May 17, 2012
Richard Beddard

Guest post: Why I’ll buy 40 random stocks when the FTSE hits 4000

Monkey strategy

Pete Comley’s new book explains why private investors do so badly in aggregate, and how understanding why can help your investment decisions. I asked him how his research influenced his own investing strategy.

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May 16, 2012
Richard Beddard

French Connection in 2 minutes 9 seconds

In for the long haul

Stephen Marks, French Connection’s chairman and chief executive, has just experienced the most difficult winter season in all his years in business. That’s saying something considering he founded the fashion company in 1972, and rescued it after the recession of 1989.

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May 16, 2012
Richard Beddard

Restoration man

Banking on experience

Stephen Marks founded French Connection in 1972, rescued it from the recession of 1989 and is currently turning the company around again. The bad news is it needs turning around

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May 16, 2012
Richard Beddard

Redefining French Connection

Walks like a net-net, talks like a net-net, but it isn’t one

Leases are not only key to interpreting French Connection’s financial position, they affect valuation.

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May 16, 2012
Richard Beddard

Leases key to retailer’s financial position

Flawed fortress

Leases are key to the interpretation of French Connection’s financial position. With no debt and no defined benefit pension scheme it has very few liabilities on its balance sheet. Bring off-balance sheet obligations into the analysis though, and ratios relating to borrowing change alarmingly.

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