. The company has always had net cash, benefitted from operational gearing and delivered solid year on year earnings increases. But in 2012 things appeared to start to go slightly awry and the share price has fallen from 550p at the start of the year to 458p. As recently as 7th November I foreasaw a bounce ( at 470p) but I have been reviewing my assumptions about UK consumer behaviour. As such I apologise for that bad share tip, a volte face is on the way.I would like to buy this stock as fundamentally it is a good business serving six million Britons each week. But ….

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