Evil Knievil: Fitting like a glove

I was delighted by Mark Watson-Mitchell’s alighting upon Pittards (LON:PTD) last week. That company’s finance director visited my office, then just off Oxford Circus, forty years ago. Talk about history.

If I have a reservation it is the investment in Ethiopia – providing employment to c. 1,000 individuals. This is a pessimistic view based upon the notion of trouble spreading from Tigray. Anyway, fingers crossed. We’ll see what happens.

Since TNAV is so attractive in relation to the share price I bought 200,000 shares at 48p. Lloyds are owed c. £10m. But we’ll see this company bat out of difficulties caused by Covid.

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Another trot down memory lane: when my chum Mugger Miller and John Duffield left Jupiter to establish New Star Investment, they established an investment trust New Star Investment Trust (LON:NSI) of the same name. Mugger was the manager.

Interestingly, John Duffield, now 81, put his own money in for c. 65% of the equity. His Brompton Asset Management do the management and the investment policy is long term. TNAV is about 175p as against the current share price of 130p. John is not prepared to buy in the equity until he drops off his perch. But I think that this is a properly managed trust which suits the very patient. I bought c. 400,000 shares at 128p.

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I know the editor is keen on an analysis of the Grand National, but I cannot plump for anything until I am confident as to ground conditions.

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Finally, I am thinking of buying a racehorse to be called Silly Ass. The cost will be c. £40,000 and that will be written off over two years along with training fees for that period of £48,000. If any reader wants to take not less than 25% of this hit to the pocket, perhaps they will let me know.