September Performance Review

This month was a reasonable one, with profits of £5,518. ISA balance is now £213,167 representing an annualised rate so far this year of 27.92%.

Next staged a decent recovery following a more upbeat outlook from the Board than has been the case in recent times. Overall I still see this as having a very strong position in the UK retail space. They are focused on using the High Street stores as advertising space for their products, accepting that much of the actual sales will now occur online.

Sports Direct have also had a good month, retaining the gains from a very positive July and August. As far as I can tell this is primarily because that nasty man Mike Ashley said what a great bunch of staff he has and paid them all some money.

Don’t get me wrong, I’m all for fair pay and good working conditions but was it really news to anyone before the summer that retailers don’t treat their warehouse staff very well? Pretty sure every other retailer does the same thing, but they aren’t headed by a fat bloke in a football shirt and the analysts get a nice cup of tea and a biscuit at the M&S annual presentation, which seems to matter more than the actual performance of the company.

In any case, Mr Ashley is, for the moment, playing the game, and his reward is a surging share price as Rupert and Hugo decide he might not be such a bad chap after all.

Glencore slid down a few points as copper prices suffered. Demand out of China dropping by any chance? Same old story, same old over-reaction, same end result. I don’t normally like making predictions regarding when a share will hit a certain price, but with Glencore performing as well as it is I’m going to stick my neck out and say it will hit 400 pence before the middle of next year.

Markets continue to take the news of potential nuclear war in their stride and the S&P continues to hit all time highs. The top will come off the mountain at some point, but I’m staying in for the time being with a careful weather eye.

Good luck all.