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No. of Recommendations: 7


I still think that SJM is too pricey. That wee asterisk pointing to "Excludes merger related expenses" is a worry. I think 20 x earnings is too expensive for a company that only expects to grow organically by 4% per annum, and as I have said before I want a bigger margin of safety for the uncertainty related to the merger.

Having got that off my chest, I promise to not criticise your purchase of SJM again. You obviously greatly admire the company and as the person who has stepped forward to run the port you have every right to buy the companies you want to. Thank you for getting this going.

An idea: FOTH the other day ( ) highlighted WP Stewart, a company that manages money for clients with > $1 million net worth, and also some mutual funds for the rest of us. They have a 25 year history of beating the S&P500. They pay a good dividend and have the potential to grow without significant capital expenditure - a feature I really like. I plan to look further and I'll report back here.

Once again, congratulations yofluke on the rebirth of the Boring Port.

Hamish Rose
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