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Regular readers know that I'm not much of a macro analyst. However, I do enjoy reading John Mauldin's newsletters, and this extract was particularly interesting: "For the record, and for the sake of full disclosure, shorting the government of Japan is my biggest single investment. That position is going to get much bigger in the next few months, as I am finally able to hedge my new mortgage. I fully intend to let Abe-san and Kuroda-san to pay for half of my new apartment."
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12 January 2014. There were 3 director trades on Friday which looked interesting:
M Ettling's family trust bought bought R689k of Business Connexion at R5.30 a share
Ignatius Sehoole bought R74k of Sacoil at 25c per share
AA Maresky bought R65k of Ingenuity Property for R0.82 per share
Waters are muddied, by there also being director related sales during 2013 at prices varying from R5.39 to R5.40.
There were at couple of director purchases at 23c and 27c by Stephanus Muller in November and December. But how do you value the jolly thing!
In addition to Maresky's purchase; there were director purchases at 85c a share on the 11th September 2013 by AJ Branch, RC Squire-Howe and RS Schur. A first glance the income statement looks poor, but there adjustments which need to be made for developments which are coming online:
Atlantic Centre (R157m, completed 25 May). At year-end 76% let. Initial development yield of 8.3%.
Santam building 3 (R232m, Glacier Place, completed 17 May). Initial development yield of 8.8%. 100% let when the report went out.
There's also land for future development in the form of 1 Dock Road and Erf 38746.
Clearly the directors are seeing some value, and I see a tiny bit too, but not enough to make me want to buy. Given the director purchases, just like with Prescient, I am left with the feeling that I'm missing something.
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